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Peoples Benefit Life Insurance Company as the name suggests provides life insurance. Its motto is to let the people get the benefits they deserve at Peoples Benefit Life Insurance. It is a subsidiary of international insurance heavyweight AEGON, which is based in The Netherlands.
Peoples Benefit Life Insurance offers a variety of products. These include life insurance, fixed and variable annuities, and other investment products. The company, which is licensed to operate in all states except New York (where it is a reinsurer) as well as in Washington, DC, has provided insurance since 1920. Peoples Benefit Life Insurance has more than $10 billion of insurance in force. Effective October 1, 2007 Peoples Benefit Life Insurance Company merged with Monumental Life Insurance Company.
The principal methods of selling insurance are through independent agents and brokers. Since the company has merged with Monumental Life, their plans will be listed out and explained in a brief manner.
In life insurance, it offers a variety of plans. These include the term life plan, the whole life plan, the interest sensitive whole life plan, the interest sensitive whole life plan, cancer check/expense, and accidental insurance.
The interest sensitive whole life plan has a facility in which the cash value of the policy will increase with the interest. These interest rates can facilitate the faster accumulation of cash value which makes the policy more attractive. This plan is of use for the bread-winners of a family as it provides guaranteed protection to the payment of death benefits.
The cancer policies are of two types. There are Cancer Expense and Cancer Check. Cancer Expense pays one for specific expensed incurred. Cancer Check provides on with a sum of money to do as one sees fit. These benefits help in reducing the financial burden of paying bills and the medical treatment.
The term life plan and the whole plan are common plans that are provided by almost all life insurance companies. In the term life plan, the policies are designed to pay off one’s mortgage or to replace one’s income upon death. In the whole life plan, the policies are designed for ages varying from 65 to 95 or for a limited amount of time, with a variety of payment schedules.
The accident plan covers accidental death, accidental injury, loss of eyesight or limb etc. The policies ease the financial burden of the accident.
There are various products within these plans that can be chosen depending upon one’s budget and needs. This is a summary of all the plans offered by Monumental life. People’s benefit life insurance company has been merged with Monumental Life. Any further information can be obtained from the company itself.
This article was contributed by Prerna Mordani.
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