Funeral and burial expenses so often become an additional burden to the family. Sometimes a single Life Insurance policy is not enough. That is why at Heritage we offer the Tribute, an individual whole Life Insurance policy that can help pay for funeral expenses or allow you to leave a gift for a loved one.
How Much Insurance Do I Need?
To determine the value of your policy, you should estimate the following:
Insurance Premiums and Coverage
Once your premium amount has been set, it will never increase and your policy cannot be cancelled (except for non-payment of premiums). No medical exam is required and once your application has been approved, it will take effect immediately. The application will contain medical questions.
Premiums can be paid by bank draft either monthly, quarterly, semi-annually or annually.
Policy Value and Benefit Rider
Your health status will determine the plan you qualify for and the amount of coverage available to you. The face value of your policy can be as much as $35,000 with a guarantee on all approved policies that it may never be cancelled regardless of age or a change in health status.
Death Benefit Plans You May Qualify for Based on Your Health
We offer three types of policies:
- Immediate Death Benefit (Policy Form No. 9767)* – 100% of the policy face amount is paid to your beneficiary upon your death.
- Graded Death Benefit (Policy Form No. 9644)** – If your death occurs during the first policy year, then 30% of selected face amount is paid. If your death occurs during the second policy year, then 70% of the selected face amount is paid. Beginning with the third policy year, 100% of the selected face amount is paid.
- Return Of Premium Death Benefit (Policy Form No. 9645)**
- If your issue age is 65 or older, the death benefit is equal to the return of premiums paid plus 10% interest for deaths occurring during the first 2 policy years. After this period, 100% of the selected face amount is paid.
- If your issue age is 64 or less, the death benefit is equal to the return of premiums paid plus 10% interest for deaths occurring during the first 3 policy years. After this period, 100% of the selected face amount is paid. (Graded 2 years for all ages in IL, NH & NJ).
Note: The life insurance does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of death. The beneficiary of the life insurance may use the proceeds towards these or other similar purposes.
Please note: Insurance is not available in all states.
* Less any outstanding policy loans.
** If the cause of death is by accident, then 100% of the face amount will be paid in all years.