Western Fraternal Life :: What Kind of Life Insurance is the Best Fit for You?

What Kind of Life Insurance is the Best Fit for You?

Sep 16, 2016

by Shannon Daugherty, ACS, FLMI

September is Life Insurance Awareness Month, and Western Fraternal Life, a member of Life Happens Foundation, is a proud participant in this campaign. According to the 2016 Insurance and Barometer Study by Life Happens and LIMRA, 40% of consumers don’t know what kind of life insurance to buy, so they haven’t bought enough… or haven’t bought any at all. Below are a list of products from Western Fraternal Life with tips to help you decide which plan might be best for you.

Whole Life

Who should purchase:

  • young parents who anticipate a need for life insurance for a very long time 
  • working adults with discretionary income that need tax-deferred or tax-exempt growth 
  • people with longevity in their family history and need to plan for a long retirement 
  • pre-retirees who have not saved enough for retirement. The premium never increases and the coverage lasts your whole life. 

Limited Pay Whole Life
(10 or 20-year payment period)

Who should purchase:

  • anyone who wants to pay premiums for a limited amount of time (instead of over their lifetime)
  • middle-age pre-retiree who wants to pay premiums for a limited time 
  • grandparents or parents who want to pay premiums only while their children (grandchildren) are dependents. The premium never increases and the coverage lasts your whole life. 

Vision 10 or 20
(Whole Life with a Term Insurance Rider; 10 or 20-year payment period)

Who should purchase:

  • anyone who wants to pay premiums for a limited amount of time (instead of over their lifetime), and needs higher coverage over a certain time frame. Good for extra coverage while you have debt, such as a mortgage. The premium never increases and the coverage lasts your whole life.

Single Premium Whole Life

Who should purchase:

  • people who have a lump sum of money
  • seniors who have a larger sum of money they want to leave for estate planning purposes that is tax-free. Accumulates cash value more quickly than our other Whole Life plans. Principal can be recovered in 5-6 years and the death benefit grows through dividends. The coverage lasts your whole life. 

Single Premium Term to Age 25

Who should purchase:

  • parents and grandparents who want to guarantee life insurance for children (grandchildren). Can convert to Whole Life without health questions. At certain ages (19, 22, 25) may convert for up to 2½ times the original face amount. 

Term Insurance (10, 20, and 30-year)

Who should purchase:

  • people who have a need for a larger amount of life insurance for a limited time with a limited budget. Available up to age 70, depending on plan. Good for coverage of a mortgage or large loan, and/or income replacement for growing families.

Simplified Issue Whole Life

Who should purchase:

  • people who want a small coverage amount (under $25,000) with fewer medical requirements, and a shorter application process. This plan does not have dividends, but has cash value. Available to ages 0 – 85. The premium never increases and the coverage lasts your whole life. 

Graded Benefit Whole Life

Who should purchase:

  • people with minor health concerns who want a small coverage amount ($2,000 - $15,000). This plan does not have dividends, but it has cash value. During the first two policy years, the benefit for death by non-accidental causes is a refund of all premiums paid plus 5% interest. Available to ages 40 – 85. The premium never increases and the coverage lasts your whole life.


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Call 877-935-2467 to speak with a Western Fraternal Life Representative.