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Family Life Insurance

Life Insurance

Innovative Senior Benefits offers a range of life insurance products, including term life insurance, whole life insurance, universal life insurance, and accidental death insurance. Other names that can replace life insurance include: Final Expense Insurance, Burial Insurance, Mortgage Protection and Social Security Income Protection. These all have a common solution, Life Insurance! In addition to providing a death benefit to your beneficiaries, some life insurance policies also offer living benefits that you can use throughout your life. These benefits may include cash value accumulation, the ability to take out policy loans or make withdrawals, and the option to add riders for long-term care or chronic illness coverage.

Life insurance can provide peace of mind knowing that your loved ones will be financially protected in the event of your passing. It can also serve as a tool for estate planning and provide tax benefits. It's important to choose the right type of life insurance and coverage amount based on your individual needs and financial situation.

7 Steps to Buying the Right Policy

  1. What is your purpose of buying life insurance?

  2. Calculate: how much insurance do you need?

  3. Decide: what type will satisfy your needs?

  4. Call Innovative Senior Benefits to shop your Policy.

  5. Complete the application process. 

  6. Wait upon underwriting of the company for approval.


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Term Life

Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, or term. If the policyholder passes away during the term, the death benefit is paid out to the beneficiaries named in the policy.

Term life insurance policies typically have lower premiums compared to other types of life insurance because they only provide coverage for a set period of time and do not accumulate cash value. Common term lengths include 10, 20, and 30 years, although other options may be available.

Term life insurance can be a good option for those who have temporary financial obligations, such as a mortgage or college tuition or adding a child to the family, and want to ensure that their loved ones are protected if they were to pass away unexpectedly during that time. It's important to choose a coverage amount and term length that aligns with your individual needs and financial situation.

Whole Life

Whole life insurance is a type of life insurance policy that provides lifelong coverage and includes both an insurance component and an investment component. It is also known as permanent life insurance.

With whole life insurance, the insurance company guarantees to pay a death benefit to the policy's beneficiaries upon the death of the policyholder, as long as the premiums are paid. In addition to the death benefit, whole life insurance policies also accumulate a cash value over time, which grows tax-deferred.

The premiums for whole life insurance policies are generally higher than term life insurance premiums, but they are designed to remain level over the life of the policy. This means that the premiums will not increase as the policyholder gets older, which can provide financial stability and predictability.

Whole life insurance policies also provide the option to take out a policy loan against the cash value of the policy, which can be used for various purposes, such as paying for unexpected expenses or making a down payment on a home.

Overall, whole life insurance is a long-term financial planning tool that provides both insurance coverage and an investment component. It is often used for estate planning, providing for final expenses, or leaving a legacy for loved ones.

Universal Life

Universal life insurance is a type of permanent life insurance that provides a death benefit and a cash value component. It is similar to whole life insurance, but offers more flexibility in terms of premiums, death benefits, and cash value growth.

With universal life insurance, policyholders can adjust their premiums and death benefits throughout the life of the policy, subject to certain limitations. The policy also allows the policyholder to earn interest on the cash value component, which grows tax-deferred.

The premiums for universal life insurance are generally lower than whole life insurance premiums, but can increase or decrease over time depending on the policyholder's needs and financial situation. This flexibility allows policyholders to adjust their coverage and premium payments to meet their changing needs.

The cash value component of universal life insurance policies can also be used to pay the premiums or to take out a policy loan for various purposes. However, policyholders should be aware that taking out a policy loan will reduce the death benefit and could result in the policy lapsing if the loan is not repaid.

Overall, universal life insurance is a flexible and customizable option for those looking for permanent life insurance coverage with a cash value component. It is often used for estate planning, retirement planning, and leaving a legacy for loved ones.

Guarantee Issue Life

Guaranteed issue life insurance is a type of life insurance policy that is designed to provide coverage without requiring a medical exam or answering any health questions. This means that anyone who applies for the policy will be approved as long as they meet the age requirements, usually between 50-85 years old. The premiums for guaranteed issue life insurance are typically higher than other types of life insurance policies because the insurer is taking on a higher level of risk by insuring individuals without knowledge of their health conditions. These policies usually have a lower maximum benefit than traditional life insurance policies, typically ranging from $5,000 to $25,000. Guaranteed issue life insurance is often used by those who have difficulty obtaining coverage elsewhere due to health issues or age.

Accidental Life

Accidental life insurance, also known as accidental death and dismemberment (AD&D) insurance, is a type of insurance that provides a benefit if the policyholder dies or is dismembered as a result of an accident. Unlike traditional life insurance policies, accidental life insurance only pays out if the cause of death is due to an accident and not due to a natural cause or illness. Accidental life insurance policies may also provide benefits if the policyholder suffers a loss of limbs, eyesight, or hearing due to an accident. This type of insurance is often purchased as a supplement to a traditional life insurance policy to provide additional coverage in the event of an accidental death or dismemberment.

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