American 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. AIL 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
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 such as to
pay off a mortgage or other loans, family income protection, etc. 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.
In addition, the policy pays a benefit if the member has emergency room treatment
as a result of an accident when treated within 72 hours of the accidental injury.
HOSPITAL INDEMNITY - This plan provides a fixed benefit when a member is in the
hospital due to an illness or accident.
CANCER PROTECTION - Policies provide specific coverage for treatment of cancer or
a single sum benefit when an insured is diagnosed with cancer.
CRITICAL ILLNESS - This policy pays a one time lump sum payment when an insured
is first diagnosed with a covered critical illness.
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 (24 months in IL, MA and WA). 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. Product availability varies by state and province and some
products are not available in all areas. Complete details of the benefits, terms,
conditions and exclusions of specific policies and availability should be obtained
from the agent or American Income Life.