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Why do I need life insurance?

What would you do if the worst happened? Do you have a safety net in place to provide for your family? Most people don't realize how important life insurance is until it's too late. When someone in your family dies, and that person is covered by life insurance, money provided by that coverage will go to the person your loved one has chosen. This person is known as the beneficiary, and is often the spouse or child of the loved one that has passed away.

The average funeral costs thousands of dollars, and most people don't have that kind of money in the bank. Having life insurance in place gives families the opportunity to focus on the healing process, instead of worrying about finances.

What does life insurance cover?

Life insurance is not just about paying for a funeral; it's so much more than that. No one wants their death to be a burden, but unfortunately 70% of families would have trouble covering their regular expenses if the breadwinner died.

Many families use life insurance proceeds to help pay for college, pay off the mortgage, pay everyday bills, or to take some time off work while recovering from grief. If you're asking yourself "Is life insurance worth it?" ... imagine having to face unpaid medical bills every month following a loved one's death. Or telling your kids you can no longer afford the activities they once enjoyed.

Life insurance Costs Less Than You Think

Many people skip life insurance because they believe it costs too much. In fact, people estimate life insurance to cost three times more than it actually does. Here's the good news: life insurance can be affordable for most. You may even pay as little as one tank of gas costs you.

Types of Life Insurance

Compare Life Insurance

Whole Life
Coverage
  • Permanent
Benefits
  • Premiums never go up
  • Builds cash value
  • Death benefit proceeds paid income tax-free to beneficiary
Types
  • Whole Life Paid-up at 100
  • Whole Life Paid-up at 65
  • 10 Pay Whole Life3
  • 20 Pay Whole Life
  • Single Premium Whole Life3
Issue Ages
  • Varies by type of insurance, from ages 0-85

Term Life
Coverage
  • Temporary (with option of converting to permanent up to age 72)
Benefits
  • Less expensive in the short-term
  • Death benefit proceeds paid income tax-free to beneficiary
Types
  • 10 Year Term
  • 15 Year Term
  • 20 Year Term
  • 30 Year Term
  • Family Term
Issue Ages
  • Varies by type of insurance, from ages 0-80

Universal Life
Coverage
  • Permanent
Benefits
  • May build tax-deferred cash value
  • More flexible than traditional whole life
Types
  • Accumulation Universal Life
  • No Lapse Guarantee Universal Life
Issue Ages
  • Varies by type of insurance, from ages 0-85

Whole Life1 Term Life3 Universal Life4
Coverage
  • Permanent
  • Temporary (with option of converting to permanent up to age 72)
  • Permanent
Benefits
  • Premiums never go up
  • Builds cash value
  • Death benefit proceeds paid income tax-free to beneficiary
  • Less expensive in the short-term
  • Death benefit proceeds paid income tax-free to beneficiary
  • May build tax-deferred cash value
  • More flexible than traditional whole life
Types
  • Whole Life Paid-up at 100
  • Whole Life Paid-up at 65
  • 10 Pay Whole Life2
  • 20 Pay Whole Life
  • Single Premium Whole Life2
  • 10 Year Term
  • 15 Year Term
  • 20 Year Term
  • 30 Year Term
  • Family Term
  • Accumulation Universal Life
  • No Lapse Guarantee Universal Life
Issue Ages
  • Varies by type of insurance, from ages 0-85
  • Varies by type of insurance, from ages 0-80
  • Varies by type of insurance, from ages 0-85

What's next?

Your Representative will prepare a customized plan that best meets your specific needs and budget. Get started by connecting with your Representative below.

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Disclosures

*Premiums are applicable during the 30-year Level Premium Period only. Premiums are based on monthly PAC payments. Member dues are included. Qualification for the premium shown is dependent upon underwriting and approval by WoodmenLife. Factors including age, health, sex, and death benefit amount may also affect your rate. Super Preferred rating class is only available on face amounts of $100,000 and up. These rates are not availablein MT ICC16 8648 1-16, 8648 -16 (XX).

  1. Forms ICC17 8678 1-17; 8678 1-17 (XX); 253-XX-0409; 04-XX-0409; CA and NY only: Forms 01-XX-0409; 09-XX-0409; 04-25-0803; 03-XX-0409; 250-XX-0409; 252-XX-0409; 251-XX-0409; 254-XX-409. 10 Pay not available in CA or NY. These certificates have exceptions, limitations and restrictions. For cost and complete details in coverage, contact your WoodmenLife representative.
  2. There may be tax implications for policies recognized as modified endowment contracts (MEC). Distributions including loans from a MEC are taxable to the extent of the gain in a policy and may also be subject to a 10% additional tax if the owner is under age 59 ½.
  3. Forms ICC16 8648 1-16, 8648 1-16 (XX). Premiums for 10, 15, 20 or 30-year term are guaranteed not to increase during the initial policy term. Once the initial policy term ends, your premiums will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits. These certificates have exceptions, limitations and restrictions. For cost and complete details in coverage, contact your WoodmenLife representative.
  4. Forms ICC11 8307 5-11; 8307 5-11 (XX); O-8307 5-11 (XX); ICC10-8205 3-10, 8205 3-10 (XX), O-8205 3-10 (XX); This certificate is not guaranteed to stay in force until maturity based on minimum guarantees. Universal Life value growth reflects several factors including the company's investment, expense and mortality experience. WoodmenLife will provide notification if the guaranteed monthly deductions and interest are expected to exhaust the plan's cash values prior to the maturity date. For Oklahoma residents, WoodmenLife will provide notification in your annual report if the monthly deductions and interest are expected to exhaust the plan's cash values prior to maturity date. Not all products are available in all states.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Not all products are available in all states.

Sources

https://www.consumer.ftc.gov/articles/0301-funeral-costs-and-pricing-checklist, April 2018

http://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-of-Life-2016.pdf, April 2018

WEB29 - 5/3/2018