Whole Life Insurance
With whole life insurance you can provide financial protection for your loved ones upon your death and have access to your policy’s accumulated cash value while you’re living. Our whole life insurance product can give you the lifetime protection you want.
AllLife
With an AllLife policy you can have life insurance protection that remains the same throughout your lifetime, provided premium payments are current. You can choose to pay your premiums over a period of time or pay just a single premium for coverage that lasts your whole life. Your policy earns guaranteed¹ cash value that can be used for things like college funding or mortgage down payments.
Features Designed for You
Tax Advantages
Your policy accumulates value on a tax-deferred basis. Upon your death, your beneficiaries may receive the benefits from your policy income tax-free.
Living Benefit
If a qualifying terminal illness occurs, you can receive money by using a portion of your policy’s death benefit. This protection is provided at no additional cost on AllLife.
Income Options
Upon your death, individuals you specify (“beneficiaries”) may receive benefits from the policy income tax free. These benefits are paid directly to your beneficiaries, so there should not be any additional costs or delays in receiving the policy proceeds.
Premium Options
Customize your premium payments with these options:
- Paid Up at 100 – Premium payments remain the same to age 100, at which time the policy is paid up, meaning no additional premiums are necessary.
- Paid Up at 65– Premiums are paid until age 65, at which time the policy is paid up, meaning no additional premiums are necessary.
- 15-Pay– Premiums are paid for just 15 years.
- Single Premium – A single premium payment is made when the policy is issued.
Service Through Life’s Stages
When you choose whole life insurance with Farm Bureau Financial Services, you will receive an annual report highlighting the policy cash value, current death benefit, beneficiary designations and loan balance, if applicable. When you choose us, you’re also choosing the services of an agent dedicated to helping you meet your insurance needs and financial goals throughout the different stages of your life.
Term Life Insurance
Term life insurance is one of the most affordable types of life insurance, making it easier for you to provide protection for your family. Term life insurance is straightforward: it provides coverage for a specific period (or “term”). Your coverage ends when your term ends, or until you convert it into a more permanent life insurance policy. Term life insurance can be an especially good option when you’re just starting out, raising your family, or building your business.
Each of our term life insurance policies offers unique benefits – benefits that appeal to your lifestyle today as well as your plans for the future.
Term Policy Options
Choice Term
A traditional term life insurance product, Choice Term offers a set amount of coverage for a pre-determined length of time. You choose the length of your policy — 10, 15, 20 or 30 years, or the number of years until you reach age 65. With Choice Term, your premiums often remain level for the coverage period you select. If you choose to extend coverage, they’ll increase annually.
Increasing Term
Our Increasing Term product is designed for people who know it’s important to have coverage now, but also know they’ll need more coverage in the future — like expanding your family, keeping pace with higher salaries and more. The coverage period for this policy is 20 years. With Increasing Term, you’ll be allowed to increase coverage up to double the face value of your policy over the first five years without having to go through the underwriting process again.
Return of Premium Term
If you love the idea of having life insurance, but don’t love the idea of spending money on a term policy you may never use, Return of Premium may be for you. With this policy, you choose a coverage period of 20 or 30 years and at the end of your term, you’ll receive a full return of all your base premiums. That lump-sum payment is non-taxable to you and can be used however you choose.
Protection for Children
Life insurance is one of the greatest lifetime gifts you can give to your child or grandchild. Our First Step Children’s Life Insurance policy provides coverage for your children or grandchildren until the policy anniversary following their 25th birthday(s).
Optional Coverage Enhancements
Extended Protection
If your financial needs change and you find you need protection for a longer period of time — or for life — you may have the option of converting your term coverage to a permanent life insurance policy without a medical review. In addition, a conversion credit may be available.
Children’s Term Life Insurance
This add-on coverage can provide term life insurance for each of your qualifying children, age 7 days to 23 years.
Waiver of Premium
If you experience a total disability that continues for 90 consecutive days, premiums will be waived for the duration of that disability. This protection ceases on the policy anniversary of the year you turn age 65, unless benefits are being paid under this rider.
Living Benefit
If you are diagnosed with a qualifying terminal illness, you can receive money by utilizing a portion of the policy’s death benefit. This feature is provided at no additional cost.
Guaranteed Re-entry
After the coverage period you select comes to an end, you can purchase a new term life insurance policy without a medical review.
Financial Protection for Your Loved Ones
If your death occurs during the coverage period of your selected policy, the people you specify as beneficiaries will receive benefits from the policy either as a lump sum or through flexible income payment options. These benefits are paid directly to your beneficiaries, so there should be no additional costs or delays in receiving the financial benefit you’ve secured for them.
Do My Children Need Life Insurance?
Although it may feel odd to think about life insurance for your child or children, the benefits can go far beyond what they traditionally do for a regular adult policy. Here are just a few:
Affordability
When you purchase life insurance on your children, you guarantee that they have insurance protection at the very best price – because life insurance is less expensive the younger and the healthier we are. And let’s face it… we were all at our prime when we were younger!
Insurability
When you buy life insurance for your children when they are young and healthy – no matter what health conditions might develop in the future that might cause your child to have to pay more for the same insurance protection or worse yet, not be able to obtain insurance protection at any price – they already have insurance protection. Yes, that’s right! No matter what, they will already have insurance protection.
Financial Security
Having life insurance is important because it provides a foundation for financial security. Let’s look at what you hope your child will accomplish in life: college, marriage, home ownership, children of their own, owning their own business, funding their own children’s college, and retirement. Life insurance can help with all of these life goals because of the cash value it builds over the years.
For Example…
When your child is ready for college, a loan can be taken from the cash value to help pay for college expenses. When your child is ready to purchase that first home and needs funds for a down payment, again a loan can be taken from the cash value to do so.
If you’re interested in learning more about purchasing life insurance on your children, give Marcus a call today. He will explain your options and provide you with a premium quote – you’ll be surprised how affordable life insurance can be! At the Marcus Schirr Agency, we’re committed to the financial futures of the people of Michigan. We are Michigan’s Insurance Company!