Welcome to Union Insurance
Union Insurance Group, LLC (UIG), a subsidiary of Union First Market Bankshares Corporation, was established to make various insurance products and financial planning available to bank customers and residents of the communities we serve. Insurance Advisors are available to schedule appointments at any of the Union First Market Bank, Rappahannock National Bank, or Northern Neck State Bank locations.
Through our relationship with Virginia Bankers Insurance, LLC, we are able to provide you with affordable coverage ranging from:
- Commercial Property
- Individual Property and Casualty
- Life and Health Insurance
- Long Term Care Insurance
- Business Insurance
Insurance Planning
The decisions you make in planning for your future or the future of your business or family are generally very involved and should be a more creative undertaking than simply ordering through the mail or on the internet. There are many factors you should consider when putting your insurance future together including your age, your income, employment status as well as your own personal goals. With so many things to consider, it is wise to get professional assistance. You need the comfort and reassurance of knowing that your family's future is in the hands of a trusted and proven advisor. Our professional advisors will discuss your risk today and help you forecast how your family's needs might change down the road. Then we'll review your coverage with you from time to time, just to make sure it's always current.
If you are interested in a personal analysis for retirement planning, insurance planning, or estate retention planning, give Union Insurance Group a call toll free at (800) 218-7501 or
email us. We will sit down together and discuss the implications and create a sound financial insurance plan that will help meet your financial goals.
For more detailed information:
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Characteristics
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Affordable, low-cost for a specific period of time; no cash accumulation.
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Lifetime coverage, guaranteed level premiums, tax-deferred accumulation of cash values.
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Lifetime coverage, flexible premiums and death benefits, tax-deferred accumulation of cash values.
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Premiums
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Level during coverage term; may increase substantially if renewed at end of term
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Guaranteed level
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Flexible
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Cash Value
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None
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Guaranteed; tax deferred; low interest rate
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Guaranteed minimum interest rate; with the possibility to earn more interest, tax deferred
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Loans and/or Withdrawals
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None
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Cash value may be borrowed at interest, but not withdrawn
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Cash value may be borrowed at interest or withdrawn, depending upon policy owner needs
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Length of Coverage
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Specified term spelled out in the contract; chosen by policy owner
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To age 100
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To age 100
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Death Benefit
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Fixed
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Fixed
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Increases may require proof in insurability
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Investment Risk Belongs To
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There is no risk
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Insurance Company
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Insurance Company
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Term Life Insurance
Term life insurance is probably the simplest and most cost-effective type of insurance you can buy. It provides the highest amount of death benefit at the lowest initial cost for a specified period of time - usually 20 years or less. Ideal candidates for term insurance are generally the young, growing families or businesses that have a substantial need for insurance protection for a defined or determinate period of time, but may lack the resources to pay for higher premium forms of insurance.
Term Life Insurance provides:
- Affordable coverage for a specified period of time
- Death benefits are tax-free to beneficiaries
- Affordable way to cover debt obligations such as tuition, mortgages, bills and more
Benefits of a Term Life Insurance policy:
- Low initial premiums
- Variety of premium lock-in options, including 1, 5, 10, 15, 20, and 25 years
- Ability to convert to permanent coverage regardless of your health
Elements to Consider:
- Premiums may increase after the guarantee period expires
- Coverage may terminate at the end of the policy term, regardless of whether the need for coverage still exists
- Does not generate cash or loan values
Universal Life Insurance
Universal life insurance, with its flexible coverage and premium options, was designed to help you accommodate life's changing needs. It offers the benefits of lifetime insurance protection, tax-deferred accumulation of cash values, and a variety of riders to customize coverage to meet your specific needs and objectives.
Universal Life Insurance provides:
- Tax-free death benefit to help cover final expenses, estate taxes, tuition, and other ongoing living expenses.
- Ability to extend coverage to additional family members, such as a spouse or children
- Flexibility to adjust policy coverage and premium amounts to accommodate your changing needs
Benefits of Universal Life Insurance
- Ability to vary the amount and timing of premiums without notice or negotiation provided your policy has sufficient policy value to cover ongoing charges and expenses.
- Option to suspend premiums during periods of tight or seasonal cash flow
- Tax-deferred growth of cash values
- Ability to change your policy's death benefit amount as your needs require (increases may require evidence of insurability)
- Two death benefit options: "Benefit Option A" that pays a level death benefit; "Benefit Option B" that pays a death benefit plus any accumulated cash values
- Ability to access cash values through loans and withdrawals (loans and withdrawals will reduce your policy's death benefit)
- Cash values earn a guaranteed minimum interest rate
- Riders which allow you to customize coverage to meet your needs and objectives
Elements to Consider
- Potential for weak or even negative cash value growth during unfavorable interest rate environments or as mortality charges increase
- Negative cash value growth could require the payment of additional premiums
Whole Life Insurance
Whole life insurance can help ensure that money will be available to pay such expenses as college costs for children, estate taxes, funeral costs and more if you are not here to do so yourself.
Whole Life Insurance provides:
- Guaranteed lifetime coverage for you and other family members
- Guaranteed level premiums throughout the life of the policy
- Guaranteed accumulation of policy cash values
- Variety of riders that let you customize coverage to address your specific needs and objectives
Benefits of a Whole Life Insurance policy
- A guaranteed, tax-free death benefit paid to your beneficiary at death
- Ability to access policy cash values to assist with a variety of needs and objectives, including to help pay tuition, meet emergencies or supplement retirement income
- Cash values grow tax-deferred
- Policy dividends (if any) can be used to increase coverage, reduce premiums, or they can be taken in cash
Element to Consider
- Higher initial premiums than term life or other types of coverage
Long-Term Care Insurance
There are many choices to help us meet our basic daily needs as we age, including home care, assisted living, nursing facilities and residential care.
Statistics show that at least 6.4 million people aged 65 or older need long term care, with one in two over age 85+ will need care. At least half of the population who are 85+ will need help with Activities of Daily Living (ADL) such as bathing, dressing, feeding, transferring, toileting and continence. Such care is provided when someone can no longer independently carry out essential everyday activities. Most people think of long-term care as something needed by older people, but accident or illness can strike someone of any age. When it does, they too may find themselves in need of assistance.
Traditionally, women in our families have provided this care when needed. However, today's smaller families may be scattered across the country and many women are now working outside of the home. What's more, caring for a loved one full-time can overwhelm even the most devoted family member. As a result, more caregivers than ever are turning to outside resources to help with the care of a family member.
If you are among the 76 percent of Americans who do not expect to need long-term care of any sort, you may want to reconsider. Chances are greater than 50 percent that each of us will require extended care at home or in a nursing home. Another eye-opening fact is that one in four people who live to age 65 will spend one year or more in a nursing home, and one in three will spend three months or more.
Without proper planning or coverage, many people are forced to spend money set aside for retirement or rely on their children to help pay the bills.
Contact us or call (800) 218-7501 to schedule an appointment with a Long-Term Care Specialist.
Individual Property and Casualty Insurance
Covers damage to or loss of policyholders' property and legal liability for damages caused to other people or their property. Property/casualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry.
In this area of the insurance we can offer auto, dwelling fire, flood, homeowners, recreational vehicles, jewelry and other special personal insurance needs or any other need you may have.
Contact us for an appointment with one of our certified, knowledgeable Property and Casualty Specialists.
Business Insurance
Do you own your own business? Are you covered against accidents that would affect your operations or value of your assets? These days your business can be devastated by a single fire, accident or lawsuit.
That's why Union Insurance Business Owner's Policy might be right for you. It offers coverage you may have normally had to pay extra for, but not with Union Insurance. Options include:
- Property Coverage
- Loss of business income
- Employee dishonesty
- Workers compensation
With Union Insurance Business Planning, we can help protect revenue generated by a key employee or business owner, ensure smooth business transfer in the event of an unexpected death or disability and provide deferred compensation and other benefits to key employees.
Union Insurance has the experienced, well-trained agents that are key to understanding the specific needs of your company and your employees. We are committed to working with you to help ensure your success; today and in the years to come.
Contact us or call our toll-free number (800) 218-7501 for your business insurance needs.
Key Person Life Insurance
Here at Union Insurance we understand what can happen to business when it suffers the loss of a key employee. That is why we recommend key person life insurance to help offset reduced sales or profits. The right insurance can help with the costs of recruiting and training a replacement as well as other expenses.
Key person life insurance can offer your company many benefits such as security so your business is protected from financial hardship as the result of a loss. With key person insurance the company is the applicant, owner, beneficiary and premium payer for a policy on a key individual and no prior IRS approval is required. At the time of a key employee's death, the life insurance benefits are received as tax-free income. If the key person stays with your company until retirement, the policy may be used as retirement income.
Insurance products provided by Union Insurance Group
(UIG) are not insured by the FDIC or any other bank insurance, are not deposits
or obligations of the bank, are not guaranteed by the bank, and are subject
to risk, including the possible loss of principal.
