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Life Insurance

Term Life Insurance

The simplest and least expensive form of life insurance coverage is term life insurance. It provides death benefit coverage at a guaranteed premium for a specific period of time - usually 10 to 30 years depending upon which product you choose.

Since premiums are low as compared to other types of life insurance, term life insurance is ideal for new families seeking economical protection.

While term life insurance doesn't include the ability to accumulate cash value, it can help a family maintain its lifestyle, cover college tuition and pay off a mortgage in the event of the insured person's death.

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Universal Life

Fixed universal life insurance policies provide flexibility by combining life insurance death benefit protection and cash value accumulation with flexible terms under one policy.

Within certain limits, you can adjust when and how much you pay in premiums, and the amount of your insurance coverage in later years, although increases in coverage may require additional evaluation of your health and other factors at that time.

You affect the accumulation of cash values through the amount and timing of your premium payments (see below to learn more about "cash value").

The Genworth Financial companies offer a selection of fixed universal life insurance policies to meet a variety of needs.

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Return of Premium Term Life Insurance

This type of term life insurance provides guaranteed level premiums for 15, 20, or 30 years, and if the insured is still alive, an automatic return of premium (ROP) at the end of the selected premium period. If the insured person dies during the selected time period, the life insurance policy face amount is paid, and no premium is returned. ROP life insurance often builds cash value, like universal life insurance. However, any loans on the cash value of the policy are deducted from the return of premium.

ROP term life insurance is usually more expensive than traditional term life insurance, but less expensive than universal life insurance.

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Whole Life Insurance

Whole life insurance is the original, most basic kind of permanent insurance. The most attractive feature of a whole life insurance policy is its great cash value. This type of policy not only provides a financial cushion for beneficiaries in the event of the insured’s death, it also allows cash to build at an interest rate that cannot fall below the guaranteed minimum, without regard to any change in the state of the economy or the financial status of the insurance company. Moreover, whole life insurance policy offers coverage as long as you keep up payments, regardless of any change in your state of health. This is one of the reasons why premiums are higher for whole life insurance as compared to temporary policies. Whole life insurance is the original, most basic kind of permanent insurance and as such, many companies use the two terms interchangeably. However, permanent insurance portfolios have since developed sub-classifications such as variable life, universal life, and others to satisfy client demand for more financial options.

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Group Life

Commonly referred to as Essential Insurance, group life insurance is one of the most common employer provided benefits in America. However, outside of the workplace, life insurance is not nearly as common. This is especially true with younger people and those just starting families.

Without life insurance, everything an individual has worked for can be jeopardized by his, or her, death. A family's home, college plans for children, or a spouse's standard of living can all be threatened without an adequate financial plan funded by life insurance.

Accidental Death and Dismemberment (AD&D)

AD&D provides additional protection for your employees in the event of accidental bodily injury resulting in death or dismemberment.

In the event that your AD&D benefit is utilized, your benefits will be paid in the following manner:

  • Benefits resulting from an accidental death are paid to the employee's beneficiary.
  • Benefits resulting from a dismembering injury are paid directly to the employee.

Life Quick-Links

Term Life

Universal Life

Premium Life

Whole Life

Group Life

AD&D

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