Life Insurance 101

Life Insurance 101

Aug 28, 20208/28/2020

Learning Center

The Purpose Of Life Insurance

Life is full of the unexpected – that’s why people rely on life insurance to help them through tough times. A life insurance certificate is there to replace income should the death of a breadwinner occur, but it can also:

  • Cover funeral costs
  • Pay bills
  • Finance future needs like savings for college, paying off a mortgage or protecting retirement income

It’s For You, Too

Life insurance is good for just about anyone, including:

  • Spouses
  • Married and single parents
  • Stay-at-home parents
  • Retirees
  • Small business owners
  • Single people who are supporting family members
  • Even children

If you’re unsure whether you need it, ask yourself this question: “If I died tomorrow, how would my family fare financially?”

Choose The Right Option

There are several types of life insurance, but most fall under the following two categories:

Permanent Insurance – a permanent insurance certificate costs more than term insurance, but provides lifelong coverage. And the certificate will never expire as long as the necessary premiums are paid.

Permanent insurance certificates can build cash value that may be borrowed for such purposes as buying a car, making a down payment on a home, or paying for college1.

Permanent insurance includes the following products:

Term Insurance – a term insurance certificate is more affordable than permanent certificates, and only provides coverage for a “term” of time (typically 10, 15, 20, or 30 years). Term insurance does not build cash value, but is a good choice for growing families who are looking to cover needs that will disappear in time.

Decide How Much Is Enough

When figuring out how much life insurance you and your family will need, ask yourself the following questions:

  • How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
  • How much money will my family need to maintain their standard of living?
  • What are my financial goals? What would I like to accomplish?

Adjust With Life’s Changes

Over time, you may find that your current certificate is no longer sufficient. Your insurance needs change when you experience a life change, such as:

  • Marriage
  • Having a baby
  • Death in the family
  • New home
  • New business

Figure Out What’s Best

Knowing what kind of life insurance you need can be confusing – let WoodmenLife help. Your local Representative can help you find the type of life insurance that’s right for you and your family.

 

1.Loans must be repaid to avoid accrued interest and a reduced death benefit.

130 years strong shield with words 130 years strong with stars

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

How to Become a Member

You become a member of the WoodmenLife family when you purchase a WoodmenLife product. Get a quote from your local Representative with a video call.

To protect your privacy, we do not provide quotes over email.

  • Required
  • Required
  • Required ###-###-####
  • Required #####
  • Optional

This is a solicitation of insurance and an agent may contact you. By submitting the above request, I consent to receive phone calls from a licensed insurance producer on behalf of Woodmen of the World Life Insurance Society (WoodmenLife) and its affiliates at the phone number(s) above regarding WoodmenLife products and services. I understand that I can contact a Sales Representative directly to make a purchase.

Customer Service: 1-800-225-3108
Monday – Friday | 7:00 a.m. – 5:00 p.m. (Central Time)

© 2020 Woodmen of the World Life Insurance Society
Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Some fraternal benefits include additional membership requirements including length of membership, number of qualifying members in household and/or a qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

Business Continuity Plan | Products are not available in New York and all products may not be available in all states. | Not all Representatives are licensed to sell all products.

Fraud, Ethics and EEO Anonymous Hotline: 1-844-339-3053
WoodmenLife.ethicspoint.com

A+ Financial Rating

This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2018 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

International Use

This Site is not intended for access outside of the United States, including those individuals who reside in the European Economic Area (“EEA”). WoodmenLife makes no representation that materials on the Site are appropriate or available for use in locations outside of the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from outside of the United States do so on their own initiative and are responsible for compliance with local laws.