Loyal American life insurance company (LALIC), which is a subsidiary of Cigna, offers a variety of insurance products and services including general life, term life, multi-line, high-cost life, group term, life insurance, and health. Loyal American insurance products are offered by or through affiliated or licensed agents or brokers who are affiliated with Cigna, Inc. (Cigna).
Loyal American offers a variety of options in terms of policies. The premium amount for insurance plans depends on the age, gender, health, and family status of the policyholder. The price also varies according to the policyholder’s health status, marital status, occupation, and state of residence. This is important because premiums are higher for insured persons with a history of sickness, diseases, and accidents, whereas premiums are less for those insured persons who have low likelihoods of acquiring such risks.
For individuals and families who have health coverage plans, there are a number of options for choosing from. General life insurance covers your health in case you become ill. You may choose to get a high-cost life insurance plan, or a multi-line plan that will cover two to four individuals at the same time. A group term life insurance policy usually gives an employer a fixed amount, regardless of the number of employees or the number of years each employee has been working for the company. An individual life insurance policy gives the insured the option of selecting from different benefits such as permanent and limited, term and renewable, or any combination of the three.
High-cost life and group term insurance policies are designed for individuals, families, and companies. Individual life insurance gives the insured a specific premium, which can be decreased if the insured person does not become sick or develops a pre-existing condition. If an insured person has children, group term life insurance policies can give them a guaranteed level of income. In addition to these options, a comprehensive policy will provide coverage for any and all risks for the insured person, including natural calamities.
The amount of coverage will also vary according to the insured person’s occupation, state, and family’s health history. For high-risk individuals and for individuals with very small families, an individual life insurance plan may be adequate. For families with many members, a group term life insurance policy may be more appropriate.
Other types of life insurance include multi-line and high-cost life insurance. These policies provide a guaranteed amount of premiums, but they also provide you with the flexibility to purchase additional policies that can cover your house, car, jewelry, home, business, life, and health. These types of policies provide additional coverage to protect the insured person’s financial assets. In addition to general life and other types of policies, an individual and group term life insurance plan, and a high-cost life insurance plan, can be purchased through other affiliated or licensed agents, brokers, or insurers.
Loyal American also offers a number of additional benefits including accidental death, disability and death benefits, as well as a number of health care coverage options for seniors. For senior citizens, the CPP/Social Security death benefit pays a portion of their funeral expenses. As a result, the insured individual’s beneficiaries receive monthly payments to pay for his or her burial expenses. In the case of a disability, the beneficiary receives a monthly payment to supplement the deceased’s benefits.
Loyal American can help you make an informed decision regarding insurance. You should consider the many options available to you and discuss them with a qualified agent or broker. These agents and brokers have experience and knowledge in the insurance industry and will work to find the best options for your needs. Make sure to review the available policies to see what kind of coverage will be most beneficial to you.