Overview
Term life insurance that offers life cover to a group of people, usually employees of a company or members of a trade union or an association is classified as group life insurance.
ALICO is the top US based global insurance and financial services company and is also the largest underwriter of commercial and industrial insurance in the United States.
Products and services
ALICO's products and services include traditional life, accident and health, group insurance for large and small organizations, pensions, and annuities.
The majority of life insurance policies contain benefits that originate from one or more of the three basic types of life insurance.
Term Life Insurance
Term life insurance is divided into three main types such as:
Level Term meaning that the death benefit remains the same throughout the term of the policy
Increasing Term meaning the death benefit gets larger throughout the term of the policy Decreasing Term meaning that the death benefit gets smaller during the course of the term
Endowment Life Insurance
This type of insurance guarantees a sum of money for the beneficiary, whether the insured lives till the end of the policy or in case of an untimely death. Endowment insurance has a savings component called Cash Value and it normally provides a guaranteed death benefit.
Whole Life Insurance
- Universal Life Insurance
This type of cover allows the insured to increase or decrease the death benefit more easily than he would under a traditional whole life policy. It also allows the insured to pay premiums at any time, after payment of the initial premium, in flexible amounts, subject to certain limitations.
- Variable Universal Life Insurance
This type of insurance has all the features of Universal Life Insurance coverage, barring one vital difference. Its cash value, instead of earning an interest rate, is linked to non-guaranteed equity investment funds, bond investment funds, etc.
A number of supplementary benefits are usually provided by adding riders to the life insurance policy and the most important benefits are:
Accidental Death Benefit – The beneficiary will get an amount of money in addition to the basic death benefit provided by the life insurance policy in the event of the insured's accidental death.
Waiver of premium for disability benefits – The right to collect premiums is waived by the insurer in case the insured becomes totally disabled.
Disability income benefits – If the insured becomes totally disabled the insurer can provide a monthly income benefit.
Critical illness benefits – The insured is paid a part of the policy's face amount in the event of a specific critical illness.
Contact details :
One ALICO Plaza,
600 King Street,
Wilmington,
DE 19899 U.S.A.
www.alico.com
