Life Insurance from CY Benefits
If something were to happen to you, niceties like transportation and education could become unattainable luxuries for your family. Life insurance protects against this scenario, by paying your beneficiaries a lump sum of money in the unfortunate event of your death.
What is different about life insurance from CY Benefits? This coverage comes at no cost to you.
Life insurance commonly comes in three varieties, Term, Whole, and Universal. The latter of these 3, Universal Life, is provided on a Guaranteed-Issue basis at no cost to every participant in the CY Benefits’ CY125 Program.
Term Life Insurance
Term insurance pays a specified amount of money, tax free, to your beneficiaries if you die during the term of your policy. Terms can range from 5 to 30 years, but once expired, the policy expires, too. Thanks to the low premiums, term insurance is a great tool for people with young children and/or financial obligations, like a mortgage, car payment or tuition.
Permanent Life Insurance
Permanent insurance never expires; the death benefit is guaranteed no matter how long you live. The premiums are higher, but the bulk of your payment actually accumulates in a growth account, which can be withdrawn or borrowed against at any time. Growth in this policy is tax-free, making permanent life insurance one of the best long-term investment vehicles available.
Universal Life Insurance
Universal Life insurance is also designed to cover you for your entire life, but provides more flexibility in regards to premiums, death benefit and cash accumulation. Universal life is ideal for someone that wants to maximize cash accumulation and provide an immediate death benefit for their family. We believe it is a blend of the best features of Term and Whole Life.
Optional Riders (subject to availability)
- Accelerated Death Benefit for Terminal Illness
- Pays a set percentage of the face amount to the insured if diagnosed with a terminal illness
- Waiver of Premium due to Layoff
- Places a temporary waiver on premium payments if you are laid off
- Accelerated Death Benefit for Long Term Care
- Pays a specific percentage of the policy’s face value on a monthly basis for in-home or managed care facility, typically between 2%–6%.
- Accelerated Death Benefit for Critical Care Condition
- Provides a set percentage of the face amount if you suffer a critical occurrence such as heart attack or stroke.
- Accidental Death & Dismemberment
- Provides additional benefits for death or dismemberment.
- Extension of Benefits Rider with Paid-Up Life Insurance Benefit
- Can restore the face amount if it has been used under another qualified rider.
- Waiver of Premium Benefit Rider
- Places a temporary waiver on premium payments for specific occurrences, typically unemployment or health issues.