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Whole Life | Term Life | Family Term Life | Universal Life

What is Term Life Insurance

Term insurance gives you life insurance protection for a certain amount of time. If you die during this period of time, your loved ones receive a death benefit. This is an affordable type of life insurance that provides temporary coverage.

Insurance That Fits Your Budget

Term life insurance is a great option if your biggest factor in buying life insurance is price, like when you’re just starting your career or family and are on a tight budget. This type of pay-as-you go life insurance is known as the most affordable type of life insurance. It is also ideal if you are looking for payments that will not increase during the initial policy term (10,15, 20, or 30 years).1

Term life insurance may be right for you if you:

  • Want coverage for a specific amount of time

  • Need low-cost protection for yourself or for your young children

  • Want to help your family pay for mortgage payments, bills, college, or funeral expenses should you die

  • Would like to convert to permanent insurance at a later date

How Term Life Insurance Works

  • Term life insurance covers you for a specific time period, such as 10 or 20 years. At any time before the initial term of the certificate expires (up until you reach age 72), you may wish to convert your coverage to permanent insurance (whole life or universal life). Because you already have a term product with WoodmenLife, you can qualify for this permanent coverage without a medical exam.

  • As with other types of life insurance, term life will provide a death benefit to your family upon your death. You also have the option to choose multiple beneficiaries, or to leave a gift to charity or other organization. However, term life insurance does not build cash value.

  • Also, if you are diagnosed with a terminal condition, you can receive a portion of your life insurance benefits2 while you’re still living, through the Accelerated Death Benefit Rider.

Optional Add-Ons

You can choose to add the following riders to your term life certificate, for an additional fee, to enhance your coverage:

Accidental Death Benefit Rider

Provide extra life insurance coverage that takes effect if your death is accidental.

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 premiums will continue to be paid.

Applicant Waiver of Premium Rider

If you have purchased life insurance for a child who is age 15 or younger, and you are listed as the owner on the child’s certificate, this rider helps if you ever become disabled. It will pay the monthly premium on the youth’s life insurance certificate if you become disabled within the contractual terms of this rider.

Compare Whole and Term Life

Use the following chart to start learning about which type of life insurance might be best for you.



Temporary (with option of converting to permanent later)


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


Whole Life Paid-up at 100

Whole Life Paid-up at 65

10 Pay Whole Life

20 Pay Whole Life

10 Year Term

15 Year Term

20 Year Term

30 Year Term

Issue Ages

Varies by type of insurance, from ages 0-85

Varies by type of insurance, from ages 0-80

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.

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  1. 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.

  2. Accelerated Death Benefit Rider Forms ICC10 264 6-10, 264 6-10 (XX), O-264 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.

Form ICC16 8648 1-16 & 8648 1-16 (XX). These certificates have exceptions, limitations and restrictions. For costs and complete details in coverage, contact a WoodmenLife Representative.

Accidental Death Benefit Rider: Form 260-XX-0409 & 260-04-1401. All contractual provisions apply and may vary by state.

Disability Waiver of Premium: Form 8649 1-16 (XX), ICC16 8649 1-16, 262-04-1401. All contractual provisions apply and may vary by state.

Applicant Waiver of Premium Rider: Form 263-XX-0409 and 263-04-1401. All contractual provisions apply and may vary by state.

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.

All products may not be available in all states.

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Our Mission

Uniting hardworking Americans to secure their financial future while strengthening our communities and country.

This is a solicitation of insurance and an agent/producer may contact you.

WoodmenLife Medicare Supplement plans are not connected with or endorsed by the U.S. government or the federal Medicare program.

NOTE: In some states, Medicare Supplement certificates (all plans in CO) are available to those eligible for Medicare due to a disability, regardless of age.

Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

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 product. These extras are not contractual, are subject to change and have specific eligibility requirements, such as length of membership, number of qualifying members in household and/or qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

Business Continuity Plan | All products may not be available in all states. | Not all Representatives are licensed to sell all products.

A+ Financial Rating

Effective Feb. 1, 2024, WoodmenLife is rated A+ Superior by AM Best for our financial strength and operating performance. For the latest Best’s Credit Rating, access www.ambest.com

International Use

This Site is not intended for access outside of the United States, including those individuals who reside in the European Economic Area (“EEA”). WoodmenLife makes no representation that materials on the Site are appropriate or available for use in locations outside of the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from outside of the United States do so on their own initiative and are responsible for compliance with local laws.

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