Term Life Insurance: An Affordable Insurance Solution

Term Life1 insurance is an option for those wanting life insurance protection that meets a variety of needs and budgets. A number of plans are available, each providing coverage for a certain period of years, typically 10, 20 or 30 years.

As with other types of life insurance, Term Life provides a death benefit to your family upon your death. Term life insurance does not offer cash value growth.

Term Life Advantages

Term Life insurance is attractive for its:

  • Affordability.
  • Ability to convert to permanent life insurance without proof of insurability.
  • Variety of terms and payment schedules.

In addition, individuals with a terminal condition can receive a portion of their life insurance benefits2 while still living, through the Accelerated Death Benefit Rider.3

Insurance for Multiple Needs

Term Life insurance may be right for you if you:

  • Want short-term coverage.
  • Want low-cost protection for your young children.
  • Need money for mortgage payments, bills, college, or final expenses.
  • Need collateral for a bank loan.
  • Decide to start a business.

Additional Options

For a fee, riders can be added to basic Term Life certificates to enhance their value:

  • Accidental Death Benefit Rider4 – Provides extra life insurance coverage in case of your accidental death. This rider is available on some types of Term Life.
  • Waiver of Premium Rider5 – Ensures premiums will continue to be paid if you become disabled within the contractual terms of this rider.
  • Applicant Waiver of Premium Rider6 – When purchased for someone age 15 or younger, this rider ensures that premiums will continue to be paid on the youth’s life insurance certificate in case of your death or disability within the contractual terms of this rider.

A Quick Comparison of Whole and Term Life

  Whole Life Insurance Term Life Insurance7
Coverage Permanent Temporary (with option of converting to permanent later)
Benefits Premiums never go up
Builds cash value
Death benefit proceeds paid income tax-free to beneficiary
Less expensive in the short-term
Death benefit proceeds paid income tax-free to beneficiary
Types - Whole Life Paid-up at 100
- Whole Life Paid-up at 65
- 20 Pay Whole Life
- Single Premium Whole Life
- 10 Year Term
- 15 Year Term
- 20 Year Term
- 30 Year Term
- Youth Term
Issue Ages Varies by type of whole life, from ages 0-85 Varies by type of term, from ages 0-70


Coverage Designed for You

Everyone has a unique financial situation. Contact your local Woodmen of the World Representative for more details about meeting your individual needs with Term Life insurance.


1. Form 34-XX-0511). Form 42-XX-0511). Form 37-XX-0511. Form 290-XX-0511 and Form 33-XX-0511).
These certificates have exceptions, limitations and restrictions. For costs and complete details in coverage, contact a Woodmen of the World Representative.
2. Maximum benefit is the lesser of $250,000 or 65% of death benefit amount available and usually paid in one lump sum. Generally benefits received are income tax free. Consult your tax professional to assess the impact of this benefit.
3. Forms ICC10 264 6-10, 264 6-10 (XX), O-264 6-10 (XX) and 264-XX-0409. All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. May not be available in all states.
4. Form 260-XX-0409. All contractual provisions apply and may vary by state.
5. Form 262-XX-0409. All contractual provisions apply and may vary by state.
6. Form 263-XX-0409. All contractual provisions apply and may vary by state.
7. Premiums for 10, 15, 20 or 30-year Term are guaranteed not to change for the first 10 years. After 10 years Woodmen of the World may annually change the premium based on our experience. Any increase in premium will not increase the certificate benefits and cannot exceed the maximum annual premium shown in the certificate.

 

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