WoodmenLife Member’s Search Led Him to Family Term Life Insurance

It’s easy to understand the appeal of Family Term life insurance when you break down the name:

Family: According to CNN, family life insurance is a catchall term that describes a diverse set of offerings across the industry, but the common thread is that they’re policies that cover every member of your family. Different companies have different ways to present these policies, but often they can be customized to best meet your needs.

Term: Term life insurance provides coverage over a specified period of time. Nerdwallet highlights four advantages of term life insurance:

• Less expensive
• More flexible
• Good for young families
• Simplicity

In combining the two, WoodmenLife Family Term life insurance can be a great solution for young and growing families looking to cover every member of their family at an affordable rate.

Finding What He Was Looking For

The product was the answer for Bryce Chancey, 26, of Port St. Joe, FL — even if he didn’t know it when he first met with WoodmenLife Representative Carol Dixon. Chancey had gone into the meeting only interested in retirement plans.

“When we met, he said, ‘I want to sign up for a retirement plan,’” Dixon said. “I asked him if he had life insurance. He said, ‘No, ma’am, I don’t, but I’m planning on getting some just as soon as I can.’

“I said, ‘Whoa, let’s stop and back up a bit.’”

What caused Dixon to shift the meeting was small talk about Chancey’s family. He and his fiancée, Jordon Konkol, 23, have four children: a 3-year-old son, a 2-year-old son and 9-month-old twin daughters.

“He has babies,” Dixon said. “They’re babies! I couldn’t walk out of that office without telling him about the importance of life insurance coverage. I couldn’t do it. I would’ve felt so guilty.”

She explained how life insurance may be the best way to provide financial security for his loved ones if he should pass away. And Chancey understood, having seen his family struggle after the death of his grandmother’s spouse.

“Miss Carol said, ‘You matter, of course, but so does your family,’” Chancey said. “If something would happen to me or Jordon, they’re going to suffer in some way. The last thing I’d want them to do on top of mourning is wondering what they’re going to do monetarily.”

Family Term Life Insurance Fits the Bill

Dixon believed WoodmenLife Family Term life insurance would be a good solution for Chancey and Konkol. Family Term life insurance is a way to cover everyone under one certificate at an affordable rate.

“Budget. That’s the real deal for young couples,” Dixon said. “They can cover everyone, and they can afford it.”

WoodmenLife Family Term life insurance covers two adults and their children¹ for an initial term of 10 to 20 years. Their monthly premiums won’t go up during their initial policy term². Plus, if they have or adopt more children, they can add them to their coverage at no additional cost³.

Chancey complimented Dixon for doing what she could to get him and Konkol the most affordable coverage possible. Dixon helped the couple choose a set amount of coverage⁴, and she told them they’d have the option to convert to permanent life insurance up to age 72. Both could eventually convert for the same amount of coverage or less, without any additional medical tests or proof of good health⁵.

Dixon also spelled out that each of their kids would have $10,000 of life insurance coverage until they’re 25 while the certificate is in force. She added that before their 25th birthdays, they, too, could convert their coverage to permanent insurance for the same face amount, without additional medical tests or proof of good health.

And she showed how if either Chancey or Konkol passed away⁶, the other’s coverage would continue, as would that of their eligible children, with no additional premiums.

Chancey was sold, and he was pleased by the process.

“I was surprised it was so simple,” he said. “It was very easy. Afterward, I was, like, ‘Wow.’ If I’d known sooner …”

Becoming an Advocate

The experience left Chancey wanting to change the way his family and friends think about life insurance.

“I come from a family that didn’t think life insurance was a big thing,” he said. “Only a few people in my family have life insurance.”

Now, he talks about it “all the time” to his friends, especially those with kids. Perhaps they’ll have discussions with their partners like the one he had with Konkol.

“Jordon comes from a much different family,” Chancey said. “They do have life insurance, so we had a conversation. But it really was a no-brainer.”

WoodmenLife Family Term life insurance can be a great solution for young or growing families. Contact your WoodmenLife Representative today to see if it’s right for you.

You can also visit WoodmenLife.org/Family-Term to learn more.

Forms ICC16 8083 R-1-16 and 8063 R-1-16 (xx). All contractual provisions apply and may vary by state. All products may not be available in all states.

1. Children born or adopted by the Primary Insured or Other Insured or for which the Primary Insured or Other Insured has been appointed permanent Legal Guardian. The child must be less than 18 years of age on the date of application. Certain eligibility requirements apply.

2. 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.

3. 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 is insured before attaining the age of 15 days. Certain eligibility requirements apply.

4. The face amount of the Other Insured can never be more than the Primary Insured.

5. Upon conversion of the primary insured, the base certificate, including any attached riders or endorsements, will terminate.

6. Except by suicide within two years from the effective date of the certificate or any shorter period as may be required by applicable state law in the state where the certificate is delivered or issued for delivery.

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