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Prepare for the Unexpected With Whole Life Insurance

Life Insurance
young woman holding coffee walks down stairs to call lafayette life to discuss whole life insurance

Even the best laid plans can change when the unexpected happens. You may find you and your family need extra financial help if you experience a debilitating accident or chronic illness that impedes your ability to work. A solution to ensuring your financial stability and maintaining your quality of life may be as close as your whole life insurance policy from Lafayette Life.

When you think about life insurance, many people may focus strictly on the policy’s death benefit, which is the amount your loved ones receive when you pass away. However, some policies have benefits that allow you to access a portion of your policy’s death benefit while you are still living. These living benefits are available in several ways and for many purposes. 

An accelerated death benefit rider, included on Lafayette Life’s whole life insurance policies at no additional premium (although a fee of up to $250 may be charged for an advance payment), helps you access a portion of your policy’s death benefit if you become terminally or chronically ill or have a medical condition as specified in the rider.1
Living benefits can also be accessed through the standard features of a cash value whole life insurance policy – accumulated cash value and dividends.2,3 You can access these funds through tax-favored policy loans and withdrawals to fund a major purchase, supplement your income or simply provide in times of need.4

Life Insurance Benefits While You Are Living

Often known as a living benefit, an accelerated death benefit rider such as the Accelerated Death Benefit PLUS Rider5 from Lafayette Life, gives you the ability to access a portion of your whole life insurance policy’s death benefit before you pass.  You can use the funds for any purpose — from medical expenses to the vacation of a lifetime.

The combination of a Lafayette Life whole life policy and our Accelerated Death Benefit PLUS Rider can create a flexible planning solution to help prepare you no matter what the future holds. 

A Solution for Life’s Changing Needs

Whole life insurance is designed to address your long-term goals through consistent premiums and guaranteed accumulation of cash value over time. It is one of the few policies where the premiums, cash value and death benefit are guaranteed.6 Whole life insurance requires a higher premium payment, but it delivers many guarantees over other permanent life insurance products. 

The accumulation of cash value and the tax advantages available with a whole life insurance policy from Lafayette Life allow you to enjoy many living benefits. Among them:

  • Guaranteed, tax-deferred cash value accumulation: Your Lafayette Life whole life policy gradually builds cash value each year on a tax deferred basis. During your lifetime, you can access the cash value in times of need. This does, however, reduce your death benefit. 
  • Tax-advantaged policy loans: You may borrow money against your Lafayette Life whole life policy, using the cash value and death benefit as collateral, at any time and for any reason. Uses may include a home purchase, college tuition, business or commercial property investments, a financial emergency or supplemental income in retirement.
  • Dividend payments: You have the potential to receive dividends annually on your Lafayette Life whole life policy. This can increase the value of your policy and the death benefit for your beneficiaries. 

Living benefits are not intended to replace health insurance or long-term care insurance — but they can provide extra help if a terminal or long-term illness strikes.

1 Provided through the Accelerated Death Benefit PLUS Rider (ICC16 LLR-08 1601). Certain medical histories may prevent qualification for the Accelerated Death Benefit PLUS Rider. Insureds who do not qualify for this rider will receive the Accelerated Death Benefit Rider (ICC16 LLR-07 1601). 
2 Dividends are not guaranteed and may be changed by the company at any time. 
3 Dividends are not available on Heritage 2020 or Protector Simplified Issue whole life products.
4 Loans and withdrawals will reduce the death benefit if not repaid. Tax free assumes the policy is not a Modified Endowment Contract, the withdrawals do not exceed cost basis, and the policy does not lapse. Always consult an attorney or tax advisor regarding your specific legal or tax situation. Living benefits paid will reduce the amount payable at death.
5 Not available in California. Not available on Protector Simplified Issue whole life products.
6 Subject to the terms of the policy, including payment of the required premiums, suicide exclusion, contestable provision and loan provision.

Information provided is general and educational in nature. It is not intended to be, and should not be construed as, legal or tax advice. Western & Southern Financial Group and its member companies (“the Company”) does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.