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    • About Us
    • Benefits
    • Individual Health Ins
    • HBA of SC Health Plans
    • Life Insurance
    • Forms and Links
    • Blog
  • About Us
  • Benefits
  • Individual Health Ins
  • HBA of SC Health Plans
  • Life Insurance
  • Forms and Links
  • Blog

The Ellis Company Employee Benefits & Services

The Ellis Company Employee Benefits & ServicesThe Ellis Company Employee Benefits & ServicesThe Ellis Company Employee Benefits & Services

Welcome to The Ellis Company - Employee Benefits & Services

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LIFE - Business & Personal Solutions

Life Insurance

A life insurance policy can help your loved ones pay college tuition, mortgage payments, and even help cover retirement income gaps in the event of your passing. 


With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy. 

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Insurance Professional

Determining how much and what kind of insurance to buy is one of the most important financial decisions you’ll make, but because it can also be complicated, many people choose to work with a professional. A qualified insurance professional will conduct a comprehensive financial needs analysis, and walk you through the multitude of questions you need to consider to determine how much and what kind of insurance is right for you, given your budget. 

Types of Life Insurance

 

Life insurance is divided into two categories: term and permanent (also

sometimes referred to as whole).


1. Term life insurance

Term life insurance has a specified coverage period (term), but can usually

be renewed or converted into a permanent policy at the end of the term.

Premiums are generally affordable initially, but can increase substantially

when renewed.

2. Whole life insurance

Whole life insurance is a type of permanent insurance that offers life-long

coverage combined with a cash-value savings component. This type of

policy has higher premiums than term life. Premiums remain constant

throughout the policy and a portion is invested by the company, which

becomes the cash value of the policy. Whole life insurance pays a fixed

amount upon death.

3. Universal life insurance

Universal life insurance is another type of permanent insurance policy

that combines term insurance with the ability to earn interest on the cash

value, paying a market rate of return. Cash value grows tax-deferred, and

can be withdrawn or borrowed from the policy. It is more flexible than

whole life insurance as it also allows you to change your premium

payments and death benefit, within limits.

4. Variable life insurance

Variable life insurance is similar to universal life insurance in terms of

flexibility and an investment aspect. However, instead of simply earning

interest on the accumulated cash value, policy owners have more control

over how to invest that cash. The ability to invest in professionally

managed investment options allows for the potential to accumulate cash

value while providing death benefits protection. However, there is greater

risk for loss due to this benefit.

5. Employer-sponsored Coverage

Employers can offer a term policy, permanent coverage or both. Cost-sharing also

varies, as some employers cover the full cost, while some require employees to

pay the full premium (or a portion of it).

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