LIFE INSURANCE

 Life insurance can help provide for the people who depend on you financially, if you can’t be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child’s education, and more. There are three types of life insurance:

• Term life insurance offers simple, affordable coverage for a set time period, typically 10 to 30 years.
• Permanent life insurance offers coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility.
• Final Expense offers simple underwriting with lower face amounts, typically purchased for burial costs and covering the final expenses of life.

Disclosures

This is a general description of coverage. A complete statement of coverage is found only in your insurance policy.

For more details on coverage, costs, restrictions, and renewability; or to apply for coverage, contact your local SES Life Agent.

Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.

Frequently Asked Questions

We have the expertise to get you the right life insurance coverage.

WHY DO I NEED LIFE INSURANCE OR FINAL EXPENSE COVERAGE?

There’s no replacement for you and the contribution you make to your family. You want to make sure that people in your life, especially your dependents, can remain financially secure after you die. It gives you peace of mind. Income replacement and funeral expenses are the #1 reason why people buy life insurance.

Life insurance financially protects your family and loved ones at a time when it is needed most.

HOW DO I KNOW HOW MUCH LIFE INSURANCE I SHOULD CARRY?

SES recommends that each family income provider carry no less than ten times their annual income/worth in life insurance. The amount of your outstanding mortgage, if any and college tuition for children should also be a consideration. Any coverage for your mortgage and schooling should be in addition to the amount of insurance you calculate for your income coverage.

To easily determine your life insurance needs, contact one of our Life advisors today.

WHICH CARRIER SHOULD I BUY LIFE INSURANCE FROM?

The most important buyer’s tip from us is to allow us to help you buy from a financially sound life insurance company. Though competitive pricing is important, it’s more important that the company is stable, financially strong and able to fulfill the policy when you need it. SES recommends that you buy only from companies rated A or higher by A.M. Best Company.

WHAT ARE THE ADVANTAGES OF TERM LIFE INSURANCE OVER WHOLE OR UNIVERSAL?

A term life insurance policy will offer level premiums for either a 10, 15, 25 or 30 year duration while the premiums are guaranteed not to increase. As long as you pay your premiums on time, the company cannot cancel you. If the insured dies during the term, the death benefits are paid to the beneficiary.

WHAT IS GUARANTEED RENEWABLE?

Most high quality term life policies sold today are guaranteed renewable, which gives you the right to continue your coverage beyond the initial rate guarantee period without a medical exam.

This feature can become extremely important to your family should you become sick and uninsurable towards the end of your initial term life rate guarantee period.

HOW DO I DETERMINE HOW LONG OF A (TERM) POLICY TO CHOOSE?

Choosing an initial rate guarantee period is easy. Simply match the period of time you’ll need coverage to the available rate guarantee period.

For example, if your children are young or you have decades to go on your mortgage, look at 20 or 30 year term life. If your children are leaving the nest and your home is paid off or nearly paid off, perhaps 10 or 15 year term might fit the bill.

HOW FREQUENTLY SHOULD I REVIEW MY LIFE INSURANCE COVERAGE?

SES also suggests you review your life insurance coverage at least once every five years or when you experience a major life event, such as change of income or assets, marriage, divorce, retirement, the birth or adoption of a child, or purchase of a major item such as a house or business.

WHO CAN I NAME AS A BENEFICIARY?

In naming your beneficiary(s), keep in mind that the life insurance company will only allow the names of those who are actually financially dependent upon you in some way.

Adults or children that you support, or owe money to, are considered to have a financial interest in you. An acquaintance, roommate, friend or relative, absent of a financial relationship, will not do. You can name a charity if you have a history of giving to that charity.