How do you buy a life insurance policy with Great-West?


Quick Answer

An individual wishing to purchase a life insurance policy from Great-West Life Assurance Co. must contact the company directly to receive a referral to a financial security adviser, according to Great-West as of 2015. This adviser helps interested parties purchase products such as life, disability and critical illness insurance policies. Customers obtain a referral by contacting Great-West through its online contact form or by telephone.

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Full Answer

Great-West offers two kinds of life insurance policies for individuals, term life insurance and permanent life insurance, the company states. The company's term life insurance policies are the most cost-effective, while the permanent life insurance policies provide death coverage with the option of building savings that the customer can withdraw if needed, states Great-West. The permanent policies are further separated into "participating" or "universal" life insurance policies. Both policies have a tax-advantaged investment component. The permanent policy carries the potential for dividend payments, while the universal policy allows individuals to actively manage their own portfolio.

In addition to consulting with a financial security adviser, potential customers can research life insurance options based on their specific profiles, notes Great-West. Categories from which to choose include early career, family, empty nest, business owner and affluent and established.

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