Whole Life

Whole Life Insurance A Lifetime of Protection Ensuring your family has protection during a tragedy may be uncomfortable, but preparing for the unexpected is essential. Your life insurance benefit can help replace your income for expenses like funeral costs, college tuition and other daily costs. Whole Life Insurance provides protection for your entire life. You can take it to a new job and into retirement up to age 121. The premium and amount of protection stay the same as long as the policy is active, provided premiums are paid as required. Why You Need Life Insurance Consider the following expenses when choosing the right life insurance plan for you. Final Expenses Funeral Costs • Unpaid Medical Bills Income Replacement Whole Life Mortgage/Rent • Other Loans Insurance Nest Egg Estate Planning • Retirement Goals Flexibility When You Need It By choosing a Whole Life policy, you have the flexibility to adjust your benefits when needed. • Cash Surrender: You can end your policy and receive a check in the amount of your plan’s current cash value. In many situations, cash surrenders may be paid 1 tax-free. • Partial Surrender: You can withdraw a small portion of your policy’s cash value. In exchange, the available cash value and face amount of your policy will be reduced. • Loans: You can borrow against your cash value at an 8% loan interest rate. Discontinue Your Premium While Keeping Your Coverage Active • Same Amount of Coverage - Shorter Length of Time: Under the Extended Term Insurance provision, your policy’s original face amount (minus outstanding loans or accelerated benefit payments) will only be guaranteed for a specific term of time. In addition, your premium is “paid in full” until your new extended term period expires, terminating your policy. • Coverage to Age 121 - Smaller Guaranteed Benefit Amount: The Reduced Paid-Up Provision will reduce your original death benefit to a smaller amount. You will have lifetime coverage at a reduced benefit with no premiums. Your cash value will continue to accumulate. 1 As long as the cash surrender does not exceed the total premiums received under the policy since inception. Please consult your tax consultant for your specific situation.