What is the difference between term insurance and permanent life insurance?
Term insurance is protection only for a specific period of time with guaranteed premium payments. It pays a benefit only if the policy is inforce.  With traditional term insurance, if you are living at the end of the policy term, the policy expires without value.  With Equity Term, the policy may have value in the secondary market, depending on age and market conditions. Permanent life insurance is another name for whole life insurance and it provides permanent, lifelong protection, as well as cash value. The added value can be used to plan for numerous purposes. Some whole life insurance policies are participating, meaning that they are eligible to earn dividends.

How much life insurance do I need?
This is an individual decision and we encourage you to consult with one of our licensed professionals, either by phone or video conference. The best way to determine the amount of life insurance you need is to consult an insurance advisor. A good advisor can evaluate your current financial situation and help you work out an insurance plan that fits your goals and objectives. 

What types of insurance policies pay dividends?
Typically, term insurance policies that are "participating," such as a whole life policy from MTL Insurance Company, will pay dividends. Term insurance policies usually do not pay dividends. Dividends are never guaranteed. However, MTL Insurance Company has a distinguished history of paying dividends every year for the past 97 years.

What are the "living benefits of a life insurance policy?"
The term "Living benefits" refers to the benefits that you get from an insurance policy while you're still alive, such as the maturing cash value. The cash value can be used for numerous things, such as supplementing retirement income, or financing a child's college education.

Is a medical exam required to buy term life insurance?
Some term insurance companies may not require a medical exam in order to receive coverage. However, most do. To find out whether you will need to take a medical exam for a specific policy, consult your term insurance advisor.

Can I make changes to an existing life insurance policy?
Some term insurance policies allow you to make changes or modifications to the policy at predetermined intervals, at a life-changing event, such as the birth of a child.

What is the difference between a stock company and a mutual company?
The term "stock company" usually refers to a company that is publicly traded and therefore owned by its stockholders. Because it is owned by stockholders, profits are usually distributed among its stockholders.
The term "mutual company," on the other hand, refers to a company with no capital stock. Mutual companies are instead owned by their policyholders. The profits earned by mutual companies are usually distributed among their policyholders in the form of dividends. Mutual companies are not obligated to pay dividends, and some do not. Furthermore, dividends are never guaranteed. MTL Insurance Company, however, has a distinguished history of paying dividends every year for the past 97 years.

What is an annuity?
An annuity is an investment contract between you and an insurance company that allows you to deposit a certain amount of money from which the insurer makes payments to you over a period of time. Annuities are not life insurance policies—although they can only be underwritten by insurance companies—nor are they savings accounts, because there can be tax penalties for withdrawals before age 59-1/2. Instead, they are unique, long-term financial vehicles that can help you plan for retirement because they offer a guaranteed stream of income. Earnings from annuities are tax-deferred, so you don't pay federal income tax on gains on the funds until you begin to withdraw money. Annuities can also provide retirement income for life. You can choose payouts that last a lifetime or a time period that you specify. Annuities can provide financial protection to your beneficiary if you die before receiving your complete payouts.

What are policy riders?
A rider is an additional set of terms and conditions that are not included in the original policy. You can add value to your base term insurance policy by attaching riders. As an example,a Waiver of Premium Benefit Rider exempts the policy owner from making premium payments in the event of a disability or death. By attaching a rider, it essentially becomes part of your overall term insurance contract. Riders enable you to customize an insurance contract so that it fits your individual needs.

Can I exchange my existing policy for another?
It depends, you can exchange an existing life insurance policy for another, but it's something that should be considered very carefully, regardless of whether you are thinking of exchanging policies within the same company or exchanging from one company to another. In some cases there may be additional costs involved with exchanging policies, costs that may outweigh the benefits of the new policy.