Michael’s employer provides a basic amount of Term Life Insurance, which was enough when he was single. Now he has a family, a mortgage and many other responsibilities. With an easy, affordable paycheck deduction, Michael was able to add Whole Life Insurance to his benefits plan. With this coverage, he knows his family will be better protected if he dies. His policy will also gain cash value, so Michael and his family will have additional financial options as they grow older.
How Michael’s plan works:
If Michael dies, his loved ones can use the money for:
- School tuition
- Final expenses
- Monthly bills
Michael might also appreciate these benefits:
- A guaranteed interest rate
- The ability to borrow against the cash value
- Flexibility to use the cash value for a paid-in-full, smaller policy later in life
If Michael has a plan with a “living” benefit:
He could receive up to 100% of his benefit amount if he is diagnosed with a terminal illness.
For illustrative purposes only. Coverage plans may vary.