No one knows what tomorrow will bring, so there’s always some concern about being truly ready for what comes next.
When it comes to money matters, it’s often even more concerning — many worry about the effects on their loved ones should they pass away. In fact, according to the 2022 Life Insurance Barometer Study by LIMRA and Life Happens, 44% of U.S. households would feel financial hardship within six months.
“There are still over 100 million people in this country who don’t own enough life insurance” said David Levenson, president and CEO of LIMRA and LOMA when the study was released. “And, while new policy growth jumped last year to the highest levels since 1983, there is still a lot that our industry can do to ensure that families are properly protected.”
Gary Gilliam, 57, a WoodmenLife member1 from Appomattox, VA, understood this when he contacted his Representative, Josh Harrison, for guidance on how to make his life insurance do the most good for his financial situation.
Gilliam wanted to know how to protect his family with life insurance and how to be prepared for the future. He also wanted options for how he could potentially build cash value in case of an emergency or to supplement his retirement income2.
“I’ve known Josh for a long time; he’s a really good guy,” Gilliam said. “Josh assessed my current financial situation, and he listened to what I wanted.”
What Harrison saw was an opportunity for Gilliam by purchasing a My Choice IUL® certificate.
“Gary was attracted to the life insurance coverage he received with the certificate, knowing his loved ones will benefit should the unexpected happen,” Harrison said. “Plus, he was looking for a place to put his money with an upside potential3, which also had some downside protection.
“The IUL was the perfect complement to Gary’s financial portfolio.”
With the IUL you have the option to grow your funds in either an indexed account or a fixed account — or a combination of both. You also have the option to transfer these funds from one account to the other4.
Gilliam saw the IUL certificate’s attributes as tools to help in his retirement planning2. In addition to the potential to build cash value, the ability to access that cash6 was appealing.
“You want money to be available in case something unexpected should occur6,” he said.
He had begun thinking hard about retirement when his three now-grown children completed college. In addition to a pension from his state job as an environmental health supervisor, Gilliam also has a long-term annuity investment.
Gilliam sought Harrison’s advice when he was ready to make another move focused on the future.
“I had an amount of money that I didn’t need right now, and this had growth potential and wouldn’t be tied up7,” he said. “And it had the benefit of life insurance that would take care of my wife and family.
“I want to leave my children something that they could put to their use, whether it’s a need or it’s a pleasure.”
That brought Gilliam a sense of security that many Americans feel when they own life insurance. According to the 2022 Life Insurance Barometer Study, among insureds with financial dependents, 68% feel secure, compared with 47% of non-insureds.
Now knowing his family is taken care of, Gilliam is looking forward to a retirement where he “doesn’t notice a loss in lifestyle after leaving work.”
He and his wife, Thea, 54, who also will receive a pension from her county social services job, want to be able to take vacations and see their children and two grandchildren whenever they want.
“In retirement, I don’t want to be tied to home,” Gilliam said. “I want a little bit of freedom to put myself wherever I want.”
For more information, contact your WoodmenLife Representative or visit WoodmenLife.org/MyChoice
The IUL offers protection with a Chronic and Terminal Illness Accelerated Death Benefit Rider8. This rider allows you to access a portion of your life insurance benefits while you’re still living. You will be able to access up to 50% or 65% of your death benefit9, with one or more qualifying conditions.
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