Whole Life Insurance
Permanent protection that lasts your entire life, with a cash value component that grows over time.
What is Whole Life?
Whole life insurance is a type of permanent life insurance. As long as you pay your premiums, the policy remains active for your entire life. It also includes a savings component called "cash value," which grows tax-deferred over time.
How Does It Work?
Guaranteed Protection
Your death benefit is guaranteed never to decrease.
Fixed Premiums
Your rate is locked in and will never increase.
Cash Value Growth
A portion of your premium goes into a savings account.
Dividends
Many policies earn dividends from the insurer's profits.
Term vs. Whole Life Insurance
Types of Whole Life Policies
Choose the structure that fits your financial strategy.
Participating Policies
These policies pay dividends based on the company's financial performance. Dividends can be taken as cash, used to pay premiums, or used to buy more coverage.
Non-Participating
These policies have fixed costs and benefits but do not pay dividends. They are simpler and often have lower premiums than participating policies.
Single Premium
You pay a large, one-time lump sum premium for a fully paid-up policy. This instantly creates significant cash value and tax-deferred investment growth.
Indeterminate Premium
Premiums may vary year to year based on the insurer's earnings and expense experience, but will never exceed a guaranteed maximum rate stated in the policy.
Who Should Get Whole Life Insurance?
It's an excellent choice for those seeking lifelong security and a conservative investment vehicle.
- Estate Planning Needs
- Parents with lifelong dependents
- High-net-worth individuals
- Those maxing out retirement accounts
Cost Factors
Premiums are determined by:
Pros & Cons of Whole Life
The Pros
- Coverage never expires as long as premiums are paid.
- Cash value grows tax-deferred.
- Premiums are fixed for life.
- Eligible for dividends (participating policies).
The Cons
- Significantly higher premiums than term life.
- Cash value accumulation takes time (years).
- More complex than simple term insurance.
TruStage™ Advantage Whole Life Insurance is issued by MEMBERS Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Approval is based on your answers to the questions on the application and additional information we obtain from other sources. Product and features may vary and not be available in all states. Base Form Numbers: ICC20-WLMLIC & 2020-WLMLIC.
TruStage™ Simplified Issue Term Life Insurance is issued by CMFG Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. This is a term policy to age 80 that has premiums that increase when entering each five-year band: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. Approval is based on your answers to the questions on the application and additional information we obtain from other sources. Rates may be higher due to tobacco use. Product and features may vary and not be available in all states. Base Form Numbers for coverage under 100k: ICC16-A10a-039, A10a-039-2016 & over 100k ICC17-SIT-2, 2017-SIT-2.
TruStage™ Guaranteed Acceptance Whole Life Insurance is issued by CMFG Life Insurance Company. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Death benefit is limited the first 2 years of the policy and is limited to a return of 100% of premiums, plus 10%. Product and features may vary and not be available in all states. Base Form Numbers: ICC16-GAWL & 2016-GAWL.
TAWL2, GAWL, SIT1, SIT2-8658941.1-1225-0128