LIFE INSURANCE
Protect Your Family’s Future
Leave a legacy for the ones you love most by protecting them with life insurance.
WHAT DOES LIFE INSURANCE COVER
Life insurance is the best way to provide financial security for your loved ones after you’re gone. It can help relieve financial burdens your family may face, such as funeral costs, mortgages, and college expenses. With life insurance from WoodmenLife, you’ll protect your family with a safety net. And you’ll find comfort, knowing the ones you love most are protected.
Help Your Family Keep the Home They Love
Your home is a sacred place. It’s a place where your family feels most secure – a place full of cherished memories. Having life insurance coverage in place can help your family keep their home after you’re gone. It can help pay off the mortgage.
Help Your Family with Funeral Expenses
Life insurance can help cover funeral costs so your family doesn’t have to worry about how to pay for your funeral in their time of grief.
Being insured can:
Pay for funeral costs
Cover big expenses
Give you peace of mind
COSTS LESS THAN YOU THINK
Did you know that people often overestimate the cost of purchasing life insurance coverage by three times?* Here’s the good news: coverage can be affordable for most. Your monthly payment may even be less than what many Americans pay for streaming services.
*According to LIMRA 2021 Life Insurance Barometer Study
GET TO KNOW WOODMENLIFE
Everything WoodmenLife does is based on family, community and country… and we do a whole lot.
Insurance Company that Gives Back
We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America, and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.
Helping Your Family Get More Out of Life
As a member of the WoodmenLife family†, you have access to a wide range of valuable extras‡. From help paying for education to financial assistance following a natural disaster, these extras are designed to help your family right now. There’s no extra cost nor obligation to enjoy them. It’s just one way our family is committed to helping yours at every stage in life.
COMPARE INSURANCE TYPES
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 (does not apply to No Lapse Guarantee Universal Life Insurance) More flexible than traditional whole life 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 Life2 20 Pay Whole Life | 10 Year Term 15 Year Term 20 Year Term 30 Year Term Family Term | Indexed Universal Life No Lapse Guarantee Universal Life |
Included Riders | Accelerated Death Benefit Rider5 | Accelerated Death Benefit Rider5 | Accelerated Death Benefit Rider5 or Chronic and Terminal Illness Accelerated Benefit Rider6 |
Optional Riders* | Accidental Death Benefit Rider* Applicant Waiver of Premium Rider* Disability Waiver of Premium Rider* Guaranteed Insurability Rider* | Accidental Death Benefit Rider* Disability Waiver of Premium Rider* Applicant Waiver of Premium Rider* | Accidental Death Benefit Rider* Waiver of Monthly Deduction Rider* Applicant Waiver of 2x Monthly Deduction* Guaranteed Insurability Rider* |
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 (minimum face amount of $75,000 required on issue ages 0-18) |
CUSTOMIZE YOUR LIFE INSURANCE
1
Discuss Your Needs
How much do you want to leave behind for your loved ones? If you already have life insurance coverage in place, your Representative can help you determine if you have enough for your situation and the expenses you want to cover. To get an idea before you talk to your Representative, use our life insurance calculator to determine what your family might need.
2
Make a Plan
You’ll work with your Representative to determine payments that fit within your current budget. As your situation changes over the years, your Representative will meet with you to review this plan.
3
Enhance Your Plan
You can personalize your life insurance coverage with a variety of riders at added cost.
What is Life Insurance?
Life insurance is the best way to provide financial security for your loved ones after you’re gone.
TYPES OF LIFE INSURANCE
Universal Life
Universal life is permanent coverage that may also provide cash value.
Whole Life
Whole life is permanent insurance that will cover you throughout your life.
Term Life
Term insurance covers you for a certain amount of time, like 10 or 20 years, and can be converted to permanent insurance later.
Family Term Life
Family Term is a type of term insurance that covers two adults and their eligible children on one certificate. Like term life insurance it covers your family for a certain amount of time, such as 10 or 20 years, for one affordable monthly premium rate.
Connect with WoodmenLife
To learn more about purchasing our life insurance or retirement products, fill out the Get a Quote form or search for your local Representative. Your Representative will contact you to prepare a customized plan that best meets your specific needs and budget.
Learn More
Disclosures
Forms ICC17 8678 1-17, 8678 1-17 (XX); ICC17 8679 1-17, 8679 1-17 (XX).These certificates have exceptions, limitations and restrictions. For cost and complete details in coverage, contact your WoodmenLife representative.
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.
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.
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.
ICC18 8730 4-18, 8730 4-18 (XX) IUL is not an investment. It is a life insurance policy product that provides growth potential through index interest crediting. You cannot invest directly in an index.Forms ICC10 264 6-10, 264 6-10 (XX), O-264 6-10 (XX), ICC10 257 6-10, 257 6-10 (XX), O-257 6-10 (XX); 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.
Forms ICC18 8731 4-18, 8731 4-18 (XX), ICC17 8690 1-17, 8690 1-17 (XX); All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. Certain eligibility requirements apply. This rider is not long term care insurance, nor is it intended to replace long term care insurance. Not available in CA.
*Rider Forms: 260-XX-0409, 261-XX-0409, 262-XX-0409, 262-04-1401, 263-XX-0409, 263-04-1401, ICC10 8206 3-10, 8206 3-10 (XX), O-8206 3-10 (XX), O-8206 1-14 CA, ICC10 8207 3-10, 8207 3-10 (XX), O-8207 3-10, O-8207 1-14 CA, ICC10 8208 3-10, 8208 3-10 (XX), O-8208 3-10 (XX), 8308 5-11 (XX), O-8308 1-14 (XX), O-8308 1-14 CA, ICC11 8309 5-11, 8309 5-11 (XX), O-8309 1-14 CA, ICC11 8310 5-11, 8310 5-11 (XX), O-8310 5-11 (XX), ICC16 8649 1-16, & 8649 1-16 (XX). Riders may not be available on all types of products.
† An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.
‡ WoodmenLife Extras 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 extras are not contractual, are subject to change and have specific eligibility requirements.
Not all products are available in all states. 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.
Sources
https://www.consumer.ftc.gov/articles/0301-funeral-costs-and-pricing-checklist, April 2018
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