20 Payment Life
There’s great peace of mind in knowing that your family’s financial needs mortgage payments, tuition bills, and other expenses will be covered in the event of your death. With 20 Payment Life, you make premium payments for 20 years, and then you never have to worry about paying for life-insurance protection again. Paying for life-insurance protection during your working years is a great way to ease worries about your family’s financial future.
A 20 Payment Life (Limited Payment Whole Life) policy, issued by The Western and Southern Life Insurance Company, gives you permanent life-insurance protection, fixed premiums, and cash values for just 20 years of fixed payments. Permanent life protection means guaranteed coverage for your entire life. In addition, your beneficiaries can use the death benefit to pay off a mortgage, finance an education, or maintain the lifestyle you work so hard to provide.
With 20 Payment Life, the premiums you pay build tax-deferred cash value. You can use the cash value (in the form of an interest-bearing policy loan or cash surrender) to fund a major purchase, save for your retirement, or borrow against it. (But please remember that any outstanding loan or loan interest will reduce the policy’s death benefit and cash value.)
Your policy may also pay policy dividends. Although not guaranteed, when dividends are paid, you can receive them in cash, use them to pay premiums, purchase more insurance, or keep them in your policy to earn interest. Just tell us which one you prefer.
There are a number of options, or riders, which let you enhance your protection. Specifically, the Accelerated Death Benefit Plus Rider is automatically included on those policies with a face amount of $25,000 or more. With this rider, a portion of the policyís benefit can be paid out early upon receipt of medical proof that the insured has a terminal illness or chronic illness.* If you do not qualify for this rider, the Accelerated Death Benefit Rider is available, which provides a benefit for terminal illness but not chronic illness. This rider is available at no additional premium.
Advances may be made under this rider as long as the policy is in full force (i.e., either premium-paying or fully paid up). An administrative charge may be assessed per qualifying event. If the rider is exercised, any advances will be in the form of a loan, which reduces the death benefit. The loan interest rate will be eight percent per year.
In the event that you may need to take advantage of the Accelerated Death Benefit Plus Rider or the Accelerated Death Benefit Rider, The Western and Southern Life Insurance Company recommends that you consult with a qualified tax advisor and with social services agencies regarding how the receipt of such a payment will affect your financial situation.
You may also be eligible (subject to insurability) for other riders at an additional premium:
- Accidental Death Benefit Rider Provides for payment of an additional sum of money to the beneficiary upon proof that the insuredís death was accidental as defined by this rider.
- Insurability Protector Rider Provides the right to purchase additional insurance at later dates without proof of insurability.
- Term Riders Provide additional temporary insurance coverage for you, your spouse, or your children.
- Waiver of Premium Disability Benefit Rider Allows for waiver of all policy premiums if the insured is continually disabled as defined by the rider.
- Owner Waiver of Premium Benefit Rider Provides for the waiving of premiums on policies if the owner dies or becomes totally disabled as defined by the rider.
*Permanent Confinement to a nursing home replaces Chronic Illness in FL, IL, or OR.
Even if you stop paying premiums, you can still use the cash value built up in your policy. The policy provides you with three options:
- Surrender your policy and get the cash value.
- Keep receiving coverage at a paid-up, reduced face amount.
- Continue the policy as Extended Term Insurance. With this option, your policy’s face amount doesn’t change. We calculate the length of time that your cash value can pay for term protection at your policy’s face amount. At the end of this period, your coverage ends without cash value.
20 Payment Life premiums are banded and differ by sex, age, tobacco use, and face amount.
Your premiums will be higher if you use tobacco and the face amount of your policy is $10,000 or more. There’s no tobacco-use effect on premiums for policies with face amounts less than $10,000. Tobacco use is only applicable for people who are at least 18 years of age.
Face Amounts and Age Limits
The issue ages for 20 Payment Life policies are 0-75. The minimum face amount for 20 Payment Life policies is $10,000 at issue ages 0-39, $5,000 at issue ages 40-59,and $2,500 at issue ages 60-75. The minimum face amount in Washington is $25,000. There is no maximum face amount for your coverage.
The 20 Payment Life insurance policy can help you secure your family’s financial future with lifetime protection up to age 100, guaranteed premiums, and tax-deferred cash values. Get More Information or contact our Client Relationship Center at 1.866.832.7719 to learn more.
20 Payment Life is issued by The Western and Southern Life Insurance Company (NAIC code 70483), Cincinnati, Ohio. It is not licensed in Alaska, Connecticut, Maine, Massachusetts, New Hampshire, New York, Vermont, or outside the United States.
The product information contained in WSLife.com is a summary of available benefits. The exact terms of the benefits and the applicable provisions and conditions arecontained in the policy or rider. Any policy or rider contains terms under which it may be continued in force or discontinued. A policy or rider may not be available inall statesormay have different provisions in certain states.
Not FDIC Insured (no bank guarantee; may lose value).
Policy series numbers: 0010-320, 0010-320-U, 0506-320, 0506-320-U; in Idaho: 0506-320 ID
Rider series numbers: 9401-540, 9401-581-U, 0010-602, 0010-610, 0010-620, 1103-621, 1103-675, 9401-700, 8101-730