CICA Life Superior Choice [Your Complete Guide]
Posted in Companies last updated on July 30, 2024Ever been caught in a sudden rainstorm without an umbrella? That’s what it can feel like when life throws unexpected curveballs your way. You wish you’d had the foresight to bring that umbrella, right?
In much the same way, CICA Life Superior Choice is your financial umbrella for those unforeseen showers of life. But how do you know if this insurance product fits into your personal puzzle of financial security and peace of mind?
You’re not the only one with that inquiry. This post promises to be that friendly hand guiding you through these puzzling times.
We’ll explore everything from diverse coverage options to understanding how common health conditions might affect approval rates – all wrapped up with practical insights on premium payment and nonforfeiture options.
Table of Contents:
- Understanding CICA Life Superior Choice
- Health Conditions and Approval Process
- Premium Payment Options
- Nonforfeiture Options
- Terminal Illness Accelerated Death Benefit
- Frequently Asked Questions
- Next Steps
Understanding CICA Life Superior Choice
The CICA Life Insurance Company has carved a niche in the life insurance market with its unique product, the Superior Choice whole life insurance. The goal of this policy is to help individuals handle unexpected events and secure financial peace for their families.
Diverse Coverage Options
CICA Life offers two main types of plans under the Superior Choice banner: Standard and Guaranteed Issue.
The maximum face amounts for both these plans vary based on issue age, giving clients flexibility to choose what best fits their needs. However, you can expect to be able to secure a face amount somewhere between $1,000 – $30,000.
The Standard plan comes without any waiting period, making it an attractive option for those who want immediate coverage. This makes it a standout choice among other insurance products offered by different companies in the fast-growing final expense agency market.
In contrast, there’s also the Guaranteed Issue plan which can be quite beneficial if you have health concerns that might prevent you from getting approved elsewhere.
Despite having a two-year waiting period before full benefits kick in, this guaranteed issue option provides assurance that no one will be turned away due to health issues.
Riders and Additional Benefits
Beyond just offering death benefit protection against end-of-life costs, CICA’s Superior Choice includes additional riders, often at no extra cost—adding more value to your policy while enhancing your security net.
One such rider is the Terminal Illness Accelerated Death Benefit which pays up to 50% of your death benefit (or $15k) should you get diagnosed with a terminal illness—a critical feature not found in all final expense policies out there.
Additionally included is the Accidental Death Benefit—an added layer of protection where if the insured dies as a result of an accidental injury, an extra sum is paid out to the beneficiaries.
Such living benefit life insurance features allow for flexibility and peace of mind in dealing with unforeseen circumstances.
While choosing a policy, it’s important to consider factors like the financial strength ratings of the company and the consumer experience with the product and service they received.
CICA Life scores high on all these parameters, which makes Superior Choice final expense insurance one worth considering when planning your future financial security.
Key Takeaway:
For those seniors who want financial stability, CICA Life’s Superior Choice offers a distinctive final expense life insurance product. This policy comes with adjustable Standard and Guaranteed Issue plans to fit different needs.
But it doesn’t stop at death benefit protection alone; it goes the extra mile by including valuable riders like Terminal Illness Accelerated Death Benefit and Accidental Death Benefit for additional security.
Health Conditions and Approval Process
The CICA Life Superior Choice policy stands out because of its approach to health conditions during the approval process. With this insurance product, common health conditions may not be a barrier for your application.
No Height or Weight Requirement
Unlike many other insurance companies, CICA Life doesn’t consider your height or weight when reviewing applications for their Superior Choice final expense life insurance.
This means you don’t need to stress about BMI tables or strict physical standards that some insurers use.
This is good news if you’ve ever been worried about such requirements affecting your eligibility. It also helps ensure more people can get coverage without having their body size held against them.
No Tobacco Usage Question
Another unique feature of the CICA Life Superior Choice policy is that it doesn’t ask any questions about tobacco usage in its underwriting process.
No matter if you puff occasionally or kicked the habit years ago, it won’t have any bearing on your approval for this plan.
Tobacco users often face higher premiums with most policies due to perceived health risks associated with smoking.
But with no tobacco usage question asked by CICA Life Insurance Company’s underwriting team, everyone gets treated equally regardless of their smoking habits – making this a great choice if tobacco has been part of your lifestyle at any point in time.
Certain health conditions could limit applicants’ options to just Guaranteed Issue policies; however, these are designed specifically as last-resort options for those who cannot qualify elsewhere due to serious medical issues.
So even if you do have significant pre-existing conditions like heart disease or diabetes, there’s still an option available through the Superior Choice policy.
With no height/weight requirement and no tobacco usage question, the CICA Life Superior Choice offers a refreshing take on health-related criteria for life insurance.
The company’s inclusive approach helps make coverage more accessible to everyone – because they understand that every individual deserves security against unexpected events.
Key Takeaway:
Health inclusivity at its best: CICA Life’s Superior Choice policy is unique. It doesn’t let common health conditions, your body size or tobacco usage get in the way of securing life insurance. Even with significant pre-existing conditions, there are options available to you.
This inclusive approach ensures more people can safeguard against unforeseen events.
Premium Payment Options
When it comes to your CICA Life Superior Choice policy, flexibility is key. One area where this shines through is in the variety of premium payment options available to you.
The ability to choose between monthly, quarterly, semi-annually, or annually payments gives you control over how and when you pay for your life insurance coverage.
This level of choice lets you match your payments with your budgeting style and financial needs.
Monthly Payments
If managing smaller amounts more frequently works best for you, consider opting for monthly payments. By breaking down the annual cost into twelve equal parts, this option can make premiums feel less daunting while still ensuring that vital protection remains in place all year round.
Quarterly Payments
An alternative approach would be paying on a quarterly basis. This splits up the total cost into four larger chunks spread out throughout the year – an excellent balance if monthly feels too frequent but yearly seems too infrequent.
Semi-Annual Payments
Moving towards less frequency without losing sight of manageability brings us to semi-annual payments. With only two due dates each year, this might just be the perfect middle ground between maintaining cash flow and keeping track of fewer transactions.
Annual Payments
Last but not least we have annual payment plans which consolidate all dues into one single transaction per year – a clean slate every 12 months. Ideal if simplification and minimization are what tickle your fancy most when dealing with finances.
Note: While different premium payment periods may offer varying degrees of convenience based on individual circumstances, it’s important to remember that your coverage stays active as long as payments are made according to the selected schedule.
Whatever your preference may be, CICA Life Superior Choice has got you covered. So go ahead and choose what suits you best – after all, life insurance should help alleviate financial worries, not add more.
Premium Payment Tips
To make sure this flexibility works in your favor and doesn’t become a source of confusion or stress, here are some tips:
- Don’t forget to set reminders for your payments. Setting reminders for payments can be a useful way to help manage your finances.
Key Takeaway:
With CICA Life Superior Choice, you’re in control. Pick from monthly, quarterly, semi-annual or annual premium payments to suit your budget and style.
And don’t worry – no matter how often you pay, your coverage stays active as long as the schedule is followed. Remember: life insurance should ease financial stress not add more.
Nonforfeiture Options
CICA Life Superior Choice provides nonforfeiture options for policyholders. These are safety nets that kick in if you can’t continue to pay your premiums. Let’s delve into the two main types: Reduced Paid-Up Insurance and Extended Term Insurance.
Reduced Paid-Up Insurance
The first option, Reduced Paid-Up Insurance, lets you use the cash value of your policy to buy a smaller amount of paid-up insurance. This means even if you stop paying premiums, your coverage won’t completely disappear.
In simple terms, it’s like downsizing from a mansion to a cozy cottage when money gets tight—you still have a roof over your head. You don’t get as much life insurance cover but hey, something is better than nothing.
Extended Term Insurance
The second nonforfeiture choice is Extended Term Insurance. With this option, the cash value of your existing plan is used as a single premium for term insurance with an equal death benefit.
Picturing how this works might be easier if we think about car rentals. Imagine using money saved up from not buying a luxury vehicle (the original whole life plan) to rent an equivalent model (term insurance) for some time instead.
- To recap:
- Reduced Paid-Up – Keeps some level of coverage without further payment by reducing the overall benefit amount.
- Extended Term – Utilizes built-up cash value to fund same-level temporary protection.
Both nonforfeiture options provide a safety net, offering continued protection when life throws financial curveballs your way. It’s the insurance version of turning lemons into lemonade.
In conclusion, CICA Life Superior Choice offers policyholders some flexibility and security with these nonforfeiture options.
So even if you hit rough waters financially, there are mechanisms in place to ensure you don’t completely lose out on your life insurance coverage.
These benefits reinforce why CICA Life is considered one of the reliable insurance companies today.
Key Takeaway:
Are you finding it hard to cover your premiums? No need to stress. CICA Life Superior Choice is here to help with two nonforfeiture options.
You can either go for Reduced Paid-Up Insurance, which gives you a smaller policy that’s fully paid-up using the cash value of your current one.
Alternatively, consider Extended Term Insurance for temporary protection at an equal death benefit by tapping into your plan’s accumulated cash value.
Terminal Illness Accelerated Death Benefit
Life can be unpredictable, and when it comes to planning for the future, securing a financial safety net is crucial. One standout feature of the CICA Life Superior Choice policy is its Terminal Illness Accelerated Death Benefit.
This benefit pays out an accelerated amount if you are diagnosed with a terminal illness.
This means that up to 50% of your death benefit or $15,000 can be accessed ahead of time. But why does this matter? Let’s dive deeper into how this unique advantage could help during tough times.
The Importance of Early Access
We all know money doesn’t solve everything but having access to funds when faced with a terminal diagnosis can significantly reduce stress.
It allows individuals to focus on what truly matters: spending quality time with loved ones and receiving optimal medical care without worrying about financial burdens.
A study published in The Oncologist journal revealed that cancer patients who filed for bankruptcy had a higher mortality rate compared to those who didn’t.
Clearly illustrating how critical it is not just from an emotional perspective but also from health outcomes standpoint too.
Making Use Of Your Benefits When You Need Them Most
The Terminal Illness Accelerated Death Benefit essentially gives you early access to part of your life insurance payout under certain conditions – namely, being diagnosed with a terminal illness where life expectancy is estimated at less than 12 months by a certified physician.
You might use these funds towards cost-prohibitive treatments not covered by regular health insurance plans or perhaps spend on making final memories count like taking family trips while still able-bodied enough to do so.
This way, you are not leaving behind debt for your loved ones but memories and peace of mind.
Knowing The Fine Print
When it comes to insurance, comprehending the small print is absolutely essential.
Take for instance, CICA Life Superior Choice’s Terminal Illness Accelerated Death Benefit feature – it allows a payout that can be as much as 50% of the death benefit or $15,000. The amount you get depends on which one is less.
Key Takeaway:
Life’s unpredictability requires a safety net, and the CICA Life Superior Choice policy gives you just that with its Terminal Illness Accelerated Death Benefit.
This unique feature lets you tap into up to 50% of your death benefit or $15,000 when diagnosed with a terminal illness.
By easing financial worries, it helps ensure your focus stays where it truly belongs – on cherishing quality time and seeking optimal care.
FAQs in Relation to Cica Life Superior Choice Overiew
Is CICA Life Insurance legit?
Absolutely. CICA Life is a reputable life insurance company that provides policyholders with quality, reliable coverage.
What is CICA life?
CICA Life, a subsidiary of Citizens Inc., offers diverse life insurance products like the Superior Choice plan to meet varying needs of seniors across different health and financial spectrums.
Next Steps
It’s all about selecting wisely. And we hope this overview of CICA Life Superior Choice has equipped you with the insights to do just that.
You now understand how its diverse coverage options can fit different needs, from standard plans to guaranteed issue ones.
You’re aware of the added benefits and riders such as Terminal Illness Accelerated Death Benefit or Accidental Death Benefit.
You’ve learned how health conditions could impact your approval process but rest assured, there are no height/weight requirements or tobacco usage questions here!
Remember – it’s always easier to handle unexpected events when you have a solid plan in place. With this newfound knowledge on CICA Life Superior Choice, we believe you’re well-prepared for whatever life may throw at you next.
Get in touch with Luminary Life today to take the next steps in securing life insurance coverage.
