Life Insurance

Life Insurance


A. Introduction.

This page presents the fundamentals. It discuses the nature, purpose, and desirability of life insurance and explains the types of coverage available. Feel free to call, email or write Providence for a free no obligation consultation. You can also download a preliminary application for insurance, prepare it and mail it to us for further processing.

This page limits discussion to personal and family uses of life insurance. If you are interested either in a business policy (key-man, buy-sell agreement, or deferred compensation) or a policy that will benefit your church or charity while generating income tax deductions for you and your estate, then click on the appropriate link.

B. Life Insurance Protects and Serves Families and Individuals in Many Ways.

  • Survivor Protection: Provides tax-free funds for dependents: These monies help the family (1) to replace the deceased provider’s lost wages, lost job benefits (e.g. medical insurance), and the cost of services that he or she would have provided; and (2) to create or to preserve educational, spousal retirement, savings and repair, maintenance and emergency funds.
  • Estate Conservation and Liquidity: Provides immediate funds to pay estate and inheritance taxes, estate administration and probate fees and expenses, medical bills, funeral, burial and other final expenses, mortgages, debts and other creditors.
  • Estate Creation: provides tax-free sums of money for dependents and beneficiaries.
  • Cash Accumulation and Savings: permanent (whole) life policies also provide accumulating cash values that grow an a tax-deferred basis. Upon death, the benefits and values pass to the beneficiaries income tax free.
  • Family Protection and Peace of Mind: Life insurance reduces uncertainty. It replaces the risk of a very large loss (income and value) with a known smaller loss (premiums). The harsh economic impact of an untimely death transfers from the family to the insurance company.

C. How Much Life Insurance Do You Need? Click here for guiding principles.

D. Permanent (Whole) Life Insurance.

Providence Association’s Whole Life Insurance has the following characteristics:

  • Permanent Protection – the benefits will be payable to dependents and beneficiaries tax free, regardless of when death occurs.
  • Cash Value – a portion of premiums will be invested into cash value and will grow on a tax-deferred basis: These funds are available for policy loans, immediate cash and/or retirement savings.
  • Broad Benefits – permanent insurance provides the broadest range of protection that is both economical and valuable. For very economical periodic premiums, all of the objectives of life insurance are met.
  • Level Premium – the premiums remain level and will never increase.
  • Protection will never expire.
  • Bonus: Paid premiums and savings will be recovered with an added tax free benefit bonus when it is needed the most.
  • Dividends: available for most forms of permanent coverage in paid-up additions or cash.

Permanent insurance is generally recommended:

  • To cover inescapable permanent needs: funeral, burial, monument, death tax, final illness and other final expenses (Calculate Your Final Expenses)
  • For the mutual protection of couple’s in retirement to cover any and all potential lost income and benefits that an untimely death might precipitate and to leave the surviving spouse an appropriate fund for needs
  • As an essential element of consideration in estate planning
  • To cover any other permanent needs for funds
  • As an excellent means to leave an inheritance and legacy  for future generations
  • As a method for accumulating cash value and guaranteeing a return on premiums
  • To create an additional nest egg for retirement and other needs
  • As a means to endow your church or favorite charity, foundation or scholarship fund

Providence offers three types of permanent policies:


Select the Quick Links on the left to term and to whole life to see more information on those products, some payment options, and the rates for all of these. You can also submit a preliminary application or ask for some quotes and information by contacting us.

F. FOR MORE INFORMATION ON LIFE INSURANCE, click here: Tips and Information.



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