Life Insurance

Horace Mann Life Insurance

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Last updated June 15, 2009

About Horace Mann  Insurance Company Originating in 1945, horace mann insurance Company, formerly Illinois Education Association Mutual Insurance Company, was first developed by two teachers looking to provide quality, affordable auto insurance to the teaching community.  From there, the company has grown to provide educators and their families across the nation with numerous insurance and financial product options.  In 1950, the company changed its name in honor of Horace Mann, a strong advocate for equal rights in education. Horace Mann Life Insurance Says horace mann insurance company offers a variety of life insurance coverage: term, whole, universal and variable universal.  In term life insurance, coverage is for a contracted amount of time.  Death benefits are only paid if the insured dies in that timeframe, and the policy provides no cash value.  This type of insurance is relatively cheap and the premiums are dependent on age. Whole life insurance provides lifelong coverage to the insured.  Death benefits will be paid by the company just as long as the policyholder  continues to pay the premiums.  These premiums are generally more expensive than those of term life insurance.  This insurance also offers the potential for cash value accumulation. Universal life insurance is similar to that of whole life except it offers more flexibility with premium payments. Also, the cash value earned  is “interest sensitive,” meaning its growth is affected by the general financial climate.  Because of this, universal life comes with greater risk. variable universal life insurance also earns cash value as a part of the policy.  Like universal life, this cash value is an investment.  The main difference is the cash value in a variable universal life policy is reliant on the financial market and is managed by the policy owner. Contact Horace Mann Insurance Company at: The Horace mann companies 1 Horace Mann Plaza Springfield, IL 62715-0001    Telephone: (217) 789-2500 Sources:  “Life Insurance,” Horace Mann Web site, 2007, “About Horace Mann,” Horace Man Web site, “Horace Mann Life Insurance Company