Life Insurance by CEG Life Insurance Services

Working today to protect tomorrow

There are an ever-growing number of reasons that life insurance is a foundational part of a strong financial portfolio.  From the tax advantages involving life insurance payouts to protecting businesses from the negative economic results of the death of a key employee, a strong life insurance plan can protect your family’s standard of living as well as the future of your business.

CEG Life Insurance Services makes life insurance easy.  Our online application process is the first step towards initiating a search of dozens of top-rated insurance providers.  Our carefully designed system ensures that you receive quotes from companies that specialize in providing the type of insurance you want, whether it’s a 10-year level term policy or a permanent Universal Life plan.  Our process removes the burden of shopping among hundreds of providers to find the company that delivers the coverage you need without compromising the personal service you deserve.

We’re here to help

Your CEG Life representative is here to provide professional assistance.  Years of experience and a deep knowledge of the products provided by our network of carriers enables us to offer solutions that are best suited to your individual situation.  Since 2009, we have been helping clients throughout the country get the right insurance at the right price.

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An Overview of Life Insurance Options

Here’s a brief but informative synopsis of the most common types of life insurance. Please note: this is an overview and does not represent all life insurance products available through CEG Life:

TERM INSURANCE

As the name suggests, term insurance provides coverage for a specific length of time (term).  Term insurance is popular for providing the highest immediate death benefit for each dollar paid in premium.  Term insurance is used not only for long-term life insurance protection but also for short-term concerns such as protection for installment loans and college expenses.  There are a variety of Term Life Insurance products, which include:

  • Level Term – In this type of term insurance, your death benefit remains the same for the entire term of your policy. Your premiums may remain the same for the entire policy period. The policy may also specify level premiums for only a specified period of time or premiums may increase over time, depending on the agreed upon conditions of your particular policy.
  • Annual Renewable Term – This term insurance allows for a death benefit that remains the same throughout the policy period. Your premiums will increase each year. The major advantage of renewable term insurance is being allowed to renew the policy for an additional year regardless of any derogatory changes in your health. The policy automatically renews for as long as the term states, up to a specified maximum age. Your premium will be based on your current age.
  • Convertible Term – These term policies include a conversion provision, which allows you to convert to a permanent life insurance policy during a specified period of time with no requirement to prove good health. The conversion period may be shorter than the total length of the term policy.
  • Return of Premium– This feature offers a full refund of premiums paid at the end of a level term period if no death benefit has been paid. The actual terms may vary depending on the type of term policy purchased. This provision is typically built into this type of term life policy and is sold at higherpremiumthan a standard level term life insurance policy.

PERMANENT INSURANCE

Permanent life insurance provides protection for your entire life. It remains in-force for as long as you pay the premium. Most permanent life insurance policies can build cash value throughout the life of the policy. You may prefer the fixed premiums that permanent life insurance provides. Many clients like the idea of accumulating a cash value that can be borrowed against or withdrawn, predicated on specific policy provisions. There are a variety of Permanent Life Insurance products, which include:

  • Whole Life -The oldest and most common type of permanent life insurance is whole life. Also known as ‘straight life’ or ‘traditional whole life’, this policy provides level or fixed periodic premiums based on the assumption that the policyholder will keep the policy for his or her entire life. This policy accumulates cash value in the early years in order to cover the increased cost of insurance as you age. This cash value can be borrowed against or taken once you surrender the contract.
  • Universal Life – This flexible permanent life insurance policy combines the low-cost protection of term life insurance with the savings property of whole life insurance. That savings (cash value) earns a minimum interest at a minimum contractual rate each year. That interest is invested to provide cash value buildup.
  • Variable Life – This policy builds cash value that can be invested in a diverse group of separate accounts (similar to mutual funds). The contract owner can choose which of these accounts to use. The value of the separate accounts varies, thus the ‘variable’ in variable life. Depending on the performance on the investments, the policy owner could have flexibility in making premium payments without worrying about the policy lapsing or even increase their death benefit. On the other hand, the policy owner couldactually end up losing coverage sooner than intended due to poor investment performance.
  • Joint Survivor – This policy covers two individuals in one policy by paying a death benefit to their heirs after both spouses are gone. Many couples with a large estate choose this type of policy in order to help their children pay estate taxes, thus easing the burden and allowing their survivors to retain more of the wealth they have accumulated throughout your life.
  • Single Premium – Simply put, this policy is a “buy it and forget it” product in that the owner makes one payment upfront. The policy is then considered paid in full and the owner never pays another premium and never worries about the policy lapsing due to missing a payment. A single premium policy is, in the long-term, one of the most inexpensive methods of buying life insurance.

REMEMBER: CEG Life Insurance Services offers MANY different types of life insurance policies from numerous life insurance companies.
Talk to your CEG Life representative for more details.