Since its people consciously strive for security and comfort, maintaining a life insurance policy is one of their regular priorities. The common types of life insurance policies offered by top Montana life insurance companies are: term, survivorship, universal, variable universal and whole coverage plans. Policy applicants are usually guided by insurance agents on what type of plan to purchase that will suit their status and condition in life.
Types of life insurance policies
- Survivorship life insurance is a joint whole life plan which is ideal for husbands and wives. Under this policy, when one of the spouses dies, the surviving partner is not obliged to pay property tax. However if the surviving spouse also dies, the realty taxes are high. Through policy coverage, benefits are provided to fund the real estate taxes. One of the best advantages of this type of life insurance is that the premiums are lower than individual plans.
- Term life insurance on the other hand is a fixed rated coverage which gives protection to the insured person for a certain period of time. When the policy expires, a person no longer enjoys coverage and he can either continue for another term to remain covered or stop the payment altogether. In contrast, whole life insurance is paid during the entire lifetime of the insured person and payments of premiums are usually done annually.
- Universal life insurance or UL is a permanent policy which is basically applicable in the U.S. Here, extra payments of premiums are added up to the cash value of the coverage. Variable universal life insurance refers to the invested amount of the policy either on mutual funds or other accounts chosen by the policy holder.
Various insurance companies in Montana
There are various insurance companies in Montana but so far the most prominent groups are the following.
- Primerica Life Insurance Company. This company operates in the United States and across Canada, Guam and Puerto Rico. It was recorded to be the number one independent financial organization in 2011 with over 90 thousand representatives.
- MassMutual Financial Group. Based in Massachusetts, MassMutual has 1,800 agencies and more than 13 million clients in the whole world. It is one of the biggest financial companies globally with revenues reaching to as high as 25 billion dollars in 2010.
- Guardian Life Insurance of America. Founded in 1860, GLICOA is based in New York, New York. It is No. 4 in rank among the top mutual life insurance providers in the U.S.
- State Farm Insurance. This is a financial and insurance group that provides service in both U.S. and Canada. It is has its headquarters in Bloomington, Illinois and is placed at 37th as top revenue earner at the Fortune 500 listing during the year 2011.
- Northwestern Mutual Financial Network. Founded and based in Milwaukee, Wisconsin, this mutual company includes services for life insurance, disability insurance, long-term care insurance, employee benefits, annuities and mutual funds.