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Term Life Insurance: An Affordable Insurance Solution

Term Life1 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:

In addition, individuals with a terminal condition can receive a portion of their life insurance benefits3 while still living, through the Accelerated Death Benefit Rider4.

Insurance for Multiple Needs

Term Life insurance may be right for you if you:

Additional Options

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

Compare Whole and Term Life

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 Life
  • 20 Pay Whole Life
  • Single Premium Whole Life
Issue Ages
  • Varies by type of insurance, from ages 0-85

Term Life
Coverage
  • Temporary (with option of converting to permanent later)
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
Issue Ages
  • Varies by type of insurance, from ages 0-80

Whole Life Term Life8
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
  • 10 Pay Whole Life
  • 20 Pay Whole Life
  • Single Premium 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

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.

Learn More

Disclosures

  1. 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.
  2. 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.
  3. 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.
  4. Forms ICC10 264 6-10, 264 6-10 (XX), O-264 6-10 (XX) and 264-XX-0409. All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. May not be available in all states.
  5. Form 260-XX-0409. All contractual provisions apply and may vary by state.
  6. Form 8649 1-16 (XX), ICC16 8649 1-16, 262-04-0114 & 8649 1-16 (XX). All contractual provisions apply and may vary by state.
  7. Form 263-XX-0409. All contractual provisions apply and may vary by state.
  8. 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.

WEB33 - 2/1/2017