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Life Insurance

Term Life Insurance

There may be times when you need temporary additional Life Insurance coverage. This temporary need may be for 5 years, 10 years, 20 years or as long as 30 years. Wouldn’t it be great if you could add this coverage at an affordable cost that may never increase? Whether for family or business needs, Term Life Insurance may be the right product to meet your needs.

Term Life insurance provides coverage that remains level and, guaranteed to remain the same for as long as you need the coverage. What’s more, this plan is very affordable. Premiums are subject to change at the end of the guarantee period.

Family Needs
Level Term Life insurance coverage can help safeguard your family’s financial security by providing a death benefit that can be used to:

* Pay off a mortgage balance Help fund a child’s college education
* Provide family income
* Pay off personal debts
* Pay final expenses

Business Needs
Term Life insurance coverage can be used to meet a variety of business life insurance needs. Some of these needs may include:
* Key Person coverage Security for a business loan
* Funding for a buy/ sell agreement
* Low-cost optional employment benefit

Accelerated Death Benefit Rider
This Rider is included with your policy at no charge. If you are diagnosed with a specified terminal illness while your policy is in-force, this rider gives you the option to request payment of a portion of the policy’s death benefit. The amount available will vary and will be calculated by the insurance company New World Life at the time of the request.

Optional Riders and Benefits
For an additional cost, these riders and benefits may be added to tailor your Term Life insurance policy to fit your special circumstances.
* Waiver of Premium
* Accidental Death Benefit
* Children’s Rider

Deposit Fund
This optional side fund may be used to build cash reserves for the future. The minimum payment is $25. Interest is compounded annually, and the fund earns a competitive current interest rate. Withdrawals from the fund do not affect the policy’s death benefit.

Flexible Universal Life Insurance


The Flexible Universal Life policy offers you all the advantages of a flexible Life insurance policy coupled with a cash Accumulation Account which earns a competitive interest rate.

It is designed to meet a variety of your current and future Life insurance and cash accumulation needs, from mortgage protection to retirement planning.

Because of its unique flexibility, you can readily adjust your coverage as your circumstances change.

Flexible Universal Life can provide:

* Tax-deferred cash accumulation
* Lifetime security for you and your family
* Flexible premiums
* Flexible benefits

Flexible Universal Life is designed to meet your changing needs during an entire lifetime. This simple, comprehensive, flexible policy can serve your insurance and cash accumulation needs throughout all your years. You can “program” Flexible Universal Life “as you go”.

Unlike most insurance programs, with Flexible Universal Life you decide when – and how much – to pay toward your insurance program, within broad limits.

Your coverage continues as long as the policy has sufficient cash accumulation to pay the cost of insurance (including fees and insurance charges).

Your first premium payment will start your policy and establish its Accumulation Account.

This account (minus initial charges) immediately begins earning at a competitive current interest rate. While the current rate is not guaranteed, the account is guaranteed to earn at a minimum 3 percent.

After your Accumulation Account is set up, the cost of insurance is deducted from the account each month – automatically!

You specify the amounts and type of insurance coverage you need, which can be increased or decreased, within limits. Increases are subject to proof of insurability or size-of-premium requirements.




Increasing Death Benefit - Option A
This coverage adds level pure insurance to the cash accumulation. In the event of your death, your beneficiary will receive the face amount of the coverage plus the entire balance of the Accumulation Account. The monthly amount deducted from your Accumulation Account is adjusted as necessary to continue to provide the insurance coverage you specify.

Level Death Benefit - Option B
You can specify that the total death benefit remains level. This coverage can maximize the cash value available for education, business enterprises or retirement.

Tax-deferred Cash Accumulation
It belongs to you. The growing Accumulation Account is the source of your cash values. You may surrender the policy for the entire cash value, or make partial surrenders for part of the cash value. A surrender charge is deducted during the first nine years.

Based on current tax laws, all interest credited to your account is tax-deferred by the IRS. This means you are not taxed each year, but only when you take cash out. And if you wait until retirement, you may be in a lower tax bracket. In addition, you may use part or all the available cash value to secure a loan.

Disability Waiver Benefit (for adults)
Provides that you insurance will continue (after the waiting period) without further premium payments while you are disabled. (Disability must begin before age 60.)

Monthly Disability Benefit (for adults)
An alternative to the Waiver Benefit, this benefit provides a monthly addition to the Accumulation Account for a disabled insured until age 65. The benefit can be added at a level which not only pays the monthly cost of insurance, but also continues to add to the Accumulation Account (after the waiting period) while you are disabled

Accidental Death Benefit
To plan for the unexpected, this benefit provides up to $300,000 of additional coverage when death is due to an accident.

Additional Insured Rider
Provides convertible, level-term insurance on an additional person until age 70.

Automatic Increase Benefit (for adults)
This benefit is designed to help keep up with inflation by providing automatic basic insurance protection increases of 3 percent of the policy's original death benefit to a maximum of $10,000 each year, without evidence of insurability.

Juvenile Guaranteed Increase Benefit
Guarantees the option to purchase additional insurance by increasing the principal sum in amounts of $10,000 to $25,000, at ages 25,28,31,37 and 40. The next available option may be advanced for the following "life events": college graduation; marriage; birth or adoption of a child; or purchase of a home which will be your primary residence.

Payor Benefits (for juveniles)
Provides that insurance will continue until the child reaches age 25 if the original policy owner dies, or during the disability of the policy owner, without further premium payments.

Children's Insurance Rider
Provides up to $10,000 of coverage on your children to age 22, or until you turn 65, whichever comes first.

Deposit Fund Rider
This optional side fund earns a competitive interest rate. Payments into and withdrawals from the fund do not affect the death benefit.

Whole Life Insurance


Our Whole Life Insurance policy combines the safety of guarantees found in traditional Whole Life insurance plans with the flexibility our One-Year Term and Single Premium riders offer. This creates a dynamic Life policy that can meet a variety of needs:

* Young adults just beginning an insurance program who need a basic plan to build upon
* Families needing Life insurance coverage while saving for a down payment on a home, building funds for their child’s education, or to supplement retirement income.
* Professionals or small businesses needing a large amount of coverage for a limited period of time

Whole Life insurance is a permanent Life insurance plan that offers several guarantees including:

* Level premiums for as long as the policy is in-force
* Level death benefit
* Cash value

What sets Whole Life apart from similar plans is the possibility future premiums could be offset by Excess Credits. An Excess Credit, put simply, is money. Each year, based on our future expectation of investment, mortality and expense experience. Excess Credits may be declared on your policy. (Excess Credits not guaranteed) These Excess Credits belong to you and can be used one of four different ways:

Purchase Paid-Up Additions
A Paid-Up Addition is Life insurance paid in full by the amount of the Excess Credits. Paid-Up Additions have a level death benefits, cash value and earn Excess Credits. Put another way, we may provide the funds for you to buy more insurance. Then, we may provide funds on that insurance to buy even more insurance – without evidence of insurability! You can imagine the compounding effect on your original policy. This option is automatic, unless you request another option.

Paid in Cash
Choosing this option allows you to use the cash however you choose.

Reduce Future Premiums
If you choose this option, the amount of the excess credit will be applied to the premium. Your policy’s death benefit, cash value and excess credits will not increase as rapidly as if you purchase Paid-Up Additions. Instead, your Excess Credits will be used to reduce premiums each year. Eventually, the Excess Credits may become large enough to offset the entire premium due each year.

Add to the Deposit Fund
This option is similar to the second option in that the Excess Credits are not applied to the policy. However, they are not paid directly to you, but instead are paid directly into your Deposit Fund. If there is a loan, it must be paid off before and Excess Credit can be deposited into the Deposit Fund.

Annual Report
Every year, you’ll receive a complete accounting of all of your policy’s activities and transactions. Premiums paid, the cost of your insurance for the year, present cash value, present death benefits, cash surrenders made, policy loans outstanding, charges against the policy, and interest credited will all be clearly shown.

Waiver of Premium
In the event you become disabled, this rider waives all premiums (except Single Premium rider premium) during your total disability. The disability must begin before you are age 60 and last at least six consecutive months. If you add both the Waiver of Premium and the One-Year Term Rider, the premium will increase every year the One-Year Term Rider is in force.

Accidental Death Benefit
If you’re looking to enhance the benefits your loved ones will receive in the event of your death, Accidental Death Benefit coverage provides up to $300,000 of additional coverage upon your accidental death due to most bodily injuries before age 70.

Children’s Rider
You may want to add your children to your policy. This rider will provide level term insurance for your children age 15 to 19 years, as well as any children you may have in the future. The coverage is to child’s age 22 or your age 65, whichever comes first. It may be converted to a permanent plan.

Family Insurance Rider
Family coverage is also available. This rider provides level term insurance on your spouse, plus a monthly income benefit to the surviving family if your spouse dies before age 50. Coverage is until the primary insured’s age 65. The same amount of level term insurance is provided at no additional premium to your children age 15 days to 19 years and all future children you may have. Coverage is to the child’s age 22 or your age 65, whichever comes first. Coverage on spouse and children may be converted to a permanent plan. (Not available if Additional Insured Rider selected.)

Deposit Fund
This optional side fund may be used to build cash reserves for the future. The minimum payment is $25. Interest is compounded annually, and the fund earns a competitive current interest rate. Withdrawals from the fund do not affect the policy’s death benefit.




Contact us for more information on Life Insurance, or submit a quote request today.

This is a general description of coverage and is not a policy contract. The policy itself should be read for your coverages and exclusions. Insurance coverage underwritten by Farmers New World life insurance company.