Interest Sensitive Whole Life Insurance1 helps protect your family against an unexpected death by giving them the financial protection they need. The death benefit your beneficiaries receive from this coverage will help pay for funeral costs, mortgage payments and everyday expenses.
Whole life insurance is the most common type of permanent insurance. As long as the policy remains in force, it provides life insurance for your whole life. Plus, the premiums are guaranteed to remain constant over the life of the policy, so you won't be stuck paying more for the same policy twenty years down the road.
By purchasing whole life insurance through your workplace, you benefit from liberalized underwriting and are not required to have a medical exam.
Additionally, smaller policies are available through workplace coverage. Plus, premiums are payroll deducted, so you don't have to worry about receiving an extra bill each month. And, because you own the policy, the coverage is portable, so you can take it with you if you leave your job.
How Does It Work?
With a whole life insurance policy, a portion of each premium is set aside in a cash value account that grows tax-deferred over the life of the policy. In addition to the guaranteed premiums and guaranteed coverage, you may also benefit from competitive interest rates.
At the time of your death your beneficiary will receive the greater of the policy face amount or the accumulated cash value multiplied by a death benefit factor as a death benefit, which can be used to pay for funeral expenses, cover final bills or debt, and fulfill your dreams for your spouse or children.
Benefits
- Peace of mind that you have life insurance in place
- Affordable premiums that are guaranteed to never increase
- Liberalized underwriting that makes it easier for you and your family to get coverage
- Smaller policies are available for families who are just starting out
- Accumulated cash value that earns interest
- Convenient payroll deduction of premiums
- You can take your policy with you if you switch jobs
- Accelerated death benefit available if you become terminally ill
Optional Benefits 2
Accidental Death Benefit
This option is available to both employees and spouses ages 18 to 60. If you die as a result of an accident before the age of 65, your beneficiary will receive an additional benefit equal to the face amount of the base policy.
Child Insurance Rider
With an employee or spouse purchase, this option is available for children under the age of 19, but only one rider will be issued per application. Step-children are not covered, but are eligible for an individual Interest Sensitive Whole Life Insurance policy. When your child reaches age 25, he or she is guaranteed the right to purchase up to five times the amount of his or her rider coverage or $50,000 maximum, regardless of his or her current health condition.
Term Insurance Rider
Available to employees and spouses ages 15 to 50, this optional rider provides additional term coverage. For employees and spouses ages 51 to 55, it provides additional term coverage to age 70. The rider can be purchased at a minimum of $1.00 per pay period and in additional increments of $.50 up to a maximum of $4.00 per pay period.
Waiver of Monthly Premium
This option will pay the cost of your monthly premium for all policies and optional riders after you have been disabled for at least six months prior to age 60. Employees ages 15 to 55 can select this option. The premiums waived do not have to be repaid and your policy's cash value remains intact and continues to earn interest.
Weekly Premium Options
- Employee: $3 through $15 per week
- Spouse: $3 through $10 per week
- Children: $2 and $3 per week
Sample Plan for 30 year-old employee3
- $6.00 per week base plan $34,978
- $2.00 per week 20 Year Term Rider $15,476
- $8.00 total weekly contribution $50,454
- By paying only $8.00 per week , this employee can be confident his $50,454 of coverage will help his family in the event of his death.
Who's Eligible?
- Employees age 15 to 79 who are actively at work for a minimum of 20 hours per week.
- Spouses age 15 to 79 are eligible to apply if they are not disabled.
- Dependent children age 14 days to 18 or to age 24 if a full-time student.
1 May not be available in all states.
2 Riders available on a case basis
3 Non-Tobacco user