United American Life Insurance

Term Life Insurance and Whole Life Insurance benefits are available with the Fundamental Life Series I policies and range from $1,000 to $20,000 in benefit payout. The Term Life Policy (10-Year Renewable Term Life) can be issued to persons aged eighteen to eighty and cover a ten year term which will automatically renew itself for an additional ten year term. No matter what health changes you may experience during your term of coverage, your premiums will remain the same. Whole Life Policies that cover ages newborn to seventy-two (21-Pay Increasing Benefit Whole Life) last for the life of the member and grows a cash value from the payment of premiums. With this policy, the premiums remain unchanged for twenty-one years and the policy is then considered paid. The Whole Life policy for persons aged zero to eighty (Whole Life) also lasts the lifetime of the insured and builds cash value, but with this policy the premiums remain the same for the entire time of the policy.

The Fundamental Life Series II provides life insurance benefits that range from $25,000 to $500,000. The 10-Year Renewable Term Life can be issued for newborns to age sixty and is a ten year term life insurance policy that has a renew option for another ten year term. The premiums do not change during the term. The 10-Year Renewable Term to Annual Renewable Term policy can be obtained for someone aged twenty to seventy and provides coverage for ten years which can then be renewed on a yearly basis. During the initial ten years, the premiums do not change. A 20-Year Renewable Term to Annual Renewable Term option is also available and is the same as the 10-Year option but is good for an initial twenty years. However, it is only available to persons aged twenty to sixty. Whole Life can be purchased for newborns through age eighty and the policy has a lifetime fixed premium with a growing cash value benefit.

Deciding on how much life insurance is needed is frequently up for debate. Usually it is considered a good idea for the person providing the most income to carry the most life insurance. However, partners that do not provide an income should also consider life insurance if they have a dependent and provide full time child care to that dependent, as that is an added expense that needs to be factored into the equation. In general, you should have enough coverage equal to five or six years your annual income, dependent upon on if you have a life insurance policy at work that provides coverage for one year or so. When determining your life insurance needs, you should also factor in social security benefits that your dependents will receive on your behalf. Life insurance is a benefit for your dependents, so their future needs must be considered when determining an appropriate policy.