Affordable Term Life Insurance:
As Independent health, life & disability Insurance brokers, we are responsible for purchasing our own life insurance coverage, just like our clients. So when we find a product that we purchase for ourselves, we would like to let you know about it.
Up until recently, I carried a $500,000 20-year level term life insurance on myself. I had the coverage since February 2000. The underwriter was William Penn, a very good and reliable insurance company. But in October 2008, I decided to do a term life insurance comparison & maybe change my life insurance coverage; I had found something much better.
The task of finding a stable company was made easier, in many ways, because of the bad economy. With so many insurance giants (AIG, ING, Prudential, MetLife & NY Life) unraveling so quickly, it was clear which companies were best able to handle financial losses.
After much research, we decided upon The Union Central Insurance Company (part of the Unified Companies Group), a company that has been around since 1867. In September of 2008, Standard & Poor released a report on Union Central stating that the company showed “Strong financial performance and Extremely strong capital position.” And on January 30, 2009 A.M Best affirmed the financial strength rating (FSR) of “A” “Excellent” for The Unified Companies Group.
Union Central has now proved itself in two of the worst economic periods in American history, The Great Depression and the current recession.
Obviously, with these credentials Union Central is a stable company that has a pretty good chance of being around for the long term. But are they competitive? I was happy to find that they were in fact very competitive!
With Union Central, I was able to increase my coverage to $1 million and at the same time decrease my premiums by 18%. I was able to get twice the coverage for 18% less than I was paying on a policy that was 9 years old!
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