Term Life Insurance | Western Fraternal Life

Term Life Insurance

What is Term Life Insurance?

Term life insurance is designed for those times in life when you need a higher death benefit, such as while you are paying your mortgage, or to cover loans or debts. 

Term life provides coverage for a specified period of time offering the largest amount of coverage for the least amount of money.

You can customize the coverage with policy riders and the policy is convertible to a permanent plan or renewable.

It provides a guaranteed death benefit for the period you choose. The death benefit is the amount that is paid income tax-free** to your beneficiary if you die during the term of the policy.

**Life insurance death benefits are generally federal income tax-free, according to IRC §101(a).

How Much Life Insurance Do I Need?

The main purpose of life insurance is to take care of your financial responsibilities at the time of death. The total amount of coverage that you need is a sum of considerations specific for you. These factors include how much money would be needed to replace your lost income and to pay your outstanding debt.

How much future income would your family need to sustain the household and to live in the manner to which they have become accustomed? How much money would be needed to meet immediate obligations such as medical bills, final expenses, mortgage payments, and future debts such as college costs for your children?

Life insurance can meet those needs and protect your loved ones from financial hardships in the event of your untimely death.

10, 20, or 30-Year Renewable Term:

Guaranteed level premiums for a 10, 20, or 30-year period provide affordable coverage for a specific period of time. Coverage can continue beyond the initial guaranteed period either through the option to convert* or the right to renew the current plan. These options are guaranteed, regardless of your health, with premiums adjusted accordingly.

10-Year Term Life:
Available for ages 18-70
Minimum Coverage of $50,000

20-Year Term Life:
Available for ages 18-60
Minimum Coverage of $50,000

30-Year Term Life:
Available for ages 18-50
Minimum Coverage of $50,000

Conversion Feature

You are allowed to convert to permanent insurance protection anytime within the original 10, 20, or 30-year period or prior to the policy anniversary following age 70, whichever comes first.

Policy Renewal

After the guaranteed term you are able to keep your coverage, regardless of health. Premiums will be adjusted each year based on your attained age.

*See specific plans for conversion details.

Additional Benefits

Disability Waiver of Premium:
If you choose to purchase this additional benefit and you become totally disabled, we will waive your premium payments for as long as your disability continues, subject to policy provisions. The low cost of this benefit makes sure that your coverage will continue in the event of your disability.

Children’s Term Rider:
This is an optional benefit that may be attached to the 10, 20, or 30-year term insurance policies. This rider is available in $1,000 increments with a maximum face value of $10,000. This rider provides coverage until the age of 23, for all current and future children born to the insured.

Contact an agent today. E-mail info@wflains.org or call (877) 935-2467.

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