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Federal Life Insurance Company (Mutual) |
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Term Life Insurance
Advantages
- Coverage is for a specified period of time
- Premiums are generally less expensive than whole life & universal life
- Some plans have a renewablePolicyholder has the option to renew a life policy (without evidence of insurability) at the end of its term for an additional period of time at a specified premium. and/or convertiblePolicyholder has the option to convert to a permanent form of insurance (whole life/universal life) without evidence of insurability. feature
- Both level death benefit and decreasing death benefit (good for covering loans, especially mortgages) plans are available
- Death benefit is generally received Federal income tax free
MONEY BACK SERIES
Our Money Back Series plans include the added feature of a complete return of all premiums paid if the plan is held until the end of the benefit term. If the plan is surrendered prior to the end of the term, a pro-rated share of premiums will be returned. Click here for Return of Premium Benefit Chart.- Level death benefit
- Complete return of all premiums paid if policy is held for 20 years; otherwise, a pro-rated share will be returned - Return of Premium Benefit Chart
- Accelerated Death Benefit FeatureAn early benefit payment of up to 50% of the plan face amount, up to a maximum of $250,000, in the event that the insured is diagnosed with a terminal illness with a life expectancy of less than one year. (No extra charge.)
- Premiums level for 20 years, then increase annually
- Premium rates are guaranteed for the first ten years
- Issues Ages: 20 - 55
- Renewable to age 95, Convertible to age 65
- Optional Benefits/Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Disability Income RiderProvides protection from loss of earned income due to total disability. This rider is issued at ages 20 to 55 (age nearest birthday). The elimination period is 90 days and the maximum benefit period is 24 months. The maximum monthly benefit is $2,000. This rider is renewable to age 60. The rider will be issued either occupational or non-occupational (no benefits payable for disabilities covered by Occupational Disease Laws, Worker's Compensation or similar state or federal laws). This rider is only available when the base policy is issued (it cannot be added later).
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
- Level death benefit
- Complete return of all premiums paid if policy is held for 30 years; otherwise, a pro-rated share will be returned - Return of Premium Benefit Chart
- Accelerated Death Benefit FeatureAn early benefit payment of up to 50% of the plan face amount, up to a maximum of $250,000, in the event that the insured is diagnosed with a terminal illness with a life expectancy of less than one year. (No extra charge.)
- Premiums level for 30 years, then increase annually
- Premium rates are guaranteed for the first ten years
- Issue Ages: 20 - 55
- Renewable to age 95, Convertible to age 65
- Optional Benefits/Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Disability Income RiderProvides protection from loss of earned income due to total disability. This rider is issued at ages 20 to 55 (age nearest birthday). The elimination period is 90 days and the maximum benefit period is 24 months. The maximum monthly benefit is $2,000. This rider is renewable to age 60. The rider will be issued either occupational or non-occupational (no benefits payable for disabilities covered by Occupational Disease Laws, Worker's Compensation or similar state or federal laws). This rider is only available when the base policy is issued (it cannot be added later).
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
- Benefit Terms: 15, 20, 25, or 30 years
- Death benefit amount tracks your mortgage amortization schedule
- Joint lifeA policy that covers two individuals and pays a death benefit if either one dies. If both insureds die within 90 days of each other, the death benefit will be paid with respect to each insured. coverage available
- Level premiums
- Issue ages:
- Optional Benefits/Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Money Back RiderProvides a complete return of all premiums paid if the base plan to which it is attached is held until the end of the benefit term. If the base policy is surrendered prior to the end of the term, a pro-rated share of premium will be returned.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
| BENEFIT TERM | ||||
| 15 Year | 20 Year | 25 Year | 30 Year | |
| Age 15 to | 60 | 60 | 55 | 50 |
TERM
Our term plans generally offer the largest insurance protection for your premium dollar.- Issue ages: 15 - 70
- Two options for premiums and death benefit amounts:
- Option A: death benefit amount stays level, premiums increase each year
- Option B: premiums stay level, death benefit amount decreases each year
- Renewable to age 80, Convertible to age 65
- Optional Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
- Issue ages: 15 - 70
- Level death benefit
- Renewable to age 80, Convertible to age 65
- Scheduled premiums are level for first 5 years, then increase in year 6 and are level at the new rate for years 6 -10. This schedule of premiums increasing every five years continues as long as the policy is in force.
- Optional Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
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The Level Term Series has four different plans: a 10 Year Plan, 15 Year Plan, 20 Year Plan and 30 Year Plan.
- Issue ages:
- Level death benefit
- Renewable to age 95, Convertible to age 65 or the 15th policy anniversary, whichever is earlier
- Premiums
10 Year Plan: Premiums are scheduled to increase every 10 years to age 80, then renew annually; premiums are guaranteed for first 5 years.
15 Year Plan: Premiums are scheduled to be level for first 15 years and are guaranteed for first 7 years.
20 Year Plan: Premiums are scheduled to be level for first 20 years and are guaranteed for first 10 years.
30 Year Plan: Premiums are scheduled to be level for first 30 years and are guaranteed for first 15 years.
- Optional Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
| PLANS | ||||
| 10 Year | 15 Year | 20 Year | 30 Year | |
| Age 20 to | 70 | 65 | 60 | 55 |
MORTGAGE TERM
Our mortgage term plans are especially designed to pay off your outstanding mortgage balance.- Benefit Terms: 15, 20, 25, or 30 years
- Death benefit decreases to approximate your declining mortgage loan balance
- Joint lifeA policy that covers two individuals and pays a death benefit if either one dies. If both insureds die within 90 days of each other, the death benefit will be paid with respect to each insured. coverage available
- Level premiums
- Issue ages:
- Optional Benefits/Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Money Back RiderProvides a complete return of all premiums paid if the base plan to which it is attached is held until the end of the benefit term. If the base policy is surrendered prior to the end of the term, a pro-rated share of premium will be returned.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
| BENEFIT TERMS | ||||
| 15 Year | 20 Year | 25 Year | 30 Year | |
| Age 15 to | 60 | 60 | 55 | 50 |
- Decreasing Death Benefit that can equal the declining unpaid balance of a 30 year mortgage
- Premiums scheduled to be level for first 10 years and increase every 10 years
- Joint lifeA policy that covers two individuals and pays a death benefit if either one dies. If both insureds die within 90 days of each other, the death benefit will be paid with respect to each insured. coverage available
- Issue ages: 15 - 70
- Renewable to age 80, Convertible to age 65
- Optional Benefits/Riders
- Accidental Death Benefit Provides level protection for accidental death that occurs within 90 days after an injury. Coverage is provided to age 70 or plan termination if earlier. This benefit can be selected to cover one or both insureds on a joint plan.
- Children's Term Rider Provides level term coverage on each child of the insured. Coverage begins for each child at age 7 days and ends when the child reaches age 23 or the insured reaches age 65. When coverage ends, the child may convert to a level premium, permanent policy for an amount not to exceed five times the amount of insurance on the child covered by this rider.
- Waiver of Premium Provides that in the event of total disability before age 60, after a waiting period of 6 months, the premiums on the plan will be waived retroactively from the beginning of such disability and will continue to be waived during the continuance of total disability.
Note: Except for specific premium guarantees stated in the plan descriptions, our term plans have indeterminate premiums. This means the scheduled premium can be changed (no more than once a year). However, premiums can never be higher than the guaranteed maximum premiums.
The information presented herein is not a complete description of Federal Life's products. For more information, including whether or not a product is approved for sale in your state, please contact a Federal Life representative.
Click here to speak to an agent about any Federal Life plan.
| Telephone (800) 233-3750 | |
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