Family Term Life Insurance Affordable Life Life Insurance for Families
Family Term is life insurance that lets you add additional children1 at a later date, at no additional cost.
Get to know Family Term Life Life Insurance for Families
Every family needs life insurance to help protect their future. Family Term life insurance may be just right for your family. For only one affordable monthly payment, you can cover two adults and all your children1 with term life insurance for an initial term of 10 or 20 years. Each adult is covered by life insurance throughout this time period, and each child is covered until age 25 while in force. The coverage extends as your family grows, covering children you have or adopt at a later date1.
Family Term Life Insurance
One Affordable Plan for Your Whole Family
How Family Term Life Insurance Works
Family Term provides life insurance for families and may be for you if you want affordable life insurance protection that lets you add additional children at a later date at no additional cost1. It can be a great solution for young or growing families.
Your Representative will help you choose the coverage amount, up to $500,0002. Each adult will choose a set amount of coverage2 and will have the option to convert to permanent insurance up to age 72, without any medical tests or proof of good health3.
In addition, each child will have $10,000 of coverage until age 25 while the certificate is in force. At any time before that birthday, they will have the option to convert coverage to permanent insurance for the same face amount without any medical tests or proof of good health.
If either adult passes away4, all coverage continues on the surviving insured adult and on any eligible children with no additional premiums required.
Learn the difference Family Term Vs. Whole Life Insurance
When you are learning about life insurance, you may hear a lot about Whole Life insurance. So how is Family Term insurance different?
When you purchase Whole Life insurance, you pay a set premium each month to secure permanent life insurance. Whole Life can build cash value you may be able to access later5. Unlike Family Term, each person needs to be covered by a separate certificate. Whole Life insurance may be a more expensive option, but is worth considering if you want permanent insurance or the potential to build cash value down the road.
With our Family Term insurance, everyone in your family is covered under one certificate. This can be more affordable life insurance for your family. Your monthly premium for Family Term is lower, because it is only locked in during the initial term6. If you want insurance that can build cash value, you can convert Family Term to Whole Life when you’re ready3.
Important Benefits
Option to Add More Children
When you have or adopt another child, simply contact your Representative to include your new addition on your Family Term certificate at no additional charge1.
Premiums Don’t Increase
During the initial policy term, either 10 or 20 years, monthly premiums do not increase6.
Customize your plan Insurance Add-ons
Included Add-on
The following rider can be included at no additional cost:
If you are diagnosed with a terminal condition, you can receive a portion of your life insurance benefits7 while still living.
Optional Add-on
You can choose to add the following rider to your Family Term certificate, for an additional fee, to enhance your coverage:
Prepare for the unexpected with this add-on. If you become disabled within the contractual terms of this rider, your monthly premiums will continue to be paid.
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A Representative will meet with you personally, listen to your needs and help you create a customized plan that meets your family’s needs wherever you may be in life.
Disclosures
Forms ICC16 8083 R-1-16 & 8063 R-1-16 (xx). All products may not be available in all states. Please contact our Customer Service team at 833-WOODMEN (833-966-3636) with questions.
Coverage extends to any child born to the primary insured or other insured, any child less than 18 years of age legally adopted by the primary insured or other insured, or any child less than 18 years of age for which the other insured or the primary insured has been appointed permanent legal guardian. No child is insured before attaining the age of 15 days. Certain eligibility requirements apply.
The face amount of the Other Insured can never be more than the Primary Insured.
Upon conversion of the primary insured, the base certificate, including any attached riders or endorsements, will terminate.
If the insured dies by suicide while sane or insane within two years from the effective date or within any shorter period as may be required by applicable state law where the certificate is delivered or issued for delivery, the death benefit will be limited to the payment of a benefit equal to the amount of the premiums paid, without interest, less any debt secured by this certificate.
Loans and withdrawals will reduce the policy’s death benefit and available cash value. A loan, withdrawal or surrender may be a taxable event. For tax advice, consult with your professional tax advisor. Excessive loans or withdrawals may cause the policy to lapse.
Once the initial policy term ends, your premium will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
Forms ICC09 8067 10-08, 8067 10-08 (XX), O-8067 10-08; All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. Maximum benefit is the lesser of $250,000 or 65% of death benefit amount available and usually paid in one lump sum. Generally benefits received are income tax-free. Consult your tax professional to assess the impact of this benefit.
Disability Waiver of Premium Rider Forms ICC10 8066 2-10, 8066 2-10 (XX) and O-8066 1-14 CA. All contractual provisions apply and may vary by state.
Contact your local Representative today for more information. At that time, you can discuss the costs, benefits and details of coverage, including any reductions, exclusions and limitations that may apply.
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