Whole Life Insurance Protect Your Loved Ones For a Lifetime
Permanent coverage that can build cash value.
Get To Know Whole Life What is Whole Life Insurance?
Whole life insurance is permanent insurance that will cover you throughout your life and builds cash value over time. Including Whole Life insurance in your long-term financial plan can be a reliable way to protect your family’s financial future while you aim to meet other financial goals. The death benefit offers financial security by providing money to help pay for funeral costs and debts. This permanent insurance also can build cash value on a tax-deferred basis.
Why Choose Whole Life Insurance?
Whole Life insurance is a great option for locking in permanent life insurance at a premium rate that will remain the same until the certificate is paid in full. You can choose from a number of different time periods to pay for your certificate (10 or 20 years, or when you reach age 65 or 100). Once the certificate is paid up, you are covered until age 121.
How Does Whole Life Insurance Work?
With Whole Life insurance, you pay a set premium amount, which most people pay on a monthly basis. Your premiums will never increase, regardless of your age or health. When you pass away, the beneficiary or beneficiaries you have chosen will receive the death benefit tax-free as long as required premium payments are made on time.
Your beneficiary can use this money to help with your final expenses, like paying off any debts you may owe or paying for your funeral. Whole Life also builds cash value on a tax-deferred basis. If there is enough cash value available, you may be able to take out a loan from your certificate if needed8.
Is Whole Life Right for You? Types of Whole Life Insurance
WoodmenLife offers several types of Whole Life insurance:
Whole Life Paid-up at 100
This option offers more affordable premium rates than other Whole Life plans by allowing you to pay premiums until age 100.
Whole Life Paid-up at 65
This type of Whole Life is perfect if you want to finish paying premiums before you retire. It builds cash value during your working years, and you pay premiums until you reach age 65.
10 Pay or 20 Pay Whole Life
These options allow you to pay for your permanent insurance more quickly, in either 10 or 20 years with a limited number of premium payments. These products are ideal for insuring children. In this case, the cash value can also be used for things like paying for college or to cover other expenses8.
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How Much Do You Need?
Customize Your Coverage Insurance Add-ons
Included Add-ons
You can add one of these two riders to your Whole Life insurance at no extra cost:
If you are diagnosed with a terminal condition, you can receive a portion of your life insurance benefits4 while still living.
If you develop one or more qualifying conditions, you may receive a portion of your life insurance benefits5 while still living.
Optional Add-ons
You can choose to add additional riders to your Whole Life certificate, for a fee, to receive more customized benefits:
Provide extra life insurance coverage that takes effect if your death is accidental. This rider is available on whole and universal life, and on some types of term life.
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.
Purchase additional insurance coverage without proof of insurability in the future. You will be able to make these increases at specific ages and when certain life events occur, such as marriage, and the birth or adoption of a child.
Compare Coverage Whole Life vs. Other Types of 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.
Loans against the cash value of your certificate will accrue interest, reduce the death benefit and reduce available cash value. A loan, withdrawal or surrender may be a taxable event. For tax advice, consult with your professional tax advisor. Excessive loans or withdrawals may cause the policy to lapse.
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). 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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