National Income Life & Supplemental Insurance
It is important to find the insurance that fits the personal requirements of yourself and your family. Many elements need to be taken into account before choosing the plan for you, such as the type of coverage, the amount of coverage you will need, your budget, and potential developments in your life. NILICO can relate the perfect life insurance plan to your current and future needs.
Freedom of Choice - Final Expense Plan (Whole Life)
The Freedom of Choice plan is a whole life insurance plan 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.
Whole life policies provide you with the knowledge you will have permanent coverage with fixed premiums for the existence of the policy and the benefit amount will be paid in full to your beneficiary.
The death benefit is payable upon the insured's death regardless of how long the insured lives. Premiums are payable during the entire lifetime of the insured. On a per-$1,000 basis, whole life has the highest cash values and paid up values of these plans. A whole life policy with premiums payable to age 65 is also available.
Term life insurance policies are ideal for receiving the best coverage for a set period of time, whether you are supplementing a larger permanent policy or trying to meet a certain need. They can be adjusted to provide just the right amount of coverage in any area of your life.
The death benefit is payable upon the insured's death only during a specific number of years. Premiums are payable during the entire term period. Conversion to a permanent plan of life insurance, such as whole life, without new evidence of insurability is permitted during a stated part of the term period, and conversion periods end on a specific policy anniversary. The maximum amount of the new policy will be the amount of insurance in force at the time of conversion.
Various terms are available to cover the needs of a temporary nature. The beneficiary can request a lump sum payment upon the insured's death or can request the benefits be spread out over several years to provide a monthly benefit amount to help them adjust to the loss of the insured's monthly income.
Other Supplemental Insurance
ACCIDENT POLICY - The plan provides benefits for accidental death and dismemberment as well as hospital confinement and intensive care treatment if related to an accident. An optional benefit is available for emergency treatment received within 72 hours of the date of an accident.
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. 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.
Descriptions above are summaries and provide very brief descriptions and are not an insurance contract. Complete details of the benefits, terms, conditions and exclusions of specific policies and availability should be obtained from the agent or National Income Life.