Benefits of Life Insurance
- Provide your loved ones with peace of mind
- Use funds to cover living expenses, pay off mortgages, or other debt
- Ensure your children or beneficiaries have funds to pay for college or other future goals
- Use life insurance as a financial planning tool to help you with future expenses
- Just like home or auto insurance, life insurance can help provide financial protection for families and businesses
Term life insurance works to protect young families from unforeseen circumstances and can cover financial liabilities, like mortgage loans, college tuition, or other forms of debt. A term life policy covers the policyholder for a specific amount of time (10, 15, 20 years, etc.) and can be a less expensive form of life insurance.
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Loan Protection insurance is a type of term life insurance, but the coverage period is designed to match a specific liability, such as a car loan, or a home mortgage. The face amount of the policy will decline over the coverage period.
Simplified Issue Whole Life is commonly used to cover end-of-life expenses. It is a type of permanent life insurance that offers coverage up to a certain limit. Applications are simplified and there are fewer health qualifications than traditional life insurance. Medical exams are not usually required.
A whole life insurance policy is designed and priced for a policyholder to keep over a long period of time. It is a type of permanent life insurance that provides lifetime coverage, as long as premiums are paid. Cash value accumulates over time which may be used by the policyholder. This product may appeal to those who want both insurance protection and long-term financial growth.
Have a Question?
Covr is available to assist you throughout the entire process. For support please call 855.628.2765 or email eastwest@covrtech.com
Disclosure
Insurance products are sold through Covr Financial Technologies Inc (“Covr”). Covr sells insurance as an agent or broker by contractual agreements with its insurance carrier providers. Covr is licensed in the following states: Delaware (3000067942), Idaho (607086), California (0L77229). All other state license numbers are available at eastwestbank.covrtech.com. Purchase of insurance is not a condition of mortgage loan approval. Any insurance requirements related to loans would not require purchase through COVR or East West Bank.
| Insurance Products are: | ||
| Not FDIC insured | Not Bank Guaranteed | May lose value |
| Not a Bank Deposit | Not Guaranteed by Any Federal Government Agency | |
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