Types of life insurance coverage

The two basic types of life insurance are term and permanent. The one that’s right for you depends on many factors, including your budget, the amount of coverage you need and the length of time you’d like the coverage to last.

Term life insurance

Term coverage can meet a wide variety of business and personal needs, and is a practical way to provide the most coverage for your premium dollar.

Term insurance provides protection for a limited period of time and pays a death benefit if you die during that period. Although term policies do not accumulate cash value, Harleysville Life term policies do offer a feature that allows you to convert to a permanent, cash value policy prior to age 70—without having to submit medical evidence. This means that when you are ready to move to a plan that accumulates cash value, your option to do so is guaranteed!

Term insurance is a good match if you:

• Want to provide a death benefit to your family during your peak earning years while your children are young.
  
  
• Want to provide a death benefit to help pay off a mortgage or car loan.
  
  
• Need protection until you can afford to convert all or a portion to a permanent, cash value policy.
  
  
• Need to add a large amount of coverage to complement your existing permanent policy at the lowest possible initial cost.

Harleysville Life offers the Elite Term series, which features 10, 15, 20 and 30 year term plans, and includes:

• Rate guarantees from 10-30 years
  
  

• Coverage from $100,000
  
  

• Guaranteed conversion to a permanent plan available to age 70
  
  

• Coverage to age 95
  
  

• Optional coverage, including premium waiver, children’s benefit and other insured coverage. (‘Other insured’ coverage not available in New Jersey)

Permanent life insurance

Permanent policies can provide valuable protection for your family. They offer the potential not only for guaranteed lifetime protection but also to build cash value. How that cash value grows is based on the amount of premium paid and the death benefit option selected

Permanent insurance is a good match for you if you want:

• A policy that’s intended to last your entire life.
• The ability to accumulate tax deferred cash value.

Types of permanent insurance

Universal life insurance gives you a choice of death benefit types, flexible premiums, cash value that grows with attractive crediting rates—plus coverage to age 100.

Harleysville Life offers the Pro Performer and Pro Provider^SM UL plans, featuring:

• Three no-lapse guarantee options, for guaranteed coverage
  
  

• Coverage from $25,000
  
  

• Special benefits, including a “stop smoking” bonus program and accelerated living benefit
  
  

• Option to include all family members on the plan
  
  

• Issue ages through age 85

Whole life insurance has a guaranteed death benefit, guaranteed cash value, and a fixed premium. Whole life is generally purchased for smaller face amounts—perhaps for final expenses—and this type of plan does not accumulate the strong cash values a universal life plan does.

Harleysville Life offers Whole Life for clients from ages 0-85, featuring:

• Guaranteed death benefit and cash values
• Coverage from $5,000
• Guaranteed level premiums for life

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