Term Life Insurance: An Affordable Insurance Solution

Term Life insurance is an option for those wanting life insurance protection that meets a variety of needs and budgets. A number of plans are available, each providing coverage for a certain period of years, typically 10, 20 or 30 years.

As with other types of life insurance, Term Life can provide a death benefit to your family upon your death. Term life insurance provides no cash value.

Term Life Advantages

Term Life insurance is attractive for its:

  • Affordability
  • Coverage may be converted to permanent coverage at any time through age 72 for the same amount or less, without proof of insurability
  • Variety of terms and payment schedules
  • After the initial policy term, coverage is annually renewable to age 95
  • Premiums are guaranteed not to increase for the initial policy term

In addition, individuals with a terminal condition can receive a portion of their life insurance benefits while still living, through the Accelerated Death Benefit Rider.

Insurance for Multiple Needs

Term Life insurance may be right for you if you:

  • Want short-term coverage
  • Want low-cost protection for your young children
  • Need money for mortgage payments, bills, college, or final expenses
  • Need collateral for a bank loan
  • Decide to start a business

Additional Options

For a fee, riders can be added to basic Term Life certificates to enhance their value:

  • Accidental Death Benefit Rider – Provides extra life insurance coverage in case of your accidental death. This rider is available on some types of Term Life.
  • Disability Waiver of Premium Rider – Ensures premiums will continue to be paid if you become disabled within the contractual terms of this rider.
  • Applicant Waiver of Premium Rider – When purchased for someone age 15 or younger, this rider ensures that premiums will continue to be paid on the youth's life insurance certificate in case of your death or disability within the contractual terms of this rider.

A Quick Comparison of Whole and Term Life

Whole Life Insurance Term Life Insurance
Coverage Permanent Temporary (with option of converting to permanent later)
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
Types Whole Life Paid-up at 100
Whole Life Paid-up at 65
20 Pay Whole Life
Single Premium Whole Life
10 Year Term
15 Year Term
20 Year Term
30 Year Term
Youth Term
Issue Ages Varies by type of whole life, from ages 0-85 Varies by type of term, from ages 0-80

Coverage Designed for You

Everyone has a unique financial situation. Contact your local WoodmenLife Representative for more details about meeting your individual needs with Term Life insurance.

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