Life & Disability Coverage
What type of life insurance suits you best? Your family status, personal financial goals and employment situation can all be important factors in determining the best fit for your long and short life insurance needs.
Term Life Insurance
Term insurance covers you for a limited period of time and does not have the cash value often found in whole life insurance, universal insurance or variable life insurance policies. Life term insurance provides a straight insurance benefit to assist a spouse or children, to cover a key employee, or to provide funds for a charitable gift upon your death.
Mortgage Life Insurance
Mortgage protection is a life insurance policy that pays off your mortgage in case of your death.
Whole Life Insurance
In addition to providing a payoff in case of death, whole life insurance has uses for business planning, funding a college education or charitable gifts because over time it can accrue a cash value, which you can borrow. Another benefit is that the premiums and payoffs remain unchanged even if your health situation changes.
Universal Life Insurance
Universal life insurance is different from whole life because the cash value and the mortality benefit are treated separately. They are often more flexible, and easier to modify when your circumstances or needs change over time.
Variable Life Insurance
A variable life insurance policy combines variable whole life or universal life insurance features, but allows the policyholder to designate portions of the premium payments to one or more investment options. Ask your MEA investment professional if this type of insurance is appropriate for you.
Disability Income Protection
If you have a long term or short term disability, this will provide income. When looking at options, we will help you determine the best fit for your needs, keeping in mind these types of critically important factors:
- Are education, experience, and past earnings taken into account in determining whether the insured is qualified to resume work?
- Does it include a cost of living adjustment that would increase benefit payments over time?
- Is the policy noncancelable or guaranteed renewable?
- Is the waiting or elimination period proper for your circumstances?
- How long is the benefit period?