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First Penn-Pacific Life

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First Penn-Pacific Life Insurance Company is a member of Lincoln Financial Group, the marketing arm of Lincoln National Corporation. As of April 15, 2002, First Penn had assets of $1.4 billion. Their term life insurance products include GTO 10, 15, 20, 25 and 30 year term.

Life Insurance is a contract under which a company agrees to pay a stated amount to the beneficiary or beneficiaries named by the insured. Pure or term insurance provides a death benefit but has no current value. Ordinary life insurance and the many variations thereof provide a build-up of current value as well as a death benefit. Credit life insurance covers the balance due upon a loan if it remains outstanding when death occurs.

These are some of the companies that have been competing in the term life insurance business for a long time. Their strategy is to compete for low price, since term insurance is a commodity. As a result, they do very little advertising to keep their costs low. So, you may not have heard of many of them, but they are all top rated companies. 

Preferred Plus underwriting is for those with excellent health and lifestyle factors. Standard underwriting will include those who have had some health problems, or are overweight. Term life insurance is by far the most insurance that you can buy, dollar for dollar. Other kinds of insurance cost more because some of your money is going to an investment account. For simplicity and minimum cost, it is best to keep life insurance rates and investments separate.

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