Planning Ahead: Family Life Insurance
It doesn’t matter how old you are, or what stage of life you are in, planning for your future should always a priority.
It doesn’t matter how old you are, or what stage of life you are in, planning for your future should always a priority. Life insurance is a key step in securing your future and the future of your family.
If you have thought about family life insurance in the past, but don’t currently have a life insurance policy, the time to secure one is now. You never know when you may need a life insurance policy and that’s why it should be a top priority.
Family Life Insurance: Globe Life Official Site Planning ahead for the unexpected can help give you peace of mind and security. Family life insurance can help your spouse, children, or other family members if something happen to you. It can protect your family from the burden unfortunately experienced by so many people that are not covered by adequate life insurance.
Dealing with financial burden and difficult financial decisions while dealing with the loss of a loved one is a common reason why people buy family life insurance. Planning ahead and purchasing a family life insurance policy allows people the ability to rest assured knowing that finances won’t be an additional source of grief for their family.
Life insurance for your children or grandchildren can also be an important step in providing future security. Many people think their own life insurance policy is all they need to protect their children. However, life insurance policies for children have many added benefits.
For example, giving someone a life insurance policy as a child can provide them continued coverage as they grow. Their coverage may accumulate a cash value, enabling them to have a financial head start on their life insurance as an adult. It can be especially beneficial if they ever become uninsurable due to factors like illness or a hazardous occupation.
Even though it can be hard to think about, it’s important to understand the potential consequences if you die unexpectedly without financial protection in place for your family.
Family Life insurance can protect your family if something happens to you and in addition, can give you and your loved ones an invaluable sense of security.
When you decide the time is right to purchase life insurance for yourself and your spouse and children, make sure you plan ahead. Giving yourself time to find affordable life insurance will ensure you made the right decision for you and your family.
Whole Life Insurance : Family Life Insurance Plans
Whole Life Insurance goes the extra mile to help you provide lifelong financial protection for your family — the people in your life who count on you the most. This long-term permanent protection can help bring peace of mind knowing that you’re looking out for your family’s well-being and keeping their dreams moving forward.
What Is Whole Life Insurance?
Whole life insurance is exactly what it sounds like — protection for your whole life. This means you’re guaranteed permanent life insurance coverage* and your beneficiaries will receive a death benefit regardless of when you pass away.
What Types of DreamSecure Whole Life Insurance Do We Offer?
At American Family Life Insurance Company, we understand that every person and family is unique — that’s why we offer five Whole Life Insurance options you can choose from to meet your specific needs. In addition to DreamSecure Children’s Whole Life Insurance and DreamSecure Senior Whole Life Insurance, we offer:
DreamSecure Pay to 65 Whole Life Insurance
Add to your financial security without the burden of paying premiums after you reach age 65. DreamSecure Pay to 65 Whole Life Insurance provides guaranteed lifetime insurance coverage that can be completely paid for by the time you retire.
DreamSecure 15 Pay Whole Life Insurance
DreamSecure 15 Pay Whole Life Insurance provides life insurance that is fully paid for within 15 years with protection that lasts a lifetime.
DreamSecure Whole Life Insurance
Provide a foundation for your loved ones’ financial future — DreamSecure Whole Life Insurance is permanent and designed with affordability in mind, so you can provide a legacy. The DreamSecure Whole Life Insurance policy has guaranteed premiums that are stretched out until age 100.
Here’s an example of how a Whole Life Insurance policy works: If you choose a DreamSecure 15 Pay Whole Life Insurance policy, you will not have to pay any more premiums after this time period and premiums will never increase. The policy will be completely paid in 15 years.
Benefits of Having Permanent Life Insurance
Whole Life Insurance helps financially protect your family if you were to pass away. Here’s a high-level look at some of the ways our DreamSecure Whole Life Insurance options can benefit you and your loved ones:
Long-term protection. Having a whole life insurance policy means you will have lifelong coverage. This means when you pass away, your beneficiaries will receive a death benefit that they can use for things like your final expenses, income replacement, paying off debts or continuing their current standard of living. Find out more about how life insurance protects your family.
Accumulates cash value. Permanent coverage builds cash value that you can borrow against. For instance, you might choose to borrow against your cash value to help with things like a down payment on a house or paying for college tuition. Keep in mind, any loans and unpaid interest outstanding at time of death will be deducted from the death benefit at the time of claim, and the policy could terminate if the loan balance grows too large for the cash value to support it.
No surprises. Your premiums won’t increase regardless of age or health changes. That means no surprises and no increased financial burden with life changes.
May pay dividends. Dividends are not guaranteed. But when paid, you can use dividends (which accumulate with interest) to purchase additional coverage, reduce premiums or they can be paid to you in cash.
Term vs. Whole Life Insurance
Though both coverages help financially protect your family, you may want to consider the benefits of having coverage that lasts a lifetime, compared to temporary coverage that exists only for a specific amount of time.
Term life insurance is temporary coverage that lasts for the term of your policy, usually in 10-, 20- or 30-year terms, which is great to have if you still have financial obligations and people who depend on you financially. But, your beneficiaries will only receive the death benefit if you pass away within the term of coverage purchased. Whole Life Insurance, in contrast, is permanent coverage that lasts for your entire life, guaranteeing a death benefit*, and has living benefits like cash value that you can borrow against**.
Converting Term to Whole Life
Some policies have the option to convert term life insurance coverage to whole life coverage. A convertible insurance policy, like American Family Life Insurance Company’s Term Life Insurance coverage, allows you to convert* a portion or all of your existing term life insurance policy to a permanent policy during the conversion eligibility period. The perk? You can do this without having to take a medical exam or go through other screening that could affect your eligibility. This conversion option delivers the benefit of having a less expensive term life insurance policy to begin with (compared to a permanent policy), while still being able to convert to a permanent policy later if your insurance needs and financial means change.
Whole vs. MyLife Flexible
Both Whole Life Insurance and MyLife Flexible Insurance offer permanent protection. However, MyLife Flexible Insurance actually combines some features of both temporary and permanent life coverage and gives you the flexibility to change your policy as your life changes. With the ability to modify payments, coverages and terms, you can customize your coverage as your income and family responsibilities grow and change through the years.
Customize Your Policy
American Family Life Insurance Company offers a number of additional coverages that you can purchase to build a life insurance policy that suits your needs. Here are some of the additional coverages available*:
Guaranteed Purchase Option:*** Allows the purchase of extra permanent life insurance without medical questions or an exam at specified dates and life events.
Children’s Insurance Rider: Provides $15,000 of coverage on natural, adopted and step children.
Waiver of Premium Benefit Rider: Waives premiums if the insured becomes totally disabled.