Pride Insurance Agencies

Life Insurance

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Pride Insurance handles all types of life insurance. We represent many insurance companies, and we are able to provide the right type of coverage for you and your family through major life insurance carriers at the lowest possible cost to you. Over the years, we have found that the life insurance industry's product line tends to change rapidly, but there are still only 3 basic life insurance concepts:

Term Insurance

Term life insurance is the least expensive type of life insurance. Term insurance policies are designed to provide a specific death benefit for a designated period of time -- for example, 5 years, 10 years, 20 years, etc. Term insurance is 'temporary insurance' -- At the end of the policy period, the coverage ends. There is no longer a death benefit, and there is no cash value. At any point during the policinsurance policy can usually be 'converted' into a 'permanent' life insurance policy.

Whole Life Insurance

Traditional Whole Life or permanent insurance provides lifetime insurance protection with guaranteed cash values, fixed premiums and death benefits as long as premiums are paid. Whole Life Insurance premiums are higher than term insurance premiums because the policy is in force for the entire lifetime of the policy owner, and because this type of insurance builds cash value which can be borrowed by the policy owner. If the policy is cancelled (surrendered) by the policy owner during his lifetime, he would receive the cash value of the policy.

Universal Life Insurance

Universal life is a cash value life insurance policy that combines some of the features of traditional whole life (tax deferred cash buildup, death benefit) with premium and face amount flexibility.

When the premium for a universal life insurance policy is paid, a sales charge is deducted and the balance is credited to the owner's "Account Value." Each month, deductions are made from the Account Value for
insurance (mortality) costs and contract fees and charges. The owner can make periodic premium payments or, if sufficient Account Value exists, skip premiums and let the monthly mortality and other charges be deducted from the Account Value. However, when the Account Value is no longer sufficient to pay these charges, the policy will lapse, and additional premiums will be required to keep it in force.