American Income Life Whole & Term Life Insurance

What is life insurance?

Life insurance is needed for the “what-ifs” in life. What if I died unexpectedly? Could my family continue to live in our home? Would my children have the funds to be able to attend college? Will my family have the funds on hand to pay for my funeral and final expenses?  Life insurance is there to provide financial help to those affected by the “what if” situations.

Whole Life Insurance and Term Life Insurance

There are two types of insurance, whole life and term insurance. The specifics of your life – your age, income, and other factors – will help determine which type of and how much life insurance is most appropriate for you.  But one fact is always true – funds for your funeral and final expenses will always be needed.  If the loss of your income would negatively impact those who depend on you, it may be prudent to add a term life policy to a whole life policy. Term life insurance can help your family financially if you should die during your peak earnings and asset accumulation years.

Whole Life Insurance

  • Provides coverage for your entire life
  • Builds cash and loan value 
  • Premiums never increase during your ownership of your whole life policy

The Freedom of Choice – Final Expense plan is a whole life insurance policy designed to take care of immediate financial needs placed on a family when a loved one passes away. As the name implies, families have the freedom of choosing the funeral home, location, and type of funeral when it is needed.

Term Life Insurance

  • Provides coverage for a limited period of time 
  • After that period, policyholders typically pay increased premiums to continue coverage
  • Usually less expensive than whole life insurance

If you were suddenly taken out of the picture, term insurance could help provide funds for your children’s college education, paying your mortgage or providing a monthly income for a period of time as your family adjusts to the loss of your paycheck.

Terminal Illness Rider

This rider can be added to a life insurance policy at no cost to the insured. The Accelerated Benefit pays fifty percent of the coverage face amount when the insured is diagnosed with a terminal illness and has a life expectancy of less than 12 months (24 months in IL, MA and WA). The policy premiums remain the same after payment of the Accelerated Benefit to the insured and the beneficiary receives the remainder of the policy proceeds upon death of the insured.

Get protected with American Income Life Insurance Company

American Income Life Insurance Company can help you decide which policy will best fit your family’s needs. With less money than you might think, you can protect your family when the inevitable occurs.