Gift a Child's Future: Consider A Children's Whole Life Policy

Gift a Child's Future: Consider A Children's Whole Life Policy

Jul 11, 2017

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A new video game system costs around $250, and that's just the basics. It might entertain young Jane or Joe for a few years, but then, it's on to the next even-more-expensive toy that does the exact same thing.

Things like these leave parents and grandparents scratching their heads, wondering... is there any gift that actually retains value?

As we ponder that question, there is a surprising option available -- life insurance. Here are some benefits of purchasing a whole life plan from Western for your child or grandchild:

Whole Life Increases in Value Over Time

Whole Life insurance provides guaranteed cash value and death benefits. Some policies may provide dividends*** that may increase policy values over time. These dividends may be taken in cash, used to buy additional coverage, or allowed to accumulate within the policy.

Consider this: you can buy a $50,000 value policy for a five-year-old girl using a single, one-time payment of $5,000, or the same policy for less than a dollar a day paid over 20 years.* This policy will last her entire lifetime. Not only is it immediately worth $50,000 if the unthinkable should occur, but it can increase beyond that amount as she continues to age.

Insurability is in Their Favor

Generally, children have the advantage of good health so that premiums are relatively inexpensive when purchasing at such a young age. Not only is it easy and affordable to purchase a plan today, but you can add our Guaranteed Purchase Option so you can add more coverage in the future, even if there is a change in health that might otherwise prohibit the child from obtaining additional coverage.

Easy Payment and Transfer of Ownership

You, the parent, or grandparent, will own this policy and be responsible for payment. (Parents must sign the application regardless of who pays for and owns the policy.) You can easily set this up to be in coordination with payments you already make on your personal policy, or might choose something like a Single Premium (one-time) payment.

The ownership of this Children's Whole Life policy can be transferred to the child at age 18 or older. If payments are still due, those payments become the responsibility of the policy owner. If no payments are due, then the policy may continue to gain value through dividends.***

We recommend that the new policy owner speak with a Western Fraternal Life representative so that they can fully appreciate the benefits of your gift. Western looks forward to every new relationship.

There When you Need it

Accidents and illness happen to people of all ages. The costs of a burial in the face of sudden tragedy are just another hardship for a family to face.

In this case, even a modest policy can make a difference to the grieving family that did not otherwise plan for this. Since the death benefit is tax-free, the family can utilize all of the funds quickly to pay for services without worrying about loans or later taxes.

Keep the policy beneficiaries up to date with Western and inform the beneficiaries of the policy. Western can process a claim easily and release funds within a few business days in most cases.

Something Extra With Western

As a member of Western, you may already be familiar with what it means beyond just having life insurance. Your local lodge may be one of many that celebrate culture and hold community activities. When you purchase a life insurance plan for a child, they also become members.

As members, they can participate with you in lodge activities and pass on traditions to the next generation. Many young people take an interest in YELL! groups, which are available in some locations.

In addition, they can enjoy member benefits like the yearly Youth Art Contest and Photo Contest and have a chance at winning cash prizes just for sharing their creativity.
Another popular member benefit is the Western scholarship. Western awards 25 yearly scholarships, and many lodges and districts offer additional scholarships as well.

For more information on these benefits, and others, visit http://www.wflains.org/member-benefits/.

To get started with a policy gift for a child or grandchild, please contact your Western agent or call 877-935-2467.

*Based on a policy for a five-year-old female. Subject to underwriting.
***Dividends are not guaranteed. Past or current dividend-payment history is not an estimate of future results.



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Category: insurance

Kevin Simpson

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CLU, CRPC, CLTC Sales and Marketing Manager


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