Whole Life Insurance
Whole Life is a permanent life insurance, which means the insured person is covered for the duration of their life if the premiums are paid. Simplified Issue Whole Life is a policy that the premiums will never increase, and the guaranteed amount will never change. This policy is paid up to 65 so it is perfect for someone who wants to quit paying premiums at retirement.
Graded Whole Life is a policy for those that are not in perfect health. If you do not have a terminal illness that will cause death in the next two years you will be accepted. To receive full benefit an insured must live a minimum of two years.
Transitional Life is a policy that provides a higher insurance benefit during the years that it is most needed. It ends with a lower guaranteed paid-up insurance that will be there the rest of your life.
What Can Whole Life Offer?
In addition to lifetime protection, Whole Life insurance offers a unique combination of benefits to help meet your needs, including:
- Consistent Premium Payments – Whole life insurance is typically more expensive than term life policies, but the premium amount is fixed for the life of the policy.
- Consistent Cash Value Growth – Your whole life insurance policy receives a guaranteed, fixed rate of interest on the cash value.
- Tax- Free Death Benefit – The payout your beneficiary receives if you die is typically tax- free and has a steady value throughout the life of the policy.
- Policy Customization – You can customize a whole life insurance policy with a variety of optional features for an additional charge.
How does whole life insurance work?
- Your premium payments remain the same over the life of the policy, and a portion of it goes toward the insurance, which includes any fees and death benefit coverage.
- A small amount from each payment is also set aside to build up your predetermined, guaranteed cash value.
- With this policy, you can borrow against the cash value if needed. When you pass away, an income-tax free death benefit is paid to your beneficiaries. Keep in mind that borrowing against the cash value will reduce the death benefit paid to your beneficiaries, though.
Simplified Issue Whole Life
With Simplified Issue Whole Life, your premiums will never go up and the guaranteed coverage amount won’t change. Whenever you die, your beneficiaries will receive a guaranteed sum of money, generally free from federal income tax, that can help cover the costs of a funeral and other final expenses, replace your family’s lost income, help with mortgage costs or educational needs—or leave a legacy for the next generation. The policy also builds cash equity that grows tax-deferred and can be accessed during your lifetime.
We offer a choice of Simplified Issue Whole Life contracts to better meet your needs, including:
- Single Premium Whole Life- a one- term premium payment contract.
- Whole Life Paid- Up at 65, which has premiums that stop at age 65 and is perfect if you want to quit paying premiums when you retire.
- 10-, 15-, 20-, and 30- Pay Whole Life, featuring premiums paid for a specified number of years, making it ideal for insuring children and for individuals wanting to make a limited number of premium payments.
- Lifetime - Pay Whole Life, which offers lower premiums than our other Simplified Issue Whole Life plans, but they are paid for as long as you live.
Simplified Issue Whole Life is available for ages 18 through age 85 (age 55 for Life Paid- Up at 65 and age 75 for 30- Pay Whole Life). This policy has a minimum insurance amount of $2,000 and a maximum of $24,999 with coverage available for both smokers and non-smokers.
Whether you just experienced the birth of your first child or are several years into your retirement and need to cover final expenses, you can help provide financial security for your loved ones with Simplified Issue Whole Life from Pekin Life Insurance Company.
Graded Whole Life
With our Grade Whole Life contract, you can still purchase up to $15,000 of valuable insurance coverage without having to qualify based on your health. If you are not currently confined to a hospital or hospice and have not been told by a medical practitioner that you have a terminal illness that will cause your death within two years, you can be accepted. The policy also builds cash equity that grows tax- deferred, which can be accessed during your lifetime.
Your insurance amount under this contract is limited during the first two years, meaning you must live at least two years after policy is issued for the full death benefit to be paid for death due to natural causes. An accidental death is fully covered from the moment the policy is in force, but for death due to natural causes during the first year, the death benefit is limited to a refund of all the premiums paid. During the second policy year, the death benefit is limited to 50% of the face amount. After the second policy year, the full death benefit is paid regardless of how you die.
We offer a choice of contracts, including:
- Graded Whole Life Paid - Up at 65, which is perfect if you want to quit paying premiums when you retire.
- 10-, 15-, 20-, and 30 - Pay Graded Whole Life, with coverage guaranteed for our lifetime and premiums paid for a specified number of years.
- Lifetime - Pay Graded Whole Life, with lower premiums than our other Graded Whole Life plans, but they are paid for as long as you live.
Graded Whole Life is available for ages 5 through age 80 (age 55 for Life Paid- Up at 65 and age 75 for 30- Pay Whole Life). The policy has a minimum insurance amount of
$2,000 and a maximum of $15,000 with coverage for both smokers and non-smokers.
The average funeral today can cost $10,000 or more, which can be a lot for families to take on when someone dies. With our Graded Whole Life policy, you can take care of your end- of- life- expenses—giving your family one less thing to worry about while grieving. After all, the last thing you want is for your death to become a financial burden for your family, causing them to go into debt to cover the funeral costs and medical bills you may leave behind. Protect the ones you love today.