dad with two boys

Family Term: Life Insurance for Families

It is essential to have some sort of life insurance for your family in place, and Family Term is a smart place to start. WoodmenLife Family Term insurance covers two adults and their children1 with term life insurance for an initial term of 10 or 20 years, for one affordable monthly premium. Each adult is covered by life insurance throughout this time period, and each child is covered up to age 25 while in force. The coverage extends as your family grows, covering children you have or adopt at a later date.2

Affordable Insurance for the Whole Family

Family Term insurance may be for you if you want affordable life insurance protection that lets you add additional children at a later date, at no cost.2 It can be a great solution for young or growing families.

Family Term vs. Whole Life

When you are learning about life insurance, you may hear a lot about whole life. So how is family term different? When you purchase whole life insurance, you pay a set premium each month to secure permanent life insurance. Whole life also builds cash value you may be able to access later.3 Unlike Family Term, each person needs to be covered under 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, everyone in your family is covered under one certificate. This can be more affordable insurance while you’re starting your family or career. Your monthly premium for Family Term is lower because it is only locked in during the initial term, and because it does not build cash value.4 However, you can convert Family Term to whole life when you’re ready.5

How WoodmenLife Family Term Life Insurance Works

Your Representative will help you choose the face amount of your certificate, up to $500,000.6 Each adult will choose a set amount of coverage6 and will have the option to convert to permanent life insurance up to age 72. Both covered adults can convert for the same amount of coverage or less, without any medical tests or proof of good health.5

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 away7, all coverage continues on the surviving insured adult and on any eligible children, with no additional premiums required.

Family Term also offers two 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 charge.2

Premiums Don’t Increase

During the initial policy term, either 10 or 20 years, monthly premiums do not increase.4

Included Add-On

You can add the following rider to your whole life certificate at no extra cost:

Accelerated Death Benefit Rider

If you are diagnosed with a terminal condition, you can receive a portion of your life insurance benefits8 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:

Disability Waiver of Premium Rider

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.

Connect with WoodmenLife

To learn more about purchasing our life insurance or retirement products, fill out the Request 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.

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Disclosures

Forms ICC16 8083 R-1-16 and 8063 R-1-16 (xx). 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.

Products are not available in all states. Please contact our Customer Service team at 833-WOODMEN (833-966-3636) with questions.

  1. Children born or adopted by the Primary Insured or Other Insured or for which the Primary Insured or Other Insured has been appointed permanent Legal Guardian. The child must be less than 18 years of age on the date of application. Certain eligibility requirements apply.
  2. 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.
  3. 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.
  4. 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.
  5. Upon conversion of the primary insured, the base certificate, including any attached riders or endorsements, will terminate.
  6. The face amount of the Other Insured can never be more than the Primary Insured.
  7. Except by suicide within two years from the effective date of the certificate. In North Dakota, except by suicide within one year from the effective date of the certificate.
  8. 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.

WEB34 - 10/21/2020