The American Human Development Project’s second national report ranks Indiana number 35 in life expectancy.
With life insurance, you pay monthly premiums, and at your death an amount gets paid to the people you named in your policy. Of course, it gets much more complicated than that. In Indiana, Illinois, and Michigan we offer life insurance that has cash benefits available while you’re living. We also offer more traditional life insurance options without an investment. At Ogren Insurance, our main types of life policies are:
- Term Insurance – The simplest form of insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.
- Whole Life – Similar to term, but you purchase the policy to cover your “whole life” not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return,” but in reality pay at a rate in excess of the guarantee.
- Universal Life – You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build.
Our Indiana agents are experts at life insurance and can help you decide what type of coverage is right for you. Please give us a call at 888.489.1371 or simply fill out the form on this page for more information and a free evaluation. We look forward to hearing from you!