Western Fraternal Life :: Life Insurance Isn’t Boring!

Life Insurance Isn’t Boring!

Feb 12, 2016

By Shannon Daugherty, ACS, FLMI

I used to think that insurance was boring, but after working around it for so many years, I’m a huge fan! I’m excited to talk to you about insurance, and to explain it to you in an easier way. There are so many stories of how it has helped people in their darkest hours. Even though we never expect it to happen, we all know that in the end, we cannot escape the inevitable. It can mean all the difference in someone’s life to have life insurance when you need it to avoid losing a home, or working multiple jobs just to stay afloat.

Permanent (also known as whole life) insurance is my favorite kind of insurance! Permanent plans last your whole life, as long as you pay your premiums, and the premiums never increase. I love that aspect. Most of the time, these permanent plans build a cash value. We’ll talk about cash value and dividends another time. You may even be able to borrow money from your life insurance if you need it.
Western has several types of permanent insurance. Below is a brief description of each. There is a lot more to say about them, but I want to start at the beginning with the basics.

  • Whole Life: Lock in a premium amount at the beginning, and pay the same amount over a lifetime. 
  • Single Premium Whole Life: Pay one amount up front, and the coverage lasts your whole life. 
  • 10 Pay Whole Life: Lock in a premium amount at the beginning, and pay that amount for 10 years. The coverage lasts your whole life. 
  • 20 Pay Whole Life: Lock in a premium amount at the beginning, and pay that amount for 20 years. The coverage lasts your whole life.
  • ValueLife: Lock in your rate at the beginning and pay your premiums over your lifetime. This insurance tends to be less expensive than other permanent plans because there is little cash value.
  • Vision 10: Lock in your rate at the beginning, and pay premiums for 10 years. This is a Whole Life plan with a 10 year term rider.* After 10 years, the term rider drops off, and you are left with a paid up Whole Life plan. The coverage lasts your whole life. This gives you an extra boost of coverage during the 10 year period, maybe while you are paying off a mortgage.
  • Vision 20: Lock in your rate at the beginning, and pay premiums for 20 years. This is a Whole Life plan with a 20 year term rider.* After 20 years, your term rider drops off, and you are left with a paid up Whole Life plan. The coverage lasts your whole life. This gives you an extra boost of coverage during the 20 year period, maybe while you are paying off a mortgage.

Stay tuned - soon we are going to be introducing two new life insurance products. One is a Simplified Issue Whole Life and the other is a Graded Benefit Whole Life. Those sound complicated but they are easy, and we’ll go over both of them.

Do you have questions about your current certificate? Contact your Western Fraternal Life agent or the Home Office at 877-935-2467.

*A term rider is additional coverage that increases your death benefit for a certain number of years, such as 10 years or 20 years. If you have a regular whole life plan for $10,000, and a 10 year term rider for $40,000, then for 10 years your coverage is $10,000 + $40,000 = $50,000 total coverage.



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