As our name indicates, Lourie Life and Health will also help you obtain individual life insurance, to provide your loved ones with financial security in the event of your passing.
As with health insurance, there is a wide variety of options that provide different types of coverage at different cost levels. Here are the kinds of life insurance we offer:
Term Life – This less-expensive option provides coverage at a fixed rate of payments for a limited period of time – the stated term. If the insured dies during that designated time, the benefit is paid to the beneficiary. After that period expires, coverage is no longer guaranteed. Term life is different from permanent life insurance, such as whole or universal, which can cover you for the rest of your life.
Whole Life – Sometimes called “straight life” or “ordinary life,” this type of policy is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid. The premiums are typically much higher than those of term life. Whole life insurance belongs to the cash-value category of life insurance, which also includes universal life.
Universal Life – Universal life insurance is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments. It also provides the possibility of greater growth of cash values.
Final Expense – This is a less-expensive, less-complicated form of insurance that is sometimes a better option for senior citizens. For instance, it generally does not require a medical exam in order to purchase coverage. This can be a great help to loved ones in covering funeral expenses and other costs associated with the end of life.