What is Whole Life Insurance?
As the name implies, whole life insurance from National Catholic Society of Foresters is insurance protection throughout one’s lifetime. As long as the certificate holder meets his or her obligations, the certificate will remain in force – regardless of any changes in health or life situations that may occur.
An important feature of all whole life certificates is that they develop a cash value over time. The longer the certificate is maintained the greater the cash value. Many whole life certificates have provisions to borrow a portion of the accumulated cash value. If the certificate is terminated without the insured dying, the cash value is available to the certificate owner.
NCSF offers two Whole Life plans to fit your individual needs:
20-PAY LIFE – This is similar to traditional whole life with one important difference. Rather than requiring continual premium payments to grow cash value and maintain the certificate in force, this 20-pay life certificate is fully paid after 20 years of premium payments and requires no additional premium. Cash values will continue to grow after the 20-year pay period and the death benefit of the certificate will remain the same.
SINGLE PREMIUM WHOLE LIFE – All the benefits of a whole life insurance certificate with one single premium! The guaranteed cash value will increase over time and the death benefit will remain the same. An ideal plan to give to children, grandchildren, or a charity of your choice.
There are riders you may choose to add to your NCSF Whole Life certificate:
WAIVER OF PREMIUM – If at any time between the ages of 5 and 65 you are kept from gainful employment for six months or more as the result of a total disability, your premium payments will be waived and your insurance will remain in full force for as long as your disability lasts. The waiver of premium rider is available for members between the ages of 5 and 60. While the rider ends at age 65, the benefit continues as long as the total disability exists.
ACCIDENTAL DEATH BENEFIT – In the event your death is caused directly by accidental bodily injury, your beneficiary will be paid double the original death benefit of your certificate. This added protection is available to members between the ages of 5 and 60 years and the benefit continues to age 65. Certain rules and restrictions apply; please see the rider documents for details.
FAMILY/CHILDREN'S TERM INSURANCE – Provides coverage for dependents of the insured. The insurance is convertible term insurance and will end for the children at age 25 or for the spouse when he or she reachs age 65 or on the certificate anniversary following the insured’s 65th birthday, whichever is earlier. Availability can vary and certain rules and restrictions apply; please see the rider documents for details.
Who should consider purchasing NCSF Whole Life Insurance?
Anyone who has financial responsibilities that will not diminish over time and thus require the protection of permanent life insurance. For example:
FAMILY PROTECTION – While none of us like to consider the possibility of dying, we all must plan for its inevitability. One of our primary concerns is providing funds to support a surviving spouse and/or minor children. NCSF Whole Life Insurance can be the answer to your family protection question.
ACCUMULATION – the cash value feature of NCSF Whole Life can be a way of accumulating funds for specific purposes, such as funding college education, or as a supplemental source of retirement income.
CHARITABLE GIVING – NCSF Whole Life Insurance can multiply the gift you leave to a charity. For example, you could give a charity $10,000, or you could purchase a $10,000 single premium whole life certificate with the charity as beneficiary and significantly increase the amount your charity would receive.
FINAL EXPENSES – Amid the sorrow and grief surrounding a death, practical concerns exist that must be addressed. The cost of the funeral and burial itself, the potential expense of a last illness, or lingering debts – permanent whole life insurance can pay for all these, so your surviving family will not have to.
MORTGAGE PAY OFF – Most families with a home have a mortgage. Whole life insurance can ensure that the family will remain in their home following the death of a provider.
Products/features may not be available in all states.
