Why you need Continental General Life Insurance

Continental General Life Insurance Company provides services in health and life covers. It is currently a part of the Great American Financial Resources. The company is known for the broad spectrum of clients that it caters to, across ages and lifestyles. It specializes in insuring senior citizens. With over 45 years of experience, Continental General life insurance offers both short term and long term plans to its clients.

Why you need Life Insurance

Life cover is an investment that you make to secure the future of your family in case of any untoward incident. It is especially important if you are the only earning member of your family. If you pass away suddenly, your family should not be left with financial obligations that they cannot sustain and fulfill. Life insurance can be their knight in shining armor.

Types of Life Insurance

For those who are looking for a life cover, it is important to understand the types of plans available. There are two broad categories of life covers available:

  • Term Insurance
  • Cash Value Insurance

Term Insurance: In this type of plan, you are required to pay premiums for a fixed time slot. In case of death of the insured in this period, the beneficiary gets the cover. However, incase of termination of the policy, the company does not refund the premium amount but the policy can be extended. This is purely a death benefit and may be used to fulfill financial obligations of the demised. Although term cover is much cheaper, it does not accumulate any cash value. The risks associated are higher, but considering the extension facility, the plan is worth it.

Cash Value Insurance: Cash value is not only a death benefit but also accumulates cash value over a period of time. These plans do have a higher premium because they are divided. One part of it goes to the death benefit, another part of it accumulates as cash value so that you get some money back in case of cancellation or when the policy term matures.

Types of Continental General Life Insurance

Continental General life insurance allows you to have two types of policies.

  • Individual: These plans are offered to individuals who wish to put members of their family as beneficiaries of the cover
  • Group: These plans allow you to cover a group of people under the same policy. This type of plan is usually opted for by companies, unions and associations

Continental general life insurance offers special policies for seniors and other individuals under its health cover policies. Both short term and long term benefits are available and they cover Medicare supplements, cancer care, pharmacy needs and other long term benefits.

While you are choosing your life cover, you should be clear about the following before you opt for a plan:

  • The amount that is required to secure your family’s future
  • The amount that you will be able to pay as premium each month
  • Your age ( Premiums differ as age advances)

It is recommended that every individual invests in a life cover plan so that his family and loved ones are left with a secure future.