Life Insurance Company of Alabama Reviews
Available Products
Life Insurance Company of Alabama sells two products: term life and permanent life insurance. Premium payments can be made monthly or annually. Policyholders should expect to take a medical exam to complete their application.
Term life insurance offers coverage for a fixed period of years. Usually between five and 30 years with a level premium and guaranteed death benefit that is tax-free. Policy limits and term lengths are not listed on the Life Insurance Company of Alabama’s website. An agent can provide a quote to determine what level of coverage is available to you in your state.
Permanent life insurance offers coverage that lasts for your entire lifetime. It comes with level premiums (that stay the same every pay period throughout the policy) and a guaranteed death benefit that is tax-free. Permanent life insurance also has a cash value component that allows you to save money and accrue interest on those savings. Later, once your cash value account has grown, you have the option to pull from that cash value. Some policy contracts also let you borrow against the actual death benefit. If you do this, you can either repay what you borrowed to replenish the full death benefit or just be aware that your beneficiary will receive less than the full face value you purchased after you pass away.
LICOA does not list any available riders, but an agent can help you determine if any are available in your coverage area. A rider is an add-on that can be used to increase or fill gaps in your policy or provide protection in specific scenarios like accidental death or critical illness. A rider generally results in an increase in premium.
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