Family1® branded Whole Life Insurance Products
- Whole Life Insurance provides some financial assistance for your family upon your death.
- Policy premiums are payable during the life of the insured person.
- The coverage will remain in effect as long as premium payments are paid when due, and cash value loans, if available, are repaid.
- Additional coverage benefits may be available when you purchase a policy, such as Accidental Death and Child Coverage.
- It helps pay for expenses that occur upon your untimely death.
- These policies are not tied to a funeral plan and do not lock-in the cost of any funeral goods and services. However, they can provide an insurance benefit that is potentially more than the funeral costs.
- After your death, your family will receive a death benefit amount to help them pay for the funeral and other final expenses, as needed.
- Life insurance policy benefits are usually distributed tax-free to the beneficiaries, to be spent as needed.
Our Whole Life Insurance Products include:
Full Benefit Life Insurance With Cash Value – This policy provides a level amount of life insurance coverage plus a cash value component that you can borrow for life’s emergencies. This product is available for people in good health. (Unrepaid loans will lower the amount of death benefit paid.)
Full Benefit Life Insurance – No Cash Value – This policy provides a level amount of life insurance coverage with lower premiums than for a Cash Value insurance product. This product is available for people in good health.
Graded Benefit Life Insurance – No Cash Value – This policy provides a reduced amount of life insurance coverage that increases incrementally during the first two years. At the end of two years with the policy in full force, the full benefit will be paid out upon death of the insured. This product is available for people in poor to moderate health.
As with most insurance policies, our whole life application uses a simple health assessment to determine the right product for you. Insurance policies contain limitations and conditions, so be sure to review your policy language carefully. Ask your Texas Service Life insurance agent for more details or answers to any questions. To keep any policy in force, your premiums will need to be paid as scheduled.