Whole Life Insurance

Whole life insurance provides dependable, lifelong insurance coverage that may:

  • Allow your family to continue on in their accustomed lifestyle after your death
  • Help your children pay for college if you're not there
  • Assist your spouse in making the mortgage payment when you're gone
  • Pay off funeral expenses

If you're the kind of person who likes predictability over time, whole life insurance might be right for you. 

  • Guaranteed amount of death benefit
  • Guaranteed rate of return on your cash values
  • Level premium that is guaranteed to never increase for life
  • Opportunity to earn dividends
     

Pure Valuetm Whole Life: Low-cost, permanent insurance

  • Guaranteed low premiums
  • Guaranteed level premiums
  • Guaranteed cash values

Optional features

There are optional features which may be added to the basic whole life policy that provide additional insurance coverage and policy benefits.

  • Children’s Term Rider – Provides term coverage on the lives of the insured’s children
  • Waiver of Premium – A benefit that provides for the premiums to be paid by Catholic Knights during a period in which the primary insured has a qualifying total disability.
  • Guaranteed Insurability Rider – Guarantees the primary insured the right to purchase additional insurance at specific times without evidence of insurability.
  • Juvenile Purchase Option – Automatically included at no charge on all contracts issued for youths up to age 15. This benefit allows the insured to purchase up to $50,000 if additional permanent coverage at age 23 without evidence of insurability.
  • Level20 Term Rider – Added to your permanent plan for yourself or for your spouse, this rider features additional term coverage, with a death benefit and a premium that remain level for 20 years. During this time, this term coverage rider can be converted to additional permanent coverage without evidence of insurability.

Advantages and Disadvantages

As with all insurance products, whole life insurance has both advantages and disadvantages. 

Advantages:

  • Permanent, lifetime insurance coverage
  • Premiums that are guaranteed never to increase
  • A tax-deferred build-up of cash within your certificate, known as cash value.
  • Every year your policy may be eligible for a dividend.

Disadvantages

  • More expensive than term life insurance
  • Less flexible than universal life insurance

 

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