The Horace Mann Educators Corporation is an insurance company based in Illinois. As the name suggests, this company was originally designed to serve the needs of educators with various financial planning products. While it is open to all, there remain discounts in place that are offered to those who work in education. And, with a history that dates back to 1945, you can be sure that Horace Mann Educators Corporation is an established player in this market.
Although this company is well-established, there are certainly bigger names in life insurance. So, why would you consider Horace Mann above the other options? In this article, we’ll help you understand what products are available here, how those products can be modified to meet your needs, and who might be best served by taking out a policy with Horace Mann.
Table of Contents:
- Types of Life Insurance Offered
- Available Riders
- Notable Features of Horace Mann Life Insurance
- Application Process Overview
- Is Horace Mann Life Insurance Legit?
Types of Life Insurance Offered by Horace Mann
As you start to narrow down your choices for life insurance, it’s helpful to understand the basic options and what they mean. Once you know in general terms what you are looking for, it will be easier to locate carriers that have the right options for your needs.
Fortunately, Horace Mann carries a nice selection of life insurance products, so anything you are looking for is likely to be present here. Below is a partial list of the types of policies they make available.
- Term life insurance. You will see this type of life insurance offered by basically every carrier in the market. The word “term” in term life means that the policy only lasts for a predetermined amount of time before it expires. Common terms include 10, 25, and 30 years, although other options may be available. Individuals who don’t want to spend a large amount of money on premiums while still securing important coverage will often lean toward a term policy.
- Whole life insurance. This is the other big player in the life insurance game, and the name pretty much says it all. With a whole life policy, you get a guaranteed death benefit, as the policy will last until you die. Of course, premiums will need to be paid over the duration of your lifetime, as well. There are also variations on the whole life insurance approach, often called universal life insurance, which allows your policy to accrue a cash value over time and you can use that cash in various ways.
- Cash value term life. You won’t see this option as often, as cash value policies are typically restricted to whole life policies. However, Horace Mann does have a cash value term life product for you to consider. Rather than just expiring without any payout when the term is up, this product does carry a cash value that can be cashed out or applied to the purchase of another life insurance product.
You don’t have to worry about Horace Mann having the right life insurance policy options to suit your needs. Whether or not this is the right carrier for you is yet to be seen, but they have all the common policies that are standard throughout the industry.
Available Riders from Horace Mann
Adding riders to your life insurance policy can be an effective way to fine-tune the coverage to better match your requirements. At the same time, it’s also possible to spend more than is necessary by adding riders that don’t really apply to your situation. So, riders – which are policy add-ons that deliver additional benefits – should be used strategically based on your needs.
Horace Mann, like all other life insurance carriers, offers a number of riders that can be applied to certain policies. Some riders have to be added to a policy right at the start, while others can be tacked on at a later date. You’ll need to check with Horace Mann when building your policy to see which riders are available to you, but the three listed below are common –
- Family income rider. One of the big financial concerns facing a family when a loved one dies is how they will pay the bills if the deceased individual earned a meaningful income. While a traditional death benefit can help, adding the family income rider offers ongoing payments for the family to make ends meet.
- Return of premium. This rider is an appealing option for those who are worried about spending money on premiums and never getting anything back. With this addition, premiums are refunded entirely at the end of the term if the insured individual is still living.
- Accidental death. In addition to receiving the standard death benefit provided for in your policy, beneficiaries will receive an additional payment if the accidental death rider is in place. It is commonly true that the benefit will be doubled thanks to this rider, but that can vary.
All riders are not right for all insurance buyers, which is why they are meant to be mixed and matched to create the right policy for each person. Take some time to think about rider options and how they will impact both the premiums you pay and the benefit attached to your policy.
Notable Features of Horace Mann Life Insurance
The headlining feature when talking about Horace Mann Life Insurance is the discounts available for those who work in education. As a company that was originally founded by teachers, for teachers, educators will always have a special place in this organization.
So, for anyone in education who is seeking a life insurance policy for a fair rate, Horace Mann is a logical place to start that search. Additionally, since Horace Mann offers other types of insurance products – like auto policies, property insurance, and more – teachers may want to consider taking out various policies under the same umbrella. That will allow them to enjoy nice discounts while getting reliable coverage.
Financial ratings for Horace Mann Life Insurance are strong across the board. Whether you look at A.M. Best Company, which provides an “A” rating, or Standard & Poor’s, which also gives an “A”, you get a strong indication that this is a trusted organization. There is no need to take your chances with lower-rated companies when options like Horace Mann are readily available. A poor financial rating could be a sign of trouble down the road, which might mean you’ll need to find somewhere else to get a policy – or it could mean that your policy is not paid out in the end. Don’t run into that kind of trouble by ignoring dubious financial profiles. Stick with trusted names like this one to be safe.
Exploring the web for reviews is a good way to get a general understanding of how a company operates, although you have to be careful not to put too much stock in any one review. Virtually every company is going to have at least a few bad reviews, after all. When you look at the reviews and feedback across the web for Horace Mann Life Insurance, you’ll see a rather positive picture of a reliable and experienced insurance company.
Not surprisingly, the discounts that are available are among some of the top elements that customers praise about this business. That makes sense, of course, since so much of the Horace Mann customer base is made up of those in the education field who are taking advantage of the discounts offered here. The variety of coverage options, as we discussed earlier in this article, is seen as another positive.
Horace Mann Application Process Overview
If you would simply like to learn more about what is offered by Horace Mann Life Insurance, you can easily check out the website for information. However, when you are ready to actually apply for coverage, you won’t find a form on the site that lets you do so directly – instead, you’ll need to work with an agent. The option to find an agent through the Horace Mann site is displayed prominently, and it caters to those who work in the school setting.
Those who are in a hurry, or who would like to send out a bunch of requests to get plenty of quotes that can be directly compared, might not like the lack of an application on the Horace Mann site. It can be handy to just fill out some basic information and get an idea of what your coverage options will be, and how much they will cost. With that said, working with an agent can be a positive experience, especially if this is your first time buying a life insurance policy and you need a little guidance to get on the right track.
Is Horace Mann Life Insurance Legit?
As a life insurance company that is traded on the New York Stock Exchange, there are no worries about the legitimacy of Horace Mann as an insurer. More than seven decades of experience don’t happen by accident, you’ll be in good hands here. Keep Horace Mann Educators Corporation on your list as you sort through life insurance policy options to select the plan that meets your family’s needs.