What is life insurance?
Life insurance is a contract between an individual policy holder and an insurance company. This contractual partnership ensures the coverage of your end-of-life expenses, such as burial and funeral costs, payment of outstanding debts, income replacement for beneficiaries and estate planning. Policy holders ensure this protection by making regular premium payments.
What types of life insurance does Occidental Life offer?
Occidental Life Insurance Company of North Carolina offers a wide variety of life insurance policies and solutions. The main offerings include: Term Life Insurance, Whole Life Insurance, Universal Life Insurance and Final Expense Insurance.
What is Term Life Insurance?
Term Life Insurance provides coverage for a specified period of time. This time frame typically ranges from 10 to 30 years. If the policyholder passes away within the term period, their beneficiaries will receive a complete death benefit.
What is Whole Life Insurance?
Whole Life Insurance provides coverage for a policyholder’s entire life. This includes a guaranteed death benefit, without limitations on a time frame. A Whole Life Insurance policy features fixed premiums and the accumulation of a cash value death benefit over time.
What coverage does Universal Life Insurance provide?
Universal Life Insurance is a permanent form of life insurance that features a cash savings component, which accumulates value over time. These life insurance policies feature flexible premiums and death benefits; ensuring that your unique needs are met.
I missed a premium payment: what can I do?
Don’t panic! Occidental Life Insurance Company of North Carolina offers peace of mind by providing policy holders with a grace period. If you do not make a premium payment by your scheduled due date, you must make a payment within the grace period to avoid losing coverage. If you are unable to make a payment within the grace period, your policy will lapse, leading to the loss of coverage. If you are at risk of missing a premium payment, contact an Occidental Life Agent as soon as possible to discuss the options available to you.