September is Life Insurance Awareness Month

boomerBy Dan Anderegg
Life Happens is a not for profit organization formed over 20 years ago to help educate the public on life insurance. One of their most successful campaigns is Life Insurance Awareness Month. Life insurance, in general, is one of the most important and often times misunderstood decisions you can make to protect your family. Below are three answers to common misconceptions about life insurance.

1. How much life insurance do I need? Recent studies show that less than half of middle class families own life insurance according to LIMRA Facts of Life. Many of the families that do own life insurance don’t own enough. One “rule-of-thumb” to help you understand how much life insurance you need is, 14 times your annual income. As with any “rule-of-thumb,” your individual circumstances could cause this to go up or down. You may need 20 times your income if you have young children and a lot of debt. Or the number could be less if your children are grown and your mortgage is paid off. Check out the financial calculator at http://www.lifehappens.org to help find out how much coverage you need.

2. How much does it cost? Thinking that life insurance is more expensive than it really is can be another obstacle in committing to buying life insurance. In one survey (LIMRA Facts of Life), most participants thought life insurance cost twice as much as it actually does. A healthy 35-year-old male can buy almost $400,000 of a 20 year term life policy for $30 a month.

3. What is the agent’s role? Many people today don’t want to be “sold” any products much less life insurance. An agent’s job is to help you find the right amount and type of insurance for your budget and family needs. Working with a trained agent can benefit you by finding the right type of insurance that fits your situation. For example, if you have health issues, an agent can find the right company for you. Keep in mind; the healthier you are the less you will pay for insurance.

Nobody wants to think about why life insurance is necessary, but in all reality we need to. Preparing and providing for our families is just one way to continue caring for them long after we are gone. For more information on Life insurance and Annuities, contact a Western Fraternal Life agent in your area.

Vision 10 and Vision 20

Western Fraternal Life is excited to announce the launch of a new product, the Vision 10 and Vision 20. This product provides a combination of paid-up whole life coverage with a life-long death benefit. There is also term insurance with higher face amounts and level premiums for the time you need the most coverage.

This product is for:

– The security of protection with guaranteed cash value and a guaranteed death benefit.
– To take advantage of the tax-deferred growth of cash values in order to build funds for a college education.
– Guaranteed premiums that will not increase.
– Coverage for their entire lifetime.
– To earn dividends* as declared by the company.
– To have their insurance paid off by a set time; for example, when they retire.

An example:

A 50-year-old man, is 10 years into a 20 year $200,000 mortgage. He passes away leaving a wife and two children. Now they missed continue payments on the mortgage, and fund the funeral. How can this be done with the loss of a second income?
With our Vision 20 product containing $20,000 Whole Life and $200,000 Term coverage at the age of 40 when the mortgage began. His family would get $20,000 for the burial, and $200,000 to pay off the mortgage, and other financial obligations. (assuming all premiums are paid when due)
Our vision products also offer addition benefits including, the Accelerated Death Benefit (ADB) and The Waiver of Premium (WP). The ADB provides for the payment of an accelerated death benefit using a portion of your life insurance benefits. These benefits are paid to the owner while the insured is living, provided they qualify. This benefit is offered at no additional charge. The WP covers you if you become totally disabled. We will waive your premium payments for as long as your disability continues (during contract period). The low cost of this benefit makes sure that your coverage will continue in the event of your disability.
Our Vision 10 and Vision 20 are designed to give you the opportunity to look after your financial obligations today while covering your family in the future. All of this with low monthly premium payments for only 10 or 20-years.

*Dividends are not guaranteed. Past dividend paying history is not an estimate of future results.