Stonebridge Life Insurance Company provides several types of insurance plans with varying benefits, including term life policies, graded benefit plans, and whole life insurance with lifetime protection, states Stonebridge. The term life policy is guaranteed renewable up to age 80, while the graded benefit plan works on a percentage basis.
Term life insurance policies pay the beneficiary if the insured dies within the period that the policy is in effect. These plans provides protection for a lower initial cost, and the monthly payments are relatively affordable, according to Stonebridge. No medical examination is required, but acceptance is based on information provided. There is full coverage for death from any cause. Also, this plan guarantees a conversion to a permanent life insurance policy.
The graded benefits insurance plan also requires a lower initial cost, and acceptance is guaranteed, notes Stonebridge. Premiums are automatically billed to the customer's credit card. Any change in health or age cannot affect the policy coverage. However, the policy only pays a percentage of the policy's value if a non-accident death claim is made within the first two years that the policy is in effect. Accidental death is covered in full from the beginning of the policy.
Whole life insurance coverage provides full benefits for the insured person's entire lifetime. The coverage is permanent and cannot be cancelled for any reason, explains Stonebridge. The person cannot be singled out for a rate increased based on age, health or any other reason.