What is Individual Whole Life Insurance?
Whole life insurance provides coverage for the entire life of the insured and can help safeguard your family’s future. The death benefit can help replace a loss of income, cover day-to-day expenses, or save for future costs like college. Plus, your policy can build cash value over time. When you reach age 100, the available cash value, minus loans or benefits already paid, will be payable to you.
Is a medical exam required to apply for coverage?
No medical exam may be required to apply for coverage. Acceptance is generally based on your answers to a few health questions on your application.
What are my rates based upon?
Your rates for coverage are based on your age and gender (unisex rates in Montana)at the time you apply and your tobacco and or nicotine use. Often as you get older, the harder it can be to qualify for life insurance protection, and premiums increase based on your age. With Whole Life Insurance coverage, your premiums remain level and your coverage will only terminate once you reach age 100 when the full face amount will be paid to you.
What is a premium?
The premium is the payment you make for an insurance policy.
What is a beneficiary(ies)?
Your beneficiary(ies) is the person(s) you name in an insurance policy to receive the death benefit.
Are there any age requirements?
Coverage is available for members and their spouses ages 18-80.
Can my insurance be terminated?
Even if your health changes as you age, your coverage continues as long as premiums are paid when due. This permanent life insurance protection will pay from the first day your premium is paid up to age 100.
What are living benefits?
If you are diagnosed with a terminal illness or undergo an organ transplant, you can receive living benefits, which are a percentage of your available life insurance benefits. Any remaining benefits are paid to your beneficiary(ies) at the time of death. The percentage of benefits is as follows:
- Collect up to 100% of your available benefits if you are diagnosed with a terminal illness and meet certain conditions.1
- Collect up to 50% of the available face amount benefits should you require a heart, lung, or liver transplant.2
What is the Automatic Loan Provision?
This option helps prevent you from missing a premium payment. Overdue premiums are paid from a loan on accumulated cash values for as long as remaining cash values are sufficient to cover the premium due.3
Are there any exclusions to my coverage?
Suicide is not covered in the first two years of the coverage. In Colorado, Missouri, and North Dakota, suicide is not covered in the first year of coverage. In cases of suicide, benefits are limited to a return of premiums paid without interest.
1Terminal Illness Rider currently not available in all states. The amount you receive will be reduced by certain fees, which vary by state. It is important that you read your Policy to determine what fees may apply to you. The benefits you receive may be taxable. You should consult a tax advisor for more information. Your beneficiary will be paid only the remaining life insurance benefit, if any, upon your death.
2Organ Transplant Rider currently not available in all states. The amount you receive will be reduced by certain fees, which vary by state. It is important that you read your Policy to determine what fees may apply to you. The benefits you receive may be taxable. You should consult a tax advisor for more information. Use of this benefit does not reduce the Whole Life face amount benefit your beneficiary will be paid upon your death.
3Utilization of the Automatic Loan Provision reduces accumulated cash values and the death benefits.
Policies are underwritten and issued by The Union Labor Life Insurance Company, Silver Spring, MD.
This information is only an outline of The Union Labor Life Insurance Company’s Individual Whole Life Insurance features. Once approved for coverage, it is important that you read your Policy of Insurance for the exact benefits, terms and conditions of this insurance plan as benefits, limitations, and exclusions may vary by age and State.
