Whole life insurance is the most common type of permanent insurance. As long as the premiums are paid the policy will remain in force and will provide life insurance coverage for your whole life. The premiums remain constant over the life of the policy and are paid according to a premium schedule indicated in the policy.
Whole life insurance is an excellent protection solution for consumers across the life stage spectrum. Whether its young adults just beginning an insurance program, families needing protection while saving for the future, or a mature consumer who needs guaranteed protection for final planning objectives; whole life makes great financial sense. Planning today for tomorrow’s goals ensures a secure financial future for your family.
Life Foundations Whole Life (LFWL) provides a secure lifetime protection solution for your specific needs. The LFWL plan is designed to offer long-term coverage at low, affordable premiums.
How does Life Foundations Whole Life work?
With the LFWL plan, a part of each premium is set aside in a cash value account that grows tax-deferred over the life of the policy. The cash value can help with many life events such as:
- Providing an emergency fund
- Paying off a mortgage ahead of schedule
- Financing a college education
- Supplementing retirement income
The LFWL plan is participating, which means Illinois Mutual pays dividends when possible. Dividends enhance the financial value of the policy as they accelerate cash value and death benefit growth within the policy. Dividends credited can be used to:
- Purchase additional insurance
- Reduce future premiums
- Accumulate at interest
- Receive cash
The LFWL offers five different payment options that will determine the length of time you pay premiums for your life protection plan. Based on your budget and planning goals, you select the payment option that makes the most financial sense:
- Single Pay
- 10 years
- 20 years
- To age 65
- To age 121
The LFWL plan also offers a level term insurance rider which provides affordable life insurance protection and can be included on the primary insured as well as the spouse. This rider gives you the ability to maximize coverage at a low cost and gives you the opportunity to ensure the right amount of protection is available throughout different life stages. The term insurance rider is available for the following periods:
A child insurance rider is also available.
Benefits
- Life insurance protection continues and never has to be renewed as long as premiums are paid
- A predictable, level premium throughout the premium payment period
- A savings element in the form of accumulating cash values
- The potential to receive dividends
- Provides guaranteed protection and guaranteed asset growth
- A choice of non-forfeiture options that allows you to retain some benefits even if you are unable to continue paying premiums