Life Insurance

There's nothing more important than family.

Life insurance is a great way to help prepare for life’s unexpected moments. Like most of us, you probably worry about the future. Can we pay off the house? Will my kids get a good education? Will they grow up healthy and happy?

With life insurance, you can know that no matter what tomorrow may bring, you can help support your family’s financial future.

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Life Insurance FAQ


What is a Beneficiary?

This is the person(s) or other party(ies) designated to receive life insurance or annuity proceeds upon the death of the insured. The beneficiary is named when a policy is taken out and can be changed at the request of the policyowner.

A contingent beneficiary is the party designated to receive life insurance policy proceeds if the primary beneficiary should die before the person whose life is insured.

In order to change the beneficiary of a policy, the current policyowner typically must fill out a form with the necessary information and return it to the Insurer.

Loan Value is the amount of cash value that can be borrowed on a policy. A policyowner may be able to make a loan against the cash value of the policy, based on the type of policy owned. A loan allows access to the cash value of the policy, while still maintaining the insurance coverage. When a loan is made against a policy, the death benefit is reduced by the amount of the loan plus any interest that is owed. Loan interest rates vary and specific provisions are generally explained in the policy itself.

Generally, a policyowner can request a loan by calling a Service Center. However, in certain instances, a loan form or written request signed by the policyowner will be required. Please remember a policy loan accrues interest and will reduce the death benefit. A loan form or written request signed by the policyowner must be sent to a Service Center if:

  • The policyowner requests that the loan check be sent to a temporary address.
  • There is a change of address pending when the loan is requested.
  • The policy is company owned. Signatures of two officers and their titles will be required for corporations and the sole proprietor’s signature will be required for sole proprietorships.
  • The proceeds of the loan are being transferred to a bank.
  • The policy has multiple owners.
  • The policy is owned by a trust.
  • The policy is assigned.