Western Fraternal Life :: Graded Death Benefit: How to Get an "A" Without Taking a Test

Graded Death Benefit: How to Get an "A" Without Taking a Test

May 12, 2016

I ran into my friend Margaret at the store the other day, and we took a moment to catch up on what was happening with our families. I was sorry to hear that her husband Gary had a health issue in the past year. I asked if he had life insurance, and she said he used to have life insurance with the company he worked for, but he had been laid off, so was no longer covered. She said, “Oh, he’d probably never get life insurance because he’s not in perfect health.”

Guess what Margaret? That’s not true! Western has a new plan called the Graded Benefit Whole Life. It is for people who are ages 40 to 85, with face amounts from $2,000 to $15,000. A face amount, or death benefit, is the amount beneficiaries receive if an insured dies. After you fill out a simple application, you won’t need to have a medical exam, lab test, or doctor’s records. If Gary qualifies, he could have life insurance!

The reason the product is called “Graded Benefit” is because during the first two policy years, the benefit for death by non-accidental causes is a refund of all premiums paid, plus 5%. However, if death is accidental, the full benefit is paid.

For example, if Gary qualifies, he could buy up to $15,000. He's 45 years old and he’d pay a premium of $58.11 per month. If Gary were to pass away four months after the policy was written, his family would receive:

$58.11 x 4 months = $232.44 + 5% interest = $11.62 equals a total of $244.06

In that example, at least his family would receive something back. However, the best scenario would be that Gary lives a long life, and Margaret receives the $15,000 many years down the road. She was very comforted to hear this and we planned to get together later in the week to fill out the application.

Do you know someone who could benefit from this? Give them your agent’s name and tell them to call today, or call the Home Office for more information.

Category: insurance

Shannon Daugherty

ACS, FLMI, Member Programs Assistant

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