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Life Insurance

Life insurance is a contract between a policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other major expenses (e.g., funeral costs) can also be included in the benefits.

Life insurance provides protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The goal of Life insurance is to provide a measure of financial security for your family after you die.

Before purchasing a Life insurance policy, consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your Life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts typically fall into two categories:

  • Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is Term insurance.
  • Cash Value policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are Whole Life and Universal Life.

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Acadia Insurance
800-244-9446

Allstate
Report Online
800-255-7828

Dairyland Insurance
Auto: 800-225-1390
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Foremost Insurance Group
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800-527-3907

The Hanover Insurance Group
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800-628-0250

The Hartford
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800-243-5860
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Jewelers Mutual Insurance Company
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800-636-4292

MMG Insurance
888-343-0533 (M-F, 8:00-4:30)
888-869-8700 (after hours)

Patriot Insurance Company
Report Online
866-460-1776

Patrons Insurance
800-542-7032

Peerless Insurance
800-522-7152

Philadelphia Insurance Companies
800-873-4552

Progressive
Report Online
800-776-4737

Travelers
Report Online (Personal)
Personal Insurance: 800-252-4633
Report Online (Business)
Business Insurance: 800-832-7839

Union Mutual of Vermont
Report to GHM: 207-873-5101

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Acadia Insurance 
Call GHM: 800-244-9046

Allstate
Pay Online
800-901-1732

Dairyland Insurance
Auto: Pay Online
Auto: 800-2334-0090
Cycle: Pay Online
Cycle: 866-324-7952

Foremost Insurance Group
Pay Online
800-532-4221

The Hanover Insurance Group
Pay Online
800-573-1187

The Hartford
Pay Online
800-624-5578

Jewelers Mutual Insurance Company
800-558-6411

MEMIC
Pay Online
800-660-1306

MMG Insurance
Pay Online
888-664-2455

Patriot Insurance Company
Personal: Pay Online
Business: Pay Online

Patrons Insurance
Pay Online
866-611-7887

Peerless Insurance
Pay Online
800-228-7830

Philadelphia Insurance Companies
Pay Online
877-438-7459

Progressive
Pay Online
800-776-4737

Travelers
Pay Online
800-842-5075

Union Mutual of Vermont
Pay Online

 

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