OUR CARRIERS
whole-life vs term life
Difference Between Whole-Life Insurance and Term Insurance
The older you are the more life insurance costs. Age 100 is the benchmark; so the closer your age to 100, the higher the cost of your insurance. Health also affects the cost of life insurance. The sicker you are, the more insurance may cost or it may be denied. The Cover Group works to minimize this cost by utilizing multiple carriers who specialize in that specific health condition which reduces cost.
Whole-Life Insurance
Whole–Life Insurance lasts your entire life. Whole–Life Insurance coverage runs an average of 100 to 121 years depending on the carriers. The Whole-Life Insurance has cash value, which accrues in the policy. The cash value can be borrowed against to pay premiums and for other purposes as needed. Premiums remain level – they do not increase or decrease. Whole–Life Insurance has the ability to pay itself if there are adequate funds in the cash value. Due to the added benefits Whole-Life costs more than Term Insurance. Whole-Life is The Cover Group’s most popular insurance product due to the guarantees it offers.
Term Insurance
Term Insurance is sold in increments of 10, 20, and 30-year terms. The Term Insurance expires after each 10, 20, and 30-year period, leaving you to repurchase life insurance at an older age and with possible new health conditions. For example, if you are age 50 and purchase a 30 year term, you will be covered up to 80 years of age. If you were to out live your grandmother who lived to age 82, you would not be covered due the term expiring. The Term Insurance has no cash value. Term Insurance is the least expensive when compared to Whole Life.
WHOLE-LIFE VS GUARANTEED UNIVERSAL LIFE
Whole-Life Insurance
Guaranteed Universal Life (GUL)
Guaranteed Universal Life (GUL)
Whole–Life Insurance lasts your entire life. Whole–Life Insurance coverage runs an average of 100 to 121 years depending on the carriers. The Whole-Life Insurance has cash value, which accrues in the policy. The cash value can be borrowed against to pay premiums and for other purposes as needed. Premiums remain level – they do not increase or decrease. Whole–Life Insurance has the ability to pay itself if there are adequate funds in the cash value. Due to the added benefits, Whole-Life costs more than Term Insurance. Whole-Life is The Cover Group’s 2nd most popular insurance product due to the guarantees it offers.
Benefits:
- Guaranteed Not To Expire
- Cash Value
- Can Be Paid - Up
- Premiums guaranteed not to increase or decrease as long as your premiums are paid on time
- Includes Living Benefits Upon Insured Qualifying
Guaranteed Universal Life (GUL)
Guaranteed Universal Life (GUL)
Guaranteed Universal Life (GUL)
Guaranteed Universal Life (GUL) is a permanent life insurance product that lasts your entire life – unlike term insurance which expires after a certain time period. This is typically 10 years, 20 years, or 30 years max. GUL, similar to Whole-Life Insurance, lasts your entire life as long as your premiums are paid on time. GUL does not have cash value component. The Cover Group's most popular insurance product sold is the Guaranteed Universal Life coverage.
Benefits:
- Costs Less Than Whole – Life
- GUL guarantees that your policy does not expire based on the length of coverage you choose (Ex. 100, 110, and 120 years of age).
- Includes Living Benefits upon insured qualifying
- Ideal for the older individual who desires permanent life insurance while keeping costs low.
- Premiums guaranteed not to increase or decrease as long as your premiums are paid on time.
Our Team
Regional Director / Agent: Corey Daniels Lic. E44465
Corey Daniels began his career in insurance in 2003 as a life Insurance agent with Metropolitan (MetLife) Insurance Company. In 2006 , Corey further his career as a Private Banker with Wachovia Bank currently Wells Fargo Bank.
Email: [email protected] Cell: 561 -951 -8640