As the pillars of a resilient financial landscape, life insurance companies play a pivotal role in safeguarding individuals and families against the unforeseen. Among them stands Everlake Life Insurance Company, a beacon of trust and stability that has illuminated the industry for over a century. With unwavering commitment, Everlake has established an enduring legacy by providing peace of mind and financial security to countless policyholders.
Through the tapestry of time, Everlake has woven a rich heritage of innovation and excellence. Its products, meticulously tailored to meet the evolving needs of modern society, offer a comprehensive suite of insurance solutions. From traditional life insurance to sophisticated investment-linked policies, Everlake empowers individuals to chart their financial futures with confidence. Moreover, the company’s unwavering focus on customer satisfaction is evident in its exceptional claims handling, ensuring that policyholders receive the support they need when they need it most.
Everlake’s contributions extend far beyond the realm of financial security. As a responsible corporate citizen, the company is deeply invested in enriching the communities it serves. Through charitable initiatives and employee volunteerism, Everlake fosters a spirit of compassion and social responsibility. By embracing sustainability, the company demonstrates its commitment to safeguarding the environment for future generations. Thus, Everlake Life Insurance Company stands as a testament to the transformative power of insurance, not only protecting individuals and families but also contributing to a more prosperous and equitable society.
EverLake Life: A Comprehensive Overview
Company Background and History
EverLake Life Insurance Company, founded in 1987, is a reputable insurer headquartered in Austin, Texas. With over three decades of experience in the industry, EverLake Life has established itself as a reliable provider of life insurance products and solutions to individuals, families, and businesses across the United States. Throughout its history, the company has maintained a strong financial foundation and a commitment to delivering exceptional customer service.
Key Milestones and Accomplishments
- 1987: Founded as PMA Insurance Group
- 2002: Acquired by Texas Pacific Group
- 2006: Changed name to American Income Life Insurance Company
- 2016: Rebranded as EverLake Life Insurance Company
- 2021: Received an “A” (Excellent) financial strength rating from A.M. Best
Financial Strength and Stability
EverLake Life is financially strong and stable, with over $17 billion in total assets. The company has consistently maintained an “A” (Excellent) financial strength rating from A.M. Best, an independent credit rating agency. This rating demonstrates EverLake Life’s ability to meet its financial obligations to policyholders.
Product Offerings
EverLake Life offers a diverse range of life insurance products to meet the unique needs of individuals and families. These products include:
Term Life Insurance
* Provides coverage for a specific period, typically 10, 20, or 30 years.
* Fixed monthly premiums that remain the same throughout the policy term.
* Option to convert the policy to a permanent life insurance policy later.
Whole Life Insurance
* Provides lifelong coverage with level premiums.
* Builds cash value that can be borrowed against or withdrawn tax-free.
* Acts as a savings vehicle and provides financial security for loved ones.
Universal Life Insurance
* Flexible coverage that can be adjusted to meet changing needs.
* Adjustable premiums and death benefit.
* Option to accumulate cash value that can be used to supplement retirement income.
Indexed Universal Life Insurance
* Provides coverage that is linked to the performance of a stock market index.
* Potential for higher returns on cash value than traditional universal life insurance.
* Offers tax-deferred growth of cash value.
Final Expense Insurance
* Designed to cover funeral expenses and other end-of-life costs.
* Simple and affordable coverage with minimal medical underwriting.
* Helps relieve the financial burden on loved ones.
Customer Service and Support
EverLake Life takes pride in providing exceptional customer service to its policyholders. The company offers multiple channels for customers to access support, including:
Phone Support
* Dedicated customer service team available 24/7
* Toll-free number for easy access
Online Support
* Secure online portal for policyholders to track coverage, make changes, and pay premiums
* Live chat feature available during business hours
Agent Network
* Licensed and experienced agents who can provide personalized advice and guidance
* Assistance with product selection, application process, and claims filing
Claims Process
EverLake Life understands the importance of providing prompt and efficient claims service. The company has streamlined the claims process to ensure that policyholders receive their benefits quickly and hassle-free.
How to File a Claim
* Notify EverLake Life as soon as possible after the death of the insured
* Submit a completed claim form along with the required documentation
* Provide a death certificate and other relevant information
Claim Review and Processing
* EverLake Life assigns a dedicated claims specialist to each case
* Claims are reviewed thoroughly and processed within a timely manner
* Regular updates provided to the beneficiary throughout the process
Claim Payment
* Benefits are typically paid within 30 days of the claim being approved
* Checks are issued to the designated beneficiary
Ethical and Responsible Business Practices
EverLake Life is committed to operating its business ethically and responsibly. The company adheres to the following principles:
Financial Integrity
* Maintains a strong financial foundation
* Provides accurate and timely financial reporting
Customer Focus
* Prioritizes the needs of policyholders
* Delivers exceptional customer service
Transparency
* Provides clear and understandable information about products and services
* Discloses all relevant facts to policyholders
Diversity and Inclusion
* Fosters a diverse and inclusive workplace
* Supports equal opportunities for all employees
Community Involvement
* Supports various charitable organizations
* Contributes to local communities where it operates
Financial Strength and Stability of EverLake Life
EverLake Life Insurance Company is a leading provider of life insurance and annuity products. The company has been in operation for over 100 years and has a strong track record of financial strength and stability. EverLake is rated “A+” by A.M. Best, one of the leading credit rating agencies for insurance companies.
Financial Strength Metrics
A.M. Best assigns financial strength ratings to insurance companies based on a number of factors, including:
- Capital adequacy
- Underwriting profitability
- Investment performance
- Reinsurance arrangements
EverLake Life has consistently received high marks from A.M. Best for its financial strength. The company’s capital adequacy ratio, which measures the amount of capital it has relative to its risks, is well above the industry average. EverLake also has a strong track record of underwriting profitability, meaning that it has been able to generate profits from its insurance business.
Investment Performance
EverLake Life’s investment portfolio is managed by a team of experienced professionals. The portfolio is diversified across a range of asset classes, including bonds, stocks, and real estate. EverLake’s investment strategy is designed to generate long-term returns while preserving capital.
Investment Returns
EverLake Life’s investment portfolio has generated strong returns over the past several years. The company’s average annualized return on its investments over the past 10 years is 6.5%, which is well above the industry average.
| Year | Return |
|---|---|
| 2021 | 7.2% |
| 2020 | 6.3% |
| 2019 | 5.9% |
| 2018 | 6.7% |
| 2017 | 7.1% |
EverLake Life’s strong financial strength and stability make it a reliable choice for life insurance and annuity products. The company’s commitment to providing its customers with high-quality products and services is evident in its A+ rating from A.M. Best and its consistent investment performance.
Whole Life Insurance Plans with EverLake Life
If you’re looking for a life insurance plan that will provide lifelong protection and cash value growth, EverLake Life offers several whole life insurance options to choose from. These plans are designed to provide a death benefit to your beneficiaries while also accumulating cash value that you can borrow against or withdraw from to meet your financial needs.
Guaranteed Acceptance Whole Life Insurance
If you’re in good health or have a pre-existing medical condition, EverLake Life’s Guaranteed Acceptance Whole Life Insurance policy may be a good option. This plan offers coverage regardless of your health status, making it an accessible option for those who might not otherwise qualify for life insurance.
Simplified Issue Whole Life Insurance
EverLake Life’s Simplified Issue Whole Life Insurance policy is another option for those who want to avoid a medical exam. This plan is available to individuals who meet certain eligibility requirements, such as being under a certain age or having no major health conditions.
Classic Whole Life Insurance
The Classic Whole Life Insurance policy from EverLake Life is a traditional whole life insurance plan that offers a fixed death benefit and a cash value component that grows at a guaranteed interest rate. This plan is ideal for those who want a reliable and secure life insurance policy.
Universal Life Insurance
EverLake Life’s Universal Life Insurance policy is a flexible whole life insurance plan that allows you to adjust your death benefit and premium payments to meet your changing needs. This plan is a good choice for those who want the flexibility to customize their life insurance coverage.
Variable Universal Life Insurance
The Variable Universal Life Insurance policy from EverLake Life offers the same flexibility as the Universal Life Insurance policy, but with the added potential for higher cash value growth. This plan is invested in a variety of sub-accounts, which offer the potential for higher returns but also come with the risk of investment loss.
Life Insurance with Living Benefits Rider
EverLake Life offers a Living Benefits Rider that can be added to any of its whole life insurance policies. This rider allows you to access a portion of your death benefit while you’re still living if you’re diagnosed with a terminal illness or need long-term care.
Variable Universal Life Products by EverLake Life
EverLake Life offers a comprehensive suite of variable universal life (VUL) insurance products tailored to meet the diverse needs of policyholders. VULs are permanent life insurance policies that combine death benefit protection with a cash value component invested in various sub-accounts. This unique combination provides policyholders with flexibility, growth potential, and tax-deferral benefits.
Features and Benefits of EverLake Life’s VULs
- Death Benefit Protection: Ensures financial security for loved ones upon the policyholder’s death.
- Cash Value Growth: Provides potential for tax-deferred accumulation of funds for retirement, education, or other long-term goals.
- Flexibility: Allows policyholders to adjust premiums and death benefits as their needs change.
- Tax-Deferral: The cash value grows tax-deferred, minimizing the impact of compounding interest on earnings.
- Tax-Free Withdrawals: Policyholders can withdraw funds from the cash value tax-free up to the basis amount (cumulative premiums paid).
- Loan Provisions: Enables policyholders to access funds from the cash value without affecting the death benefit.
Types of VULs Offered by EverLake Life
EverLake Life offers two main types of VUL products:
- Traditional VUL: Provides a guaranteed minimum death benefit and minimum interest rate on the cash value.
- Indexed VUL: Links the cash value to the performance of a specified market index, such as the S&P 500, providing growth potential while limiting downside risk.
Sub-Account Investment Options
EverLake Life offers a wide range of sub-account investment options, including:
- Money Market Funds: Conservative option with minimal risk and low potential returns.
- Bond Funds: Provide a balance of risk and return, with potential for interest income.
- Stock Funds: Higher risk, higher return potential, with exposure to equity markets.
- Sector-Specific Funds: Target specific industries or sectors for potential growth.
Investment Strategies
Policyholders can choose from various investment strategies designed to meet their risk tolerance and financial goals:
- Conservative: Emphasizes stability and preservation of capital.
- Moderate: Balances risk and return, allocating funds across a mix of sub-accounts.
- Aggressive: Focuses on growth potential, with a higher allocation to stock funds.
Premium Payment Flexibility
EverLake Life offers flexible premium payment options, including:
- Single Premium Payments: Pay a lump sum to fund the policy in full.
- Annual Premiums: Make premium payments annually over the life of the policy.
- Flexible Premiums: Adjust premium payments up or down within certain limits.
Rider Options
Policyholders can enhance their VUL coverage with optional riders, such as:
- Accelerated Death Benefit Rider: Provides access to a portion of the death benefit in the event of a terminal illness.
- Long-Term Care Rider: Covers expenses related to long-term care needs.
- Child Rider: Provides coverage for dependent children.
Customer Support and Services
EverLake Life provides comprehensive customer support and services, including:
- Online Account Access: Policyholders can track their accounts and make changes online.
- Dedicated Customer Service: Experienced agents are available to assist policyholders with any questions or concerns.
- Financial Planning Tools: EverLake Life offers online tools and resources to help policyholders plan for their financial future.
EverLake Life’s Accelerated Death Benefit Rider
The Basics
EverLake Life’s Accelerated Death Benefit Rider is an optional feature that you can add to your life insurance policy. It allows you to access a portion of your death benefit while you’re still living if you’re diagnosed with a terminal illness or chronic condition.
Who is eligible?
To be eligible for the Accelerated Death Benefit Rider, you must:
- Be the insured under an EverLake Life life insurance policy.
- Be diagnosed with a terminal illness or chronic condition that is expected to result in your death within 12 months.
- Meet the other eligibility requirements set forth in the rider.
How much can I receive?
The amount of money you can receive through the Accelerated Death Benefit Rider is based on a percentage of your death benefit. The percentage varies depending on your age and the type of illness or condition you have been diagnosed with.
How do I apply?
To apply for the Accelerated Death Benefit Rider, you must complete an application and submit it to EverLake Life. The application will ask for information about your medical history, your diagnosis, and your prognosis.
What happens once I’m approved?
Once you’re approved for the Accelerated Death Benefit Rider, you will receive a lump-sum payment. The amount of the payment will be based on the percentage of your death benefit that you’re eligible to receive.
What are the benefits of the Accelerated Death Benefit Rider?
The Accelerated Death Benefit Rider can provide you with several benefits, including:
- Financial assistance for medical expenses, living expenses, and other costs associated with your illness or condition.
- Peace of mind knowing that you have access to funds if you need them.
- The ability to leave a legacy for your loved ones, even if you don’t live long enough to see them grow up.
- It can reduce the amount of money that your loved ones will receive from your life insurance policy when you die.
- It may not be available for all types of illnesses or conditions.
- It can be expensive to add to your life insurance policy.
- Age
- Health
- Tobacco use
- Amount of coverage
- Policy term
- Multi-policy discounts for insuring multiple family members
- Non-smoker discounts
- Online application discounts
- Seasonal promotions
- Suicide within two years of policy inception
- Intentional or reckless acts of the insured
- Death resulting from illegal activities
- Pre-existing conditions that are not disclosed on the application
- War or combat-related activities
- Travel or activities in certain high-risk countries
- Suicide within two years
- Accidental death rider exclusions
- Limited benefit amounts
- Contestability period
- Variable benefit amounts based on performance
- Rider exclusions may vary
- Investment risks and market volatility
- Limited surrender values in early years
- Provides coverage for a specific period, such as 10, 20, or 30 years.
- Affordable and suitable for temporary financial needs or covering a mortgage.
- Offers lifelong coverage, combining life insurance with a cash value component that grows over time.
- Provides a death benefit and cash value that can be borrowed against or withdrawn for various needs.
- Age and Health: Age and health influence premium costs and policy availability.
- Smoking Status: Smokers pay higher premiums due to increased health risks.
- Family History: Genetic factors can impact premiums for certain conditions.
- Occupation: Hazardous occupations may warrant higher premiums.
- Lifestyle: Engagements in high-risk activities may increase premiums or affect coverage.
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable annuities
- Health insurance
- 401(k) plans
- Term Life Insurance: Provides coverage for a specific period or “term.”
- Whole Life Insurance: Offers lifetime coverage that accumulates cash value over time.
- Universal Life Insurance: A flexible policy that combines death benefit protection with a cash value component that grows tax-deferred.
- Variable Life Insurance: Links death benefit coverage to the performance of an underlying investment portfolio.
- Indexed Universal Life Insurance: Offers a potential for higher cash value growth based on the performance of an index.
4. Customer-Centric Approach
EverLake Life takes a customer-centric approach to its business operations. Its knowledgeable agents and support team are dedicated to providing personalized guidance and support throughout the entire insurance journey. They work closely with customers to understand their individual circumstances and recommend the most suitable insurance solutions.
5. Technology-Driven Services
EverLake Life embraces technology to enhance customer experience and streamline its operations. Its online portal and mobile app empower policyholders with self-service tools for managing their policies, making payments, and accessing account information.
6. Competitive Pricing and Value
EverLake Life offers competitive pricing and value across its product offerings. It conducts regular market research to ensure that its products remain affordable and provide excellent value for customers.
7. Commitment to Innovation
EverLake Life is committed to innovation and continuously explores new solutions to meet evolving customer needs. It actively monitors industry trends and invests in research and development to enhance its offerings and provide cutting-edge insurance products.
8. Strong Industry Partnerships
EverLake Life has established strategic partnerships with leading financial institutions, brokers, and independent agents. These partnerships extend its reach and enable it to provide its insurance solutions to a wider audience.
9. Community Involvement
EverLake Life is actively involved in its local communities, supporting a range of charitable and philanthropic initiatives. Its corporate social responsibility programs focus on areas such as education, healthcare, and the environment.
10. Awards and Recognition
EverLake Life’s dedication to excellence has been recognized by industry experts and consumer publications. It has consistently received high ratings for financial strength, customer service, and product innovation.
Award Year A.M. Best Company’s “A” (Excellent) Rating 2022 J.D. Power 2022 U.S. Life Insurance Study – Highest in Customer Satisfaction 2022 The National Association of Insurance Commissioners (NAIC) “Commended” Rating for Financial Stability 2023 11. Career Opportunities
EverLake Life offers a dynamic and rewarding work environment for talented professionals. It fosters a culture of growth, collaboration, and continuous learning, providing opportunities for employees to develop their skills and advance their careers.
12. Employer Recognition
EverLake Life has been recognized for its commitment to employee well-being and work-life balance. It has received numerous awards for its employee benefits, including competitive compensation, comprehensive health insurance, and flexible work arrangements.
13. Corporate Social Responsibility
EverLake Life believes in operating in a sustainable and socially responsible manner. Its corporate social responsibility programs focus on environmental stewardship, employee volunteerism, and community engagement.
14. Environmental Initiatives
EverLake Life is committed to minimizing its environmental impact and promoting sustainable practices. It has reduced its carbon footprint through energy-efficient initiatives, paperless operations, and waste recycling programs.
15. Employee Volunteerism
EverLake Life encourages its employees to engage in volunteer activities and support their local communities. It provides paid time off for volunteering and matching grants for employee donations to eligible charitable organizations.
16. Community Engagement
EverLake Life actively participates in community events, sponsorships, and charitable giving. It supports organizations that work to improve education, healthcare, and social welfare.
17. Diversity and Inclusion
EverLake Life embraces diversity and inclusion, fostering a workplace where every employee feels valued and respected. It promotes an inclusive culture that celebrates differences and empowers all employees to contribute their unique perspectives.
18. Professional Development
EverLake Life invests heavily in the professional development of its employees. It offers a wide range of training and development programs, tuition assistance, and opportunities for mentorship and career advancement.
19. Employee Wellness
EverLake Life prioritizes the well-being of its employees and offers a comprehensive employee wellness program. It includes health screenings, fitness challenges, stress management resources, and access to mental health professionals.
20. Flexible Work Arrangements
EverLake Life understands the importance of work-life balance and offers flexible work arrangements to its employees. These arrangements include remote work options, compressed work weeks, and flextime.
21. Benefits and Perks
EverLake Life provides its employees with a comprehensive benefits package that includes competitive compensation, health and dental insurance, paid time off, and employee stock ownership plans.
22. Recognition and Rewards
EverLake Life recognizes and rewards its employees for their contributions and accomplishments. It has a formal performance management system and awards programs that acknowledge outstanding employee performance.
23. Employee Resource Groups
EverLake Life supports the establishment of employee resource groups (ERGs) that foster a sense of community and support for employees from diverse backgrounds. These groups include women’s ERGs, LGBTQ+ ERGs, and multicultural ERGs.
24. Leadership Development
EverLake Life recognizes the importance of developing its future leaders. It offers a range of leadership development programs that provide employees with the skills and knowledge necessary to excel in leadership roles.
25. Employee Training
EverLake Life provides its employees with access to a wide range of training and development opportunities. These opportunities include technical training, soft skills training, and leadership training.
26. Mentorship and Coaching
EverLake Life encourages mentorship and coaching relationships between employees. It has a formal mentorship program that pairs experienced employees with newer employees to provide guidance and support.
27. Employee Engagement
EverLake Life is committed to employee engagement and has implemented a number of initiatives to increase employee satisfaction and motivation. These initiatives include employee surveys, recognition programs, and team-building activities.
28. Employee Recognition
EverLake Life recognizes and rewards its employees for their hard work and dedication. It has a number of employee recognition programs that celebrate employee achievements and contributions.
29. Employee Benefits
EverLake Life offers its employees a comprehensive benefits package that includes medical, dental, and vision insurance, as well as a 401(k) plan with a company match.
30. Employee Perks
In addition to its benefits package, EverLake Life also offers its employees a number of perks, such as employee discounts, free snacks and beverages, and a fitness center.
31. Employee Ownership
EverLake Life is committed to employee ownership and has an employee stock ownership plan (ESOP) that allows employees to share in the company’s success.
What is EverLake Life Insurance?
EverLake Life Insurance is a new type of life insurance that is designed to meet the changing needs of today’s families. It offers a number of features that make it a more flexible and affordable option than traditional life insurance policies.
How does EverLake Life Insurance work?
EverLake Life Insurance is a term life insurance policy that provides coverage for a specific period of time, such as 10, 20, or 30 years. The policyholder pays a monthly premium, and the death benefit is paid to the beneficiary if the policyholder dies during the coverage period.
What are the benefits of EverLake Life Insurance?
There are a number of benefits to choosing EverLake Life Insurance, including:
- Affordability: EverLake Life Insurance is more affordable than traditional life insurance policies, making it a more accessible option for families on a budget.
- Flexibility: EverLake Life Insurance offers a number of flexible features, such as the ability to change the coverage amount or the policy term at any time.
- Simplicity: EverLake Life Insurance is easy to understand and apply for, making it a hassle-free option for busy families.
Is EverLake Life Insurance right for me?
EverLake Life Insurance is a good option for families who are looking for an affordable, flexible, and simple life insurance policy. It is also a good option for families who are on a budget or who have changing needs.
How do I apply for EverLake Life Insurance?
You can apply for EverLake Life Insurance online or through a licensed insurance agent. The application process is simple and straightforward, and you can get a quote in minutes.
The Future of Life Insurance with EverLake Life
EverLake Life Insurance is a new type of life insurance that is designed to meet the changing needs of today’s families. It offers a number of features that make it a more flexible and affordable option than traditional life insurance policies.
Changing Needs of Families
The needs of families are constantly changing. In the past, families were more likely to stay in one place and have children at a young age. Today, families are more likely to move around and have children later in life. This has led to a need for life insurance policies that are more flexible and affordable.
Affordability
Life insurance is an important financial tool, but it can be expensive. EverLake Life Insurance is designed to be more affordable than traditional life insurance policies. This makes it a more accessible option for families on a budget.
Flexibility
EverLake Life Insurance offers a number of flexible features, such as the ability to change the coverage amount or the policy term at any time. This makes it a good option for families who are not sure what their future needs will be.
Simplicity
Life insurance can be complex and confusing. EverLake Life Insurance is easy to understand and apply for. This makes it a hassle-free option for busy families.
Benefits of EverLake Life Insurance
There are a number of benefits to choosing EverLake Life Insurance, including:
- Affordability
- Flexibility
- Simplicity
- Peace of mind
Peace of Mind
Knowing that your family is financially protected in the event of your death can give you peace of mind. EverLake Life Insurance provides peace of mind by ensuring that your family will have the financial resources they need to cover expenses and maintain their lifestyle.
How to Apply for EverLake Life Insurance
Applying for EverLake Life Insurance is easy. You can apply online or through a licensed insurance agent. The application process is simple and straightforward, and you can get a quote in minutes.
Choosing the Right Life Insurance Policy
When choosing a life insurance policy, it is important to consider your individual needs and budget. EverLake Life Insurance offers a number of flexible features that make it a good option for families of all ages and incomes. To learn more about EverLake Life Insurance, visit their website or contact a licensed insurance agent.
FAQs About EverLake Life Insurance
What is the minimum coverage amount for EverLake Life Insurance?
The minimum coverage amount for EverLake Life Insurance is $25,000.
What is the maximum coverage amount for EverLake Life Insurance?
The maximum coverage amount for EverLake Life Insurance is $1,000,000.
What is the policy term for EverLake Life Insurance?
The policy term for EverLake Life Insurance is 10, 20, or 30 years.
Can I change the coverage amount or the policy term after I purchase EverLake Life Insurance?
Yes, you can change the coverage amount or the policy term at any time. However, you may have to pay a fee to do so.
What happens if I die during the coverage period?
If you die during the coverage period, the death benefit will be paid to your beneficiary.
What happens if I outlive the coverage period?
If you outlive the coverage period, your policy will expire and you will no longer be covered. However, you may be able to purchase a new policy at that time.
Can I cancel my EverLake Life Insurance policy?
Yes, you can cancel your EverLake Life Insurance policy at any time. However, you will not receive a refund of your premiums.
Everlake Life Insurance Company: A Comprehensive Review
Everlake Life Insurance Company is a reputable and established life insurance provider that offers a wide range of coverage options tailored to meet the unique needs of individuals and families. With a strong financial foundation and a commitment to customer service, Everlake Life Insurance has earned a solid reputation in the industry.
Everlake Life Insurance offers various types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own unique benefits and features, allowing policyholders to choose the option that best suits their specific goals and financial situation.
One of the key advantages of Everlake Life Insurance is its customizable policies. Policyholders can tailor their coverage to their specific needs by choosing the death benefit amount, policy length, and premium payment options that work best for them. This flexibility provides policyholders with peace of mind, knowing that their loved ones will be financially protected in the event of their passing.
People Also Ask About Everlake Life Insurance Company
What are the financial ratings of Everlake Life Insurance Company?
Everlake Life Insurance Company has received strong financial ratings from leading agencies, including an A+ (Superior) rating from AM Best.
Does Everlake Life Insurance offer a grace period for premium payments?
Yes, Everlake Life Insurance offers a grace period of 31 days for premium payments. During this period, the policy remains in force, even if the premium has not been paid.
What is the claims process like with Everlake Life Insurance?
Everlake Life Insurance prides itself on its efficient and compassionate claims process. Beneficiaries can submit claims online or by mail, and the company provides support and assistance throughout the process.
What are the drawbacks of the Accelerated Death Benefit Rider?
There are a few potential drawbacks to the Accelerated Death Benefit Rider, including:
Is the Accelerated Death Benefit Rider right for me?
The Accelerated Death Benefit Rider is a valuable option for people who are facing a terminal illness or chronic condition. It can provide you with financial assistance and peace of mind during your time of need. However, it’s important to weigh the benefits and drawbacks of the rider before you decide if it’s right for you.
| Age | Percentage of Death Benefit |
|---|---|
| 0-59 | 50% |
| 60-69 | 60% |
| 70-79 | 70% |
| 80+ | 80% |
Competitive Rates and Premiums from EverLake Life
EverLake Life Insurance Company offers a range of life insurance policies tailored to meet the diverse needs of individuals and families. One of the key strengths of EverLake is its ability to provide highly competitive rates and premiums, making it an attractive option for consumers seeking affordable life insurance coverage.
Factors Influencing Premiums
The premium you pay for an EverLake life insurance policy depends on several factors, including:
Competitive Rates for All Ages
EverLake prides itself on offering competitive rates for applicants of all ages. Whether you are in your 20s, 40s, or 60s, you will find that EverLake’s premiums compare favorably to those of other leading insurance providers.
Discounts and Promotions
To make life insurance even more affordable, EverLake offers various discounts and promotions. These include:
Examples of Premiums
To provide a better understanding of EverLake’s competitive rates, here are some examples of premiums for a $500,000 term life insurance policy:
| Age | Non-Smoker Premium | Smoker Premium |
|---|---|---|
| 25 | $150 per year | $200 per year |
| 40 | $250 per year | $350 per year |
| 60 | $550 per year | $750 per year |
Return of Premium Option
EverLake offers a return of premium (ROP) option on its life insurance policies. This option allows you to get back a portion of your premiums if you die before the end of the policy term. The ROP feature increases the cost of the policy, but it can provide peace of mind and extra financial protection for your family.
Financial Strength and Stability
When choosing a life insurance company, it is important to consider its financial strength and stability. EverLake Life Insurance Company has received strong financial ratings from leading rating agencies, including AM Best (A+ Excellent) and Standard & Poor’s (A Excellent).
Personalized Quotes
To get a personalized quote for an EverLake life insurance policy, you can contact an insurance agent or visit the company’s website. EverLake makes the application process simple and convenient, and you can typically get a quote within minutes.
No Medical Exam Option
For individuals who do not wish to undergo a medical exam, EverLake offers a simplified issue life insurance policy. This policy has a lower coverage limit than traditional policies, but it does not require a medical exam.
Customer Service and Support
EverLake Life Insurance Company is committed to providing excellent customer service. The company has a team of experienced and knowledgeable agents who can assist you with your policy selection and answer any questions you may have.
Digital Tools and Online Services from EverLake Life
EverLake Life offers a suite of digital tools and online services to help you manage your life insurance policy and plan for your future.
Account Management
EverLake’s online portal allows you to access your policy information, view statements, make payments, and update your contact details.
Policy Management
You can view your policy details, make changes to your coverage, and access policy documents through the online portal.
Claims Processing
EverLake simplifies the claims process with online claim filing and tracking. You can submit a claim, track its status, and communicate with EverLake representatives.
Beneficiary Management
Managing beneficiaries is easy with EverLake’s online portal. You can add, remove, or change beneficiaries and review beneficiary designations.
Premium Payment
You can make premium payments online, by phone, or by mail. EverLake offers flexible payment options to suit your needs.
Policy Comparison
EverLake’s online policy comparison tool allows you to compare different life insurance options and find the best coverage for your situation.
Financial Planning Tools
EverLake offers financial planning tools to help you plan for your future. These tools can help you calculate your life insurance needs, create a budget, and save for retirement.
Customer Support
EverLake’s online customer support center provides access to a wealth of information and resources. You can chat with a representative or submit a question and receive a response within 24 hours.
Mobile App
EverLake’s mobile app provides convenient access to your policy information and account details. You can manage your policy, make payments, and get support on the go.
EverLake Rewards
EverLake Rewards is a loyalty program that rewards policyholders for their continued loyalty. You can earn points for completing tasks such as making payments on time, referring friends, and participating in wellness programs.
| Task | Points |
|---|---|
| Make a payment on time | 10 |
| Refer a friend | 50 |
| Complete a wellness program | 25 |
You can redeem your points for rewards such as gift cards, travel vouchers, and discounts on EverLake products and services.
Exclusions and Limitations in EverLake Life Policies
General Exclusions
EverLake Life Insurance Company’s policies exclude coverage in certain situations:
Specific Policy Limitations
In addition to general exclusions, EverLake Life’s policies may have specific limitations on coverage:
Benefit Amounts
Policies may have maximum benefit amounts, limiting the total amount of coverage available to the insured.
Contestability Period
EverLake has a contestability period of two years during which they can investigate the insured’s application and decide if there were any material misrepresentations or omissions. If any such issues are found, the policy may be rescinded, meaning it will be considered void from the beginning.
Rider Exclusions
Some riders, such as those for accidental death or dismemberment, may have specific exclusions that apply to certain causes of death or injuries.
Age and Health Restrictions
Policies may have age or health restrictions that limit coverage for individuals with certain medical conditions or who are above a certain age.
Occupation Classifications
Certain occupations, such as those involving hazardous activities, may be classified as higher-risk and subject to higher premiums or limited coverage.
Table 1: Exclusions and Limitations by Policy Type
| Policy Type | Exclusions and Limitations |
|---|---|
| Term Life Insurance |
|
| Whole Life Insurance |
|
| Universal Life Insurance |
|
| Variable Universal Life Insurance |
|
Other Considerations
It’s important to note that the exclusions and limitations in EverLake Life policies may vary depending on the specific policy purchased. Policyholders should carefully review their policy documents to understand the full scope of coverage provided.
Additionally, EverLake may offer optional riders or supplemental benefits that can be added to policies to enhance coverage. However, these riders may come with their own exclusions and limitations.
It’s advisable to consult with a licensed insurance agent or financial advisor to discuss the specific exclusions and limitations that apply to the EverLake Life policy being considered. They can provide personalized advice and help ensure that the policy meets the individual’s needs and circumstances.
Independent Ratings and Reviews of EverLake Life
EverLake Life Insurance Company is a highly regarded life insurance provider in the United States. The company has received positive ratings and reviews from a variety of independent organizations, including:
A.M. Best
A.M. Best is a leading credit rating agency that evaluates the financial strength and stability of insurance companies. EverLake Life has received an A (Excellent) rating from A.M. Best, indicating that the company is financially sound and has a strong ability to meet its obligations to policyholders.
Moody’s Investors Service
Moody’s is another respected credit rating agency. EverLake Life has received a Baa1 rating from Moody’s, which indicates that the company has a moderate degree of credit risk. This rating is still considered investment grade, meaning that EverLake Life is a relatively safe investment for policyholders.
Standard & Poor’s
Standard & Poor’s is a third major credit rating agency. EverLake Life has received a BBB+ rating from Standard & Poor’s, which indicates that the company is financially strong and has a low risk of default.
J.D. Power
J.D. Power is a consumer research firm that measures customer satisfaction with insurance companies. EverLake Life has consistently received high ratings from J.D. Power for customer satisfaction. In 2021, EverLake Life was ranked #1 in J.D. Power’s Life Insurance Study for customer satisfaction.
Consumer Reports
Consumer Reports is a nonprofit organization that provides reviews and ratings of consumer products and services. EverLake Life has received a “Recommended” rating from Consumer Reports. This rating indicates that Consumer Reports believes EverLake Life is a good choice for life insurance shoppers.
BBB Rating
The Better Business Bureau (BBB) is a nonprofit organization that provides ratings and reviews of businesses. EverLake Life has an A+ rating from the BBB, which indicates that the company has a good reputation and is responsive to customer complaints.
22. State Insurance Department Ratings
In addition to the ratings from independent organizations, EverLake Life has also received favorable ratings from state insurance departments. State insurance departments are responsible for regulating insurance companies and ensuring that they are financially sound and operating in accordance with the law. EverLake Life has received “Excellent” ratings from the insurance departments of several states, including:
| State | Rating |
|---|---|
| California | A+ |
| Florida | A+ |
| New York | A+ |
| Texas | A+ |
| Pennsylvania | A+ |
The positive ratings and reviews from independent organizations and state insurance departments demonstrate that EverLake Life is a financially strong and reputable life insurance company. Customers can be confident that EverLake Life will be able to meet its obligations to policyholders and provide them with the financial protection they need.
Selecting the Right Policy for Your Situation
1. Assessing Your Needs
Start by carefully examining your current financial situation, future goals, and dependents. Consider your income, expenses, debts, and family responsibilities to determine the amount and type of coverage you require.
2. Term vs. Whole Life Insurance
Term Life Insurance:
Whole Life Insurance:
3. Policy Features
Riders: Optional add-ons that enhance coverage, such as accidental death benefits or long-term care coverage.
Conversion Options: Allow you to convert a term life policy into a whole life policy, providing permanent protection.
Grace Period: Timeframe after the premium due date where you can still make your payment without losing coverage.
4. Premium Costs
Annual Premiums: Paid once a year, providing the lowest overall cost per dollar of coverage.
Semi-Annual Premiums: Paid twice a year, slightly increasing the cost but reducing the burden of large annual payments.
Monthly Premiums: Offer the most flexibility, but incur higher administrative fees and may result in a higher overall cost.
5. Policy Exclusions
Review the exclusions carefully to understand what circumstances may not be covered under the policy. Common exclusions include suicide, war-related deaths, and pre-existing conditions.
6. Beneficiary Designation
Choose beneficiaries who will receive the death benefit. You can designate multiple beneficiaries or create a trust to manage the proceeds.
7. Incontestability Clause
A provision that limits the time an insurance company can challenge the validity of a policy after it has been in effect for a certain period, typically two years.
8. Dispute Resolution
Understand the dispute resolution process in case of any disagreements with the insurance company. This may involve filing a complaint with the state insurance department or pursuing legal action.
9. Financial Stability
Research the financial stability of the insurance company you’re considering. Look for ratings from independent agencies such as Moody’s or A.M. Best.
10. Customer Service
Consider the company’s reputation for providing excellent customer service. Read online reviews or contact the company directly to assess their responsiveness and helpfulness.
11. Additional Considerations
12. Comparison Shopping
Compare quotes from multiple insurance companies to find the best coverage and premium for your situation. Consider both online and offline sources.
13. Working with an Agent
An insurance agent can guide you through the process, provide unbiased advice, and help you find the right policy.
14. Online Resources
Utilize online tools and calculators to estimate costs and compare policies.
15. Legal and Tax Implications
Consult with an attorney or tax professional to understand the legal and tax implications of different life insurance policies.
16. Coverage and Inflation
Ensure your coverage keeps pace with inflation by opting for adjustable policies or purchasing additional coverage periodically.
17. Reviewing and Updating
Review your life insurance policy regularly to make sure it still meets your needs. Update beneficiaries and coverage amounts as life circumstances change.
18. Premium Payment Options
Choose the premium payment option that best aligns with your financial situation. Consider automatic withdrawals or payroll deductions for convenience.
19. Policy Loan Provisions
Some whole life insurance policies allow you to borrow against the cash value. Understand the terms and interest rates associated with policy loans.
20. Estate Planning
Consider integrating life insurance into your estate planning strategy to reduce estate taxes or provide for specific individuals.
21. Group vs. Individual Policies
Group policies, offered through employers or organizations, may provide coverage at a lower cost. However, individual policies offer greater flexibility and control.
22. Universal Life Insurance
A type of permanent life insurance that offers flexible premiums and death benefits. It also includes a cash value component that can be used as a savings vehicle.
23. Variable Life Insurance
A type of permanent life insurance where the death benefit and cash value fluctuate based on the performance of underlying investments.
24. Joint Life Insurance
A policy that covers two individuals, usually spouses or business partners. Upon the death of one person, the policy continues covering the surviving individual.
25. Additional Information
Table 1: Term vs. Whole Life Insurance Comparison
| Feature | Term Life Insurance | Whole Life Insurance |
|---|---|---|
| Coverage Period | Specific period (e.g., 10-30 years) | Lifelong |
| Death Benefit | Yes | Yes |
| Cash Value | No | Yes, grows over time |
| Premiums | Generally lower | Generally higher |
| Policy Exclusions | Standard exclusions apply | Standard exclusions apply, plus cash value limitations |
| Tax Implications | Death benefit is tax-free | Death benefit is tax-free, cash value growth may be taxable |
Getting a Quote and Applying for an EverLake Life Policy
1. Visit the EverLake Life Insurance Website
Navigate to the official EverLake Life Insurance website to initiate the process.
2. Explore Policy Options
Consider the different life insurance policies offered by EverLake, including term life, whole life, and universal life.
3. Get a Quick Quote
Provide basic information (age, location, desired coverage amount) to obtain an estimated premium.
4. Contact an Agent
Alternatively, you can schedule a call with an EverLake Life insurance agent for personalized guidance.
5. Gather Required Documents
Prepare necessary documents, such as proof of income, medical records, and beneficiaries’ information.
6. Complete the Application
Fill out the application form thoroughly, providing accurate and comprehensive details.
7. Submit the Application
Once completed, submit the application and supporting documents electronically or by mail.
8. Medical Exam (if necessary)
In certain cases, a medical exam may be required to evaluate your health and risk factors.
9. Underwriting Process
EverLake Life will review your application and determine your insurability and premium rate.
10. Policy Issuance
Upon approval, you will receive the official policy document outlining your coverage and benefits.
11. Payment Options
Choose from various payment options, including monthly, quarterly, or annual installments.
12. Policy Review Period
You typically have a limited period to review the policy before it becomes effective.
13. Beneficiary Designation
Specify who will receive the death benefit upon your passing.
14. Modifications and Adjustments
Contact your agent or EverLake Life to make changes or adjust your policy as needed.
15. Claim Filing
In the event of a covered event, promptly file a claim with EverLake Life.
16. Claims Processing
EverLake Life will review and process the claim to determine eligibility and payout.
17. Death Benefit Payment
Upon claim approval, the designated beneficiary will receive the agreed-upon death benefit.
18. Customer Support
EverLake Life provides ongoing support and assistance throughout the policy term.
19. Policy Renewal
Term life insurance policies require periodic renewal, while whole and universal life insurance policies typically remain in force until the insured’s death.
20. Cancellation and Surrender
You may cancel or surrender your policy at any time, but there may be associated fees or surrender charges.
21. Tax Implications
Life insurance benefits are generally tax-free, with certain exceptions.
22. Privacy and Security
EverLake Life values your privacy and employs robust security measures to protect your personal information.
23. Independent Reviews
Consider researching independent reviews and ratings to assess EverLake Life’s reputation and financial stability.
24. Comparison Shopping
Obtain quotes and compare offers from multiple life insurance providers to ensure you are getting the best coverage and rates.
25. Fair Credit Reporting Act (FCRA)
EverLake Life may obtain your credit report as part of the underwriting process, which may impact your insurability or premium.
26. Additional Information and Resources:
| Resource | Description |
|---|---|
| EverLake Life Insurance Website | Official website with policy information, quotes, and application forms |
| National Association of Insurance Commissioners (NAIC) | Provides consumer information and resources on life insurance |
| Insurance Information Institute (III) | Non-profit organization offering educational materials and tools on insurance |
The History and Evolution of EverLake Life
The Early Years
EverLake Life Insurance Company traces its roots to 1910 when it was founded as the Farmers Life Insurance Company in Cedar Rapids, Iowa. The company initially focused on providing life insurance to farmers and other rural residents in the Midwest.
Expansion and Growth
In the 1950s and 1960s, EverLake Life expanded its product offerings and geographical reach. It acquired several smaller insurance companies and established agencies in new states.
In 1971, the company changed its name to EverLake Life Insurance Company to reflect its broader customer base and nationwide presence.
Modernization and Innovation
In the 1980s and 1990s, EverLake Life embraced new technologies and introduced innovative products. It launched its first online policy management system and developed new products such as variable annuities and universal life insurance.
Acquisitions and Partnerships
In 2007, EverLake Life was acquired by the Principal Financial Group, a global financial services company. This acquisition provided EverLake Life with access to additional resources and expertise.
In subsequent years, EverLake Life formed strategic partnerships with other financial institutions, such as banks and broker-dealers, to distribute its products more effectively.
Recent Developments
In 2018, EverLake Life launched EverLake Life Bridge, a new platform that provides policyholders with access to a suite of personalized digital tools and services.
In 2020, amidst the COVID-19 pandemic, EverLake Life implemented a number of initiatives to support its policyholders, including premium deferrals and expanded telehealth benefits.
Key Milestones
| Year | Milestone |
|---|---|
| 1910 | Founded as Farmers Life Insurance Company |
| 1950s | Expanded geographically and acquired other insurance companies |
| 1971 | Changed name to EverLake Life Insurance Company |
| 1980s | Introduced new technologies and innovative products |
| 2007 | Acquired by the Principal Financial Group |
| 2018 | Launched EverLake Life Bridge |
Products and Services
EverLake Life offers a wide range of life insurance and financial products, including:
Financial Strength
EverLake Life is a financially strong company with a long history of dividend payments to policyholders. It has consistently received high ratings from independent credit rating agencies.
Community Involvement
EverLake Life is actively involved in its local communities through a variety of philanthropic initiatives. It supports organizations that focus on education, healthcare, and the arts.
EverLake Life’s Role in the Insurance Industry
1. Introduction
EverLake Life Insurance Company, a trusted provider of life insurance solutions, plays a crucial role in the insurance industry by offering a wide range of products and services tailored to meet diverse customer needs. Its commitment to financial protection and peace of mind has solidified its position as a leading insurer in the market.
2. Financial Strength and Stability
EverLake Life is renowned for its financial strength and stability, backed by its robust capital base and solid investment portfolio. Its conservative underwriting practices ensure that policyholders can rely on the company’s ability to fulfill its obligations even in challenging economic conditions.
3. Comprehensive Product Offerings
EverLake Life offers a comprehensive suite of life insurance products designed to cater to a wide range of customer profiles and financial goals. These include: