What is Guaranteed Whole Life Insurance?
Guaranteed Whole life insurance provides coverage for the entire life of the insured and can help lessen the financial burden of final expenses, medical bills and outstanding debt. You will not have to answer any health questions or take a physical exam to apply for coverage—your acceptance is guaranteed.
Is a medical exam required to apply for coverage?
No medical exam is required to apply for coverage. Your acceptance is guaranteed due to a limited death benefit during the first two years.
What are my rates based upon?
Your rates for coverage are based on your age at the time you apply and will not increase once your coverage is in effect.
Can I get coverage if I have pre-existing health conditions?
We understand getting life insurance coverage can sometimes be difficult if you have certain health conditions. With our Guaranteed Whole Life Insurance, you can get valuable protection without medical exams or health questions, so even if you have pre-existing health conditions, your acceptance is guaranteed.
Will my benefits be reduced as I get older or if my health changes?
No, your benefit amount will not decrease as you age or if your health changes. Plus, your coverage can last your entire lifetime1 without an increase in premiums.
How does my policy build cash value?
Your Guaranteed Whole life insurance policy can build cash value that you can access for emergencies or other needs down the road. As you pay your premiums, a portion of that money goes toward your cost of insurance and another portion goes toward your cash value account. Your guaranteed life policy’s cash account can then grow with interest. If would like to access these funds, you’ll be able to take withdrawals in the form of a policy loan from your policy’s cash value.
What is a premium?
The premium is the payment you make for an insurance policy.
What is a beneficiary(ies)?
Your beneficiary(ies) is the person(s) you name in an insurance policy to receive the death benefit.
Are there any age requirements?
Coverage is available for members and their spouses who are in the age range of 45-85.
What if I decide I don’t want my coverage?
You have 30 days from the date you receive your policy to review it. If you decide you don’t want the coverage, all premiums paid will be refunded to you and you’ll be under no further obligation.
Are there any exclusions to my coverage?
Suicide is not covered in the first two years of the coverage. In Colorado, Missouri and North Dakota, suicide is not covered in the first year of coverage. In cases of suicide, benefits are limited to a return of premiums paid without interest.
1 Coverage is guaranteed to remain in force as long as the required premiums are paid.
Policies are underwritten and issued by The Union Labor Life Insurance Company, Silver Spring, MD.
If the Policy is surrendered within 30 days following a Policy anniversary, the Cash Surrender Value will not be less than the value at the anniversary date.
This information is only an outline of The Union Labor Life Insurance Company’s Guaranteed Whole Life Insurance features. Once approved for coverage, it is important that you read your Policy of Insurance for the exact benefits, terms and conditions of this insurance plan as benefits, limitations, and exclusions may vary by age and State.