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Whole life insurance offers a unique combination of guaranteed death benefit protection, guaranteed cash value accumulation, and guaranteed level premiums over a lifetime. Plus, generally available tax advantages that provide an effective and powerful financial resource, such as:
Premiums are guaranteed not to increase even as you grow older or your health declines. The premium you pay today will be the same premium you pay in later years.
When you purchase a whole life policy, you are helping to ensure insurance protection for your entire life. As long as premiums are paid and policy loans do not exceed the total cash value, your coverage cannot be terminated, even if you become uninsurable later in life.
Your policy is designed to gradually build cash value each year on a tax deferred basis. During your lifetime, the cash value can be accessed as a policy loan to help fund a major purchase, supplement your retirement income, or simply in times of emergency or a special need. Accessing your cash value will, however, reduce your death benefit.
Your policy may earn a dividend that can be used in the following ways:
Everyone is different and therefore has different needs. That’s why Lafayette Life has created several supplemental riders that can be added to your policy to help meet those needs. Adding a rider to your policy may require additional premium.
There are six different whole life policies in this series, each with different benefits:
Heritage 15 (ICC14 LL-01 1404) is designed for those who want simple, competitively priced permanent life insurance with low, guaranteed premiums, guaranteed cash values and a guaranteed death benefit.
Contender 15 (ICC14 LL-01 1404) provides an excellent balance of death benefit protection and cash value accumulation.
Patriot 15 (ICC14 LL-01 1404) is a limited payment policy with early cash value growth and accumulation.
Sentinel 15 (ICC14 LL-01 1404) is a limited payment policy designed for early cash value accumulation.
The 10 Pay Whole Life (ICC14 LL-01 1404) is a limited premium payment policy that offers a lifetime of protection, and is designed to be paid up after 10 years of level annual premiums.
Liberty 15 (ICC14 LL-02 1408) is a single premium whole life insurance policy designed for those who prefer to pay for coverage in one lump sum premium.
1 Loans and withdrawals will reduce the death benefit if not repaid. Always consult an attorney or tax advisor regarding your specific legal or tax situation.
2 Subject to the terms of the policy, including payment of the required premiums, suicide exclusion, contestable provision and loan provision.
3 Dividends are not guaranteed and may be changed by the company at any time.
Life insurance products are issued and guaranteed by The Lafayette Life Insurance Company, Cincinnati, Ohio. Guarantees are based on the claims-paying ability of the company. The Lafayette Life Insurance Company operates in D.C. and all states except AK and NY, and is a member of Western & Southern Financial Group, Inc. Product approval, availability and features may vary by state. The Lafayette Life Insurance Company and its agents do not offer legal or tax advice. The information contained herein is general in nature and for informational purposes only. Always consult an attorney or tax advisor regarding your specific legal or tax situation.