Guaranteed Acceptance
The carrier will issue a policy on the life of each employee named in the census who fulfills the age and amount requirements. In making this offer, the company does not guarantee the cost of coverage. In addition, the guarantee to issue is only applied to medical impairments
Guaranteed Issue
The company will guarantee to issue a contract typically on a standard premium basis, up to specified face amount (death benefit). Typically, no medical exams are required to qualify for guaranteed issue.
High Limit Disability Insurance
Disability benefits over and above limits provided by group insurance and traditional carriers. Benefits are available to protect 65% of income to a maximum of $200,000 per month. Guaranteed issue programs, both on employer paid and a voluntary basis, were pioneered by The Westport Group.
Term Life Insurance
Designed to meet a specific need for a specific period of time. Term insurance is, in most cases, the most cost effective way to purchase death benefit protection. There is generally no savings component to a term insurance contract.
Universal Life Insurance
Designed to be a flexible policy that will allow you to adjust your premium payments and the face amount (death benefit). The premium you pay (less expense charges) goes into a policy with an attached investment vehicle generally consisting of a short term money instrument that yields a modest return. Generally the “cost of insurance” or the amount of the contract that is paid on the death benefit protection, is more expensive than term insurance protection.
