Auto-Owners Life Insurance: What You Need To Know

Auto-Owners Insurance offers a wide range of insurance products, including life insurance policies. They provide term life insurance, which offers a level death benefit for a specified period, as well as whole life insurance, which covers individuals for their entire lives. Auto-Owners works exclusively through independent agents to provide customers with skilled professionals who can help determine the right coverage for their needs. The company is committed to making insurance easy to manage and accessible, offering online access and assistance in planning for the future and protecting families.

Auto-Owners Level Term Life insurance

Auto-Owners Insurance offers life insurance policies to help you enjoy all of life's moments while protecting your family and loved ones. The Auto-Owners Level Term Life insurance is one such policy that provides a level death benefit for a fixed period of 10, 20, or 30 years, with the option to extend coverage up to age 95. This term insurance is designed to offer financial security to your family or business, helping them meet future expenses, such as family living costs and children's education.

The Level Term Life insurance, as the name suggests, provides a level or fixed death benefit for the selected term. This means that the payout amount remains the same throughout the chosen period. This predictability can be beneficial for planning and ensuring your family's financial stability in your absence. With this policy, you can rest assured that your loved ones will have the financial means to continue their lives and meet essential expenses.

The flexibility of choosing a term that aligns with your needs is a significant advantage of Auto-Owners Level Term Life insurance. Whether you opt for 10, 20, or 30 years of coverage, you can have peace of mind knowing that your family will be taken care of during those crucial years. Additionally, the option to extend coverage up to age 95 further enhances the policy's adaptability to individual circumstances.

To obtain a quote and learn more about the Auto-Owners Level Term Life insurance policy, you can contact an independent agent representing Auto-Owners. These agents are skilled professionals who can guide you in selecting the right coverage and ensuring your specific needs are met. With their expertise, you can make an informed decision to protect your family's future and provide them with financial security.

Whole Life insurance

Auto-Owners Insurance offers life insurance policies to protect your family and provide financial security for your loved ones. While there is no explicit mention of whole life insurance on their website, they do offer term life insurance and universal life insurance. Term life insurance provides a level death benefit for a specific period, such as 10, 20, or 30 years, with coverage extending up to age 95. Universal life insurance, on the other hand, is described as permanent life insurance to meet long-term needs.

Now, let's shift our focus to whole life insurance and understand what it entails:

The premiums for whole life insurance tend to be higher compared to term life insurance, but they offer long-term benefits. With whole life insurance, you have the advantage of consistent premiums that won't change over time. The death benefit is guaranteed, and it usually yields a large payout. Additionally, whole life insurance policies often provide the opportunity to earn dividends, which can be taken as cash, used to pay premiums, or purchase additional coverage.

When considering whole life insurance, it's important to evaluate your needs and goals. While it offers lifelong coverage and flexibility, it may not be the most suitable option for everyone. Term life insurance, for example, is often chosen by young families or seniors as it provides coverage for a specific term and tends to be more affordable upfront.

Universal life insurance

Auto-Owners Insurance offers term life insurance, which provides a level death benefit for a 10-, 20- or 30-year period, with coverage extending up to age 95. This type of insurance can be valuable for families or businesses looking for affordable financial protection.

One of the key advantages of universal life insurance is its flexibility. Policyholders can adjust their premiums and death benefits to suit their changing needs and circumstances. This type of insurance is ideal for those who are self-employed, own a business, or have variable income streams, as it allows them to choose how much they pay and when. However, it's important to monitor the cash value to ensure the policy remains active and doesn't lapse.

Compared to whole life insurance, universal life insurance offers more flexibility in terms of premium payments and death benefits. Whole life insurance has fixed premiums and a guaranteed death benefit, while universal life insurance allows for adjustments. Additionally, universal life insurance may be cheaper than whole life insurance due to its flexible nature and the lack of guaranteed returns.

Permanent life insurance

Auto-Owners Insurance offers permanent life insurance, also known as whole life insurance, which is a type of insurance that never expires. This means that as long as the policy is active when the policyholder dies, their beneficiaries will receive a payout, regardless of their age. Permanent life insurance policies also have a savings component that accumulates cash value over time. This cash value can be used to support financial goals and can be invested to earn interest.

There are several types of permanent life insurance policies available, including whole life, universal life, variable universal life, and variable life. Whole life insurance policies have fixed premiums that do not change over time, even as the policyholder ages or experiences health changes. Universal life insurance offers more flexibility, allowing policyholders to adjust their premiums and death benefit amount within certain limits. Variable universal life insurance provides even more flexibility in how the cash value is managed, allowing policyholders to invest in sub-accounts tied to the market. Indexed universal life insurance is another option, where the cash value grows based on the performance of a chosen stock market index.

When considering permanent life insurance, it is important to weigh the pros and cons. The main advantage is that it provides lifelong coverage and a death benefit for your beneficiaries. It also offers a savings account with tax advantages and the ability to borrow or withdraw funds. However, the high cost of premiums can be a significant downside, and there is a risk of not being able to keep up with payments. Additionally, withdrawing or borrowing against the cash value will reduce the death benefit.

Term life insurance

Auto-Owners Insurance offers term life insurance, which provides a level death benefit for a 10-, 20- or 30-year period. Coverage may even extend up to the age of 95. This type of insurance is valuable for families or businesses that need financial support to meet future needs, such as living expenses and children's education.

The flexibility of term life insurance allows you to adjust the coverage to meet your specific needs. You can choose the term length that suits you best, and many policies allow you to convert to a permanent life insurance policy without an additional medical exam. This makes it a good option for those with growing families, as they can maintain coverage until their children reach adulthood and become self-sufficient.

If the policyholder passes away during the term, the beneficiary will receive the death benefit, which is usually tax-free. This benefit can be used to cover funeral expenses, pay off mortgages, or continue living the financial lifestyle the policyholder built for their loved ones.

Frequently asked questions