A Guide to Family Term Life Insurance
When it comes to protecting your family’s financial future, Family Term life insurance is a popular choice for young families. Let’s explore Family Term life insurance to help you determine if it’s the right option for you and your loved ones.
What Is Family Term Life Insurance?
Family Term life insurance is a type of insurance that provides coverage for a specified period of time — or “term.” In the event of the certificate holder’s death during the term, the certificate pays out a tax-free lump sum, known as the death benefit, to the beneficiaries1.
WoodmenLife offers Family Term life insurance that provides coverage for two adults and their children2 for an initial term of 10 or 20 years, all for an affordable monthly premium3. In addition, the children will have coverage until age 25 while the certificate is in force and will have the option to convert that coverage to permanent insurance.
According to LIMRA, younger parents acknowledge a higher need for life insurance. The study found that parents of minor children were more likely than the general population to own life insurance. They were also more likely to acknowledge they didn’t have enough coverage.
With Family Term life insurance, if the certificate holder passes away during the term, the death benefit can provide financial support for the surviving family members, helping them cover living expenses, mortgage payments, education costs, and other financial obligations.
Affordability
One of the benefits of this insurance is its affordability. Compared to permanent life insurance certificates, Family Term generally offers coverage for a lower premium, making it an attractive option for young families on a budget.
Temporary Financial Protection
If you have young children, Family Term can provide financial protection during the years when your family’s financial obligations are typically the highest. It can offer peace of mind knowing that your loved ones will be protected if something unexpected were to happen to you during the certificate term.
Is Family Term Life Insurance Right for You?
Family Term can be a great choice for families looking for affordable and temporary financial protection for their loved ones.
To learn more about Family Term life insurance or to find the coverage that’s right for you, reach out to a WoodmenLife Representative in your area.
How much life insurance do you need? Get an estimate with our life insurance calculator.
1. If the insured dies by suicide while sane or insane within two years from the effective date, or within any shorter period as may be required by applicable state law where the certificate is delivered or issued for delivery, the death benefit will be limited to the payment of a benefit equal to the amount of the premiums paid, without interest, less any debt secured by this certificate.
2. Coverage extends to any child born to the primary insured or other insured, any child less than 18 years of age legally adopted by the primary insured or other insured, or any child less than 18 years of age for which the other insured or the primary insured has been appointed permanent legal guardian. No child will be insured before attaining the age of 15 days.
3. Once the initial policy term ends, your premium will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
Contact your local Representative today for more information. At that time, you can discuss the costs, benefits and details of coverage, including any reductions, exclusions and limitations that may apply. All products may not be available in all states. Not all Representatives are licensed to sell all products.
Certificate Forms 8063 R-1-16 (XX), ICC16 8063 R-1-16
Read More
WoodmenLife Member’s Search Led Him to Family Term Life Insurance
Life Insurance Protection a Key Need for Young People
For Millennials, Life Insurance Is Key to Planning for the Future
Alabama Pastor Felt a Duty to Protect His Wife and Kids with Family Term Life Insurance
Life Insurance for New Parents
WEB769
Share
[easy-social-share]
We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.
Learn More About WoodmenLife
