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Life Insurance Information

Life Insurance Information

LeClair has a full portfolio of life insurance carriers and products for you and your clients.

Why sell Life Insurance?
Who should buy Life Insurance?
What are the different types of Life Insurance?
Life Insurance Calculator
Life Insurance Glossary of Terms
Helpful life Insurance Marketing Tools and Links

Let Leclair navigate you through the ever changing industry:

  • Term life with 100% return of premium is an exciting new product that is increasing in popularity. Through our relationships with Chesapeake Life, Peoples Benefit Life, First Colony and other companies, LeClair Insurance can bring this new product to you, thereby enabling you to expand your life insurance offerings.
  • LeClair can provide you access to competitively priced term from First Colony Life, Banner Life, Chase Life, and more
  • Coverage for you impaired risk clients is available through United Home Life, Mutual of Omaha, Banner and other carriers.
  • The importance of permanent life insurance cannot be overlooked. LeClair offers a variety of whole life, universal life, and senior life plans for your client’s financial security. Carriers such as Chesapeake Life, Assurity Life, Mutual of Omaha, First Colony, Continental General and others, help fill this important need.
  • Group life quotes are also available at LeClair.

Why sell Life Insurance?

Would your clients be financially secure if they were to pass away today?

  • Life insurance is a necessity in order to make sure that your client’s family will be financially secure for the rest of their lives.
  • Life insurance may also be able to help with your client’s children’s college education.
  • Life insurance can help your client put a down payment on a house.
  • Life insurance can help ensure a smooth and secure transition if your client is in business with a passing partner.

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Who should buy Life Insurance?

The amount of life insurance you need depends on your personal and financial circumstances.
Life insurance should be purchased by anyone with the following:

  • Children
  • A spouse
  • A dependent family member or loved one
  • Business or estate planning needs
  • Retirement savings and pension plans that are not enough for you and you family to live on due to an increase in cost of living

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What are the different types of Life Insurance?

Term Life Insurance
Term Insurance:
Term Insurance provides low cost protection for a pre-specified period of time, usually 1, 10 and 20 years or even longer. When the term is up, this type of policy ends unless the policy is renewed. It is the cheapest form of life insurance and is for people who need a large amount of insurance for a temporary period of time.

Return of Premium Term:
Return of Premium Term is a type of Term Insurance that allows you to get your premium back if the term comes up. Return of Premium term still pays your beneficiaries a lump sum upon your death, but in the event the term comes up before you die, you can collect your premium back, rather than loosing that money.

Permanent Life Insurance
Whole Life Insurance:
Whole Life Insurance provides protection as well as cash value for you and your loved ones to help you with your goals or to provide financial security for your loved ones upon your death. With Whole Life Insurance your family is covered from the day you purchase it until the day you die as long as you continue to pay the premiums. The premium that is paid is fixed and the cash value that is built up over time is tax-deferred. With Whole Life Insurance there is also the potential to collect dividends.

Universal Life Insurance:
Universal Life Insurance is a flexible plan that allows you to adjust the premium payments and death benefits depending on your needs. Universal Life Insurance also allows you to accumulate cash value, which you may withdraw or borrow against at anytime to support your needs. It is important that you understand your contract and annual statements to keep track of your annual interest and accumulated cash value.

Survivorship:
Survivorship is typically associated with Universal Life Insurance, but can also be associated with Whole Life Insurance. Survivorship Life Insurance, also know as “second-to-die” insurance, covers you and your spouse under the same policy. The proceeds are payable after the second death to your beneficiaries. With this policy your family can be guarded from part of the estate tax liability after you die. Premiums on this policy are generally lower than paying premiums for two individual policies.
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Life Insurance Calculator

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Life Insurance Glossary of Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


B
Beneficiary– The person(s) named in the policy to receive the life insurance proceeds upon the death of the insured.
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C
Cash (Surrender) Value– The amount that is available in cash for loans and that may be available for withdrawals. Accessing Cash Surrender Value may reduce the death benefit and may increase the risk of lapse.

Convertible Term Insurance– Term insurance that can be exchanged (converted), at the option of the policy owner and without evidence of insurability, for a permanent insurance policy.

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D
Dividend– A return of part of the premium on participating insurance that is based on the insurer’s investment, mortality and expense experience. Dividends are not guaranteed.
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F
Face Amount– The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends.
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I
Insurability– Acceptability to the company of an applicant for insurance.
Insured or Insured Life– The person on whose life the policy is issued.
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L
Level Premium (Life Insurance)– Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.
Loan (Policy Loan)– A loan made by a life insurance company from its general funds to a policy owner on the security of the cash value of a policy. Generally, loans may reduce the policy’s death benefit and cash value.
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P
Paid-up Insurance– Insurance that will remain in force with no need to pay additional premiums.
Participating Policy– A life insurance policy that is eligible for the payment of dividends by the insurer (see also Dividend.)
Permanent (Life Insurance)– Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life.
Policy Owner– The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.
Premiums– Payments to the insurance company to buy a policy and to keep it in force.
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R
Renewable Term Insurance– Term insurance that can be renewed at the end of the term, at the option of the policy owner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.
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T
Term Insurance- Life insurance that does not build up cash value and where the premium normally increases, as the insured gets older.
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U
Universal Life Insurance– A flexible premium life insurance policy under which the policy owner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.
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W
Whole Life Insurance– A basic type of permanent life insurance that can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.
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Helpful Life Insurance Marketing Tools and Links

Carriers
American General (AIG)
Assurity
Banner (URL)
Chase
Chesapeake Life
Conseco
Continental General (CGI)
First Colony Life (Gentworth)
MetLife
Mutual of Omaha
Physicians Mutual
United Home Life
Standard Life & Accident

Industry Organizations
American Council of Life Insurers
Life and Health Insurance Foundation for Education
National Association for Insurance and Financial Advisors

Interesting Articles
What You Should Know about Buying Life Insurance [PDF] – From the American Council of Life Insurers
What You Need to Know [PDF] – From the Life and Health Insurance Foundation for Education

The following articles are from the National Association for Insurance and Financial Advisors:
Life Insurance: Who Needs It? [PDF] How to Go about Buying Life Insurance [PDF] Choosing Life Insurance [PDF]