Term Life Insurance Affordable Coverage for When You Need It
Help protect your family’s financial future with affordable life insurance coverage.
Get to Know Term Life What is Term Life Insurance?
Term Life insurance gives you affordable life insurance protection, providing you with temporary coverage for a fixed amount of time. If you pass away during this term, your loved ones receive a death benefit.
Affordable Life Insurance that Fits Your Budget
Term life insurance is a great option if your biggest factor in buying life insurance is price, like when you’re just starting your career or family and are on a tight budget. This type of pay-as-you go life insurance is known as the most affordable type of life insurance. It is also ideal if you are looking for payments that will not increase during the initial policy term (10, 15, 20, or 30 years)8.
Term Life insurance may be right for you if you:
Want coverage for a specific amount of time
Want low-cost protection for yourself or for your young children
Want to help your family pay for mortgage payments, bills, college, or funeral expenses should you pass away
Would like to convert to permanent insurance at a later date
How Does Term Life Insurance Work?
Term Life insurance covers you for a specific time period, such as 10 or 20 years. At any time before the initial term of the certificate expires (up until you reach age 72), you may want to convert your coverage to permanent insurance (Whole Life or Universal Life). Because you already have a Term Life product with WoodmenLife, you can qualify for this permanent coverage without a medical exam.
As with other types of life insurance, Term Life will provide a death benefit to your family upon your passing. You also have the option to choose multiple beneficiaries, or to leave a gift to a charity or another organization. However, Term Life insurance does not build cash value.
You can receive a portion of your life insurance benefits4 while you’re still living if you are diagnosed with a terminal condition through the Accelerated Death Benefit Rider.
Customize your Coverage Optional Insurance Add-ons
You can choose to add additional riders to your Term Life certificate, for a fee, to receive more customized benefits:
Provide extra life insurance coverage that takes effect if your death is accidental.
If you have purchased life insurance for a child who is age 15 or younger, and you are listed as the owner on the child’s certificate, this rider helps if you ever become disabled. It will pay the monthly premium on the youth’s life insurance certificate if you become disabled within the contractual terms of this rider.
Prepare for the unexpected with this add-on. If you become disabled within the contractual terms of this rider, your premiums will continue to be paid.
Compare Coverage Term Life vs. Permanent Insurance
Use the interactive tool below to compare the different types of insurance and find the right coverage for your needs.
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Disclosures
There may be tax implications for policies recognized as modified endowment contracts (MECs). Distributions, including loans, from a MEC are taxable to the extent of the gain in a policy, and may also be subject to a 10% additional tax if the owner is under age 59½.
Excessive loans or withdrawals may cause the policy to lapse. Loans and withdrawals will reduce the policy’s death benefit and available cash value. For Indexed Universal Life certain charges will not reduce when decreasing the face amount of insurance or after taking withdrawals from the policy. Consult your policy for details. A loan, withdrawal or surrender may be a taxable event. For tax advice, consult with your professional tax advisor.
Death benefit proceeds from a life insurance policy are generally not included in the gross income of the taxpayer/beneficiary (Internal Revenue Code Section 101(a)(1)). There are certain exceptions to this general rule including policies that were transferred for valuable consideration (IRC §101 (a)(2)). This information should not be construed as tax or legal advice. Consult with your tax or legal professional for details and guidelines specific to your situation.
Once the initial policy term ends, your premiums will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
Universal Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods. This certificate could lose money. WoodmenLife will provide notification if the guaranteed monthly deductions and interests are expected to exhaust the plan’s cash values prior to the maturity date. This certificate is not guaranteed to stay in force until maturity based on minimum guarantees.
Accelerated Death Benefit Rider: Forms ICC10 264 6-10, 264 6-10 (XX), O-264 6-10 (XX), ICC10 257 6-10, 257 6-10 (XX), O-257 6-10 (XX). All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. Maximum benefit is the less of $250,000 or 65% of death benefit amount available and is usually paid in one lump sum. Generally, benefits received are income tax-free. Consult your tax professional to assess the impact of this benefit.
Chronic and Terminal Illness Accelerated Death Benefit Rider: Forms ICC17 8690 1-17, 8690 1-17, ICC18 8731 4-18, 8731 4-18 (XX). All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. Certain eligibility requirements apply. This rider is not long-term care insurance. Maximum benefit for terminal illness is the lesser of $250,000 or 65% of death benefit amount available and is usually paid in one lump sum. Maximum benefits for chronic illness is the lesser of $250,000 or 50% of the death benefit amount available, subject to the annual per diem limitation declared by the Internal Revenue Service. Payments made under this rider are intended to qualify for favorable tax treatment under the Internal Revenue Code. As with all tax matters, a tax professional should be consulted to assess the impact of this benefit. Not available in CA.
These riders are available for an additional fee. All contractual provisions apply and may vary by state. May not be available on all products.
Accidental Death Benefit Rider: Forms 260-XX-0409, 260-04-1401, 260-08-0803, ICC10 8207 3-10, 8207 3-10 (XX), O-8207 1-14 CA, O-8207 3-10 (XX)
Disability Waiver of Premium Rider: Forms ICC16 8649 1-16, 8649 1-16 (XX), 262-04-1401
Waiver of Monthly Deduction Rider: Forms ICC10 8206 3-10, 8206 3-10 (XX), O-8206 3-10 (XX), O-8206 1-14 CA, ICC11 8308 5-11, 8308 5-11 (XX), O-8308 5-11, O-8308 1-14 CA
Applicant Waiver of Premium Rider: Forms 263-XX-0409, 263-04-1401
Applicant Waiver of 2x Monthly Deduction Rider: Forms ICC11 8309 5-11, 8309 5-11 (XX), O-8309 5-11
Guaranteed Insurability Rider: Forms 261-XX-0409, ICC11 8310 5-11, 8310 5-11 (XX), O-8310 5-11A minimum initial face amount of $75,000 is required on Indexed Universal Life insurance certificates for issued ages 0-18 years.
Premiums for 10, 15, 20 or 30-year term are guaranteed not to increase during the initial policy term. Once the initial policy term ends, your premiums will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
Certificate Forms ICC16 8648 1-16, 8648 1-16 (XX), ICC17 8678 1-17, 8678 1-17 (XX), ICC17 8679 1-17, 8679 1-17 (XX), ICC16 8063 R-1-16, 8063 R-1-16 (XX), ICC10 8205 3-10, 8205 3-10 (XX), O-8205 3-10 (XX), ICC18 8730 4-18, 8730 4-18 (XX).
Premiums for 10, 15, 20 or 30-year term are guaranteed not to increase during the initial policy term. Once the initial policy term ends, your premiums will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
All products may not be available in all states. These certificates have exceptions, limitations and restrictions. For costs and complete details in coverage, contact a WoodmenLife Representative.
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