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Supporting Families

Exciting Changes and New Product

On Oct. 1, 2017, WoodmenLife released a new lineup of Whole Life products.1 This rollout included a variety of product enhancements and the addition of a new 10 Pay Whole Life2 option.

Some of these exciting new features in WoodmenLife’s Whole Life product arena include:

  • 20 Pay Whole Life insurance now available in face amounts of $250,000 and above;
  • Varying premium rates for Preferred Risk Classes;
  • Premium decreases in many cases; and
  • New Chronic and Terminal Illness Accelerated Benefit Rider3 that allows an insured with a permanent chronic condition or terminal illness to access a portion of the anticipated death benefits while living.

And, our new 10 Pay Whole Life insurance offers:

  • Lifetime coverage paid for in a shorter time;
  • Payments that are guaranteed not to increase; and
  • Access to cash value that can help pay for future goals, like college or a first home.4

The 10 Pay Whole Life product is a great option for kids because insurance is less expensive at a young age, and it’s a great choice for grandparents to purchase for their grandchildren’s future.

These product changes and additions provide even more ways for you to work with your local WoodmenLife Representative to find the product that’s best for you and your family.

If you’re not already a member5, I hope you will take advantage of this opportunity so you can join the WoodmenLife family and experience the benefits6 membership has to offer. For more information, go to WoodmenLife.org/member-benefits.

1. The 2017 CSO Whole Life Insurance products will not be available in New York or California.
2. There may be tax implications for policies recognized as modified endowment contracts (MECs). Distributions, including loans, from a MEC are taxable to the extent of the gain in a policy, and may also be subject to a 10% additional tax if the owner is under age 59½.
3. ICC178690 1-17 & 8690 1-17(XX). Certain eligibility requirements and age restrictions apply. Benefit payments may affect eligibility for public assistance programs. All contractual provisions apply and may vary by state.
4. Loans against the cash value of your certificate will accrue interest, reduce the death benefit and may be a distribution taxable to the extent of the gain.
5. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.
6. Fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Blog100  12/08/2017

WoodmenLife

WoodmenLife

WoodmenLife was founded in 1890 as a not for profit. The organization gives back to its nearly 700,000 customers, who join together in a commitment to family, community and country. With a legacy of financial stability, WoodmenLife offers quality life insurance and retirement products. To learn more about WoodmenLife, visit woodmenlife.org.

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