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 Cheapest Life Insurance USA

Provident Mutual - Life Insurance

Provident Mutual: The Leader

Annuities, Retirement Planning, Variable Life Insurance, Pensions, Brokerage: Provident Mutual Leads the Way.

Provident Mutual has a proud and rich heritage in the world of financial services. Provident Mutual Life Insurance Company can trace its roots back over two centuries and has built a reputation for strength, stability and sound management. Licensed in all states and the District of Columbia, Provident Mutual is a progressive insurance and financial services company, providing individual life insurance to protect families, estates and businesses and fund individual qualified plans. The Company also offers group annuity contracts and related services to fund qualified pension plans. Provident Mutual's innovative, flexible product line features investment, protection, asset accumulation and distribution and wealth transfer solutions designed to meet your financial needs throughout your life.

As of December 31, 1999, Provident Mutual and its affiliated companies have more than $43 billion of life insurance in force, consolidated assets totaling over $9.2 billion and consolidated liabilities of $8.3 billion. Provident Mutual are more than an excellent life insurance company. Provident Mutual have the financial products and services you can count on to help you achieve your financial goals as you move through the various stages of life.


Provident Mutual - Is Variable Life Your Best Option?

To understand variable universal life insurance and its unique features and benefits, you need to understand term life, traditional whole life and universal life as well as variable life insurance.

Term Insurance
Term insurance is the most economical form of coverage and is used primarily if the need for life insurance is for a limited period of time. It provides pure life insurance protection with no associated cash value savings element.

Varieties of term insurance include (but are not limited to) Annual Renewable Term, Level Premium Term for a specific number of years and Decreasing Death Benefit Term. Some term policies have a conversion rider that allows the insured to convert the policy to a permanent policy without evidence of insurability.

If your need for life insurance is temporary, term insurance is generally a cost-effective way to protect your loved ones. It only pays a death benefit if you die within a specified period of time, and can usually be renewed when you reach the end of this time frame, which can be between one and 20 years.

Traditional Whole Life:
Traditional whole life insurance, unlike term insurance, combines a death benefit with an accumulation, or savings element, commonly referred to as the policy' s cash value. This savings element increases each year the policy stays in force. The death benefit payable is the face amount of the policy, which remains constant throughout the policy' s life. The premium is set at the time of the policy' s issue and also remains level for the life of the policy. The owner has no control over how the savings element is invested.

Universal Life:
Universal life is a variation of whole life insurance with some added flexibility. Universal life insurance (ULI) allows a policy owner to determine the amount and frequency of the premium payments and to adjust the death benefit up or down to reflect individual needs. A simple way to describe ULI is as a term insurance policy with a policy value fund. Again, the owner has no control over how the savings element is invested.

As premiums are paid and cash values accumulate, interest is credited to the policy' s cash value account. As long as the cash value account is sufficient to pay the monthly mortality and expense cost, the policy will stay in force, whether or not the owner pays the premium; however, if the cash value account is not sufficient to support the monthly deductions, the policy will lapse.

The owner can increase or decrease the face amount and can elect to pay more into the policy increasing the cash value account.

Variable Life:
Variable life insurance (VLI) has many of the same characteristics of whole life insurance. The primary difference is the way in which the cash reserves are invested. In whole life insurance, the reserves are invested by the insurance company in low risk conservative investments such as bonds, real estate and mortgage loans. Low risk equates to security and generally lower returns on your investment. These cash reserves are held in the insurance company's general account. With variable life insurance, the policy owner chooses how the reserves will be invested. This allows policy owners to pick and choose investment options to help meet their investment objectives. Since these reserves are held by the insurer in special separate accounts, cash reserves can be invested in potentially higher yielding investments than can general account reserves.

Variable Universal Life:
Variable universal life (VUL) combines the characteristics of the variable life policy, such as cash value and death benefits that vary according to the performance of the separate account, and certain characteristics of universal life, such as allowing the owner to adjust premium payments and death benefit according to changing needs. Simply stated, VUL is basically term life insurance coupled with a group of separate accounts similar to a family of mutual funds that are available within the contract, to help the policy owners meet their investment objectives. This type of product is designed to give policy owners ultimate flexibility as to premium payments, investment objectives and death benefits by allowing:

  • The right to vary the frequency and amount of the premium payment
  • The right to allocate net premiums among one or more of the separate accounts or the general account
  • The right to increase or decrease the policy's face amount
  • The right to change the death benefit option

 

 

1000 Chesterbrook Drive,
Berwyn,
PA 19312-1181

http://www.providentmutual.com

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