Gem-Young has a long history of serving the life insurance needs of our customers.

We offer term, whole life and universal life policies.

We can also offer life insurance used for business purposes such as “key person” insurance or life insurance used to fund a “buy-sell” agreement.

For your life insurance needs, contact Leo Daprile, ChFC, CLU.

Understanding Life Insurance Terms

Like many industries, the world of insurance has its own unique set of vocabulary to describe its products. You hear all about it, but do you really know what it means for you and your family? It’s not just another bill. Life insurance secures your family’s future if something were to ever happen to you. It helps cover unexpected final expenses and provides your loved ones with a financial safety net and can even serve as an inheritance.

You choose the life insurance type and how long you’ll need it for. In return, you provide a peace of mind knowing your family is covered for life’s unexpected events.

The Right Coverage for You

Choosing life insurance shouldn’t be difficult. Rather, rest easy knowing you’ve made the right decision to ensure your family is protected if the worst happens. Gem Young offers a variety of policies from term, whole and universal life insurance to fit your exact needs.

Term Life Insurance

Term life insurance is straightforward and provides affordable coverage. You pay premiums on a monthly or annual basis and receive a guaranteed death benefit for the term you choose, which can be 10, 20 or 30 years. Term life insurance assures level payments will not change during the policy.

Whole Life Insurance

Whole life insurance is permanent life insurance, which stays in effect for as long as you pay the premiums. This means you never have to worry about being uninsured or losing your financial safety net as you age. With whole life insurance, you build upon cash value you can borrow against, withdraw or use to pay future premiums.

Universal Life Insurance

You have the flexibility to adjust premiums and coverage amounts based on your changing needs. Universal life insurance offers both term life insurance as well as a savings element, which is invested to build tax-deferred cash value. The death benefit, savings element and premiums can be reviewed and altered as a policyholder’s circumstances change.

Life Insurance for Business

You may think life insurance is just to protect your family, but it can be greatly beneficial for businesses too. Especially for small business owners, life insurance is an essential part of planning for future of your company.

Key Person Insurance

If you’re a business owner and something we’re to happen to you, know your company is secure. Key person insurance provides a death benefit that can help cover financial losses that occur at the death of a “key person.” This assures continuity of the business for your employees and customers.

Buy-Sell Agreements

This is a legally binding contract between the owners of a business and provides funds for the remaining partners to pay for your estate for buy-out those shares. It serves as a kind of prenuptial agreement between business partners and shareholders of an organization.

Understanding Life Insurance Terms

Like many industries, the world of insurance has its own unique set of vocabulary to describe its products. To help you understand the information included in a life insurance policy, we’ve gathered some basic terminology in this easy-to-reference overview

Understanding Life Insurance Term and Definitions

Contact Us

Contact us today for a free, confidential consultation with one of our life insurance specialists.