Keeping life insurance affordable
July 10, 2017
People are living longer, which means life insurance is becoming more affordable. On July 10, Gleaner Life Insurance Society relaunched several products with new pricing based on 2017 CSO tables. The new pricing on these products reflects Gleaner’s commitment to helping members affordably protect their loved ones. Read on to learn about the updates to these Gleaner products.
Gleaner Life Term Solutions Plus
Launched in 2013, Gleaner Life Term Solutions help safeguard your dreams with a wide range of term life insurance options. Gleaner Life Term Solutions Plus now offer even more options:
- Gleaner Life Value Term: The most economical term life coverage offered by Gleaner.
- Gleaner Life Family Term: Affordable term life coverage for your whole family.
- Gleaner Life Duration Term: Up to three term life certificates of varying durations, so cost decreases as the need for coverage decreases.
- Gleaner Life Succession Term: Financial security for you and your business partners.
All Gleaner Life Term Solutions feature a 10-year guarantee, while Gleaner Life Value Term, Duration Term and Succession Term now also feature a full guarantee.
Ten-year guarantee: By guaranteeing your premium rate for 10 years, we can offer more affordable coverage than with a full guarantee. We hold to the promise of every Gleaner certificate and plan to keep your premium rate level throughout the length of your term.
Full guarantee: With the full guarantee, you will never have to pay a penny over the premium rate established when you purchase your term life insurance certificate. Premium rates will be higher than with our 10-year guarantee.
Another exciting addition to Gleaner Life Term Solutions Plus is the conversion premium credit. If you convert your term life coverage to permanent life insurance during certain certificate years, Gleaner will credit a portion of premiums paid in the preceding calendar year to the cash value of your new certificate.
Secure Life Plus
Gleaner has completely revamped its classic whole life solution. Secure Life Plus offers all of the benefits of whole life insurance, including cash value, dividends and level premiums. It also offers three ways to fund your whole life insurance certificate, giving you the freedom to select the plan that works best for your financial needs.
Ten-year pay: With 10-year pay, you only pay premiums for the first 10 years of your certificate’s life. This generally results in higher premiums, but it means you will have permanent coverage until age 120 in exchange for the 10-year payment period.
Twenty-year pay: With 20-year pay, you only pay premiums for the first 20 years of your certificate’s life. Premiums will generally be more affordable than 10-year pay but higher than paid up at age 100. Your coverage will be permanent and will remain in force until age 120.
Paid up at age 100: This is the most traditional way of purchasing whole life insurance. Premiums are payable to age 100, but due to the long payment period, premiums will generally be lower than 10- or 20-year pay.
Even more, Secure Life Plus now offers Gleaner’s Living Benefit Riders, allowing you to take an early payout of the certificate’s death benefit in the event of a chronic, critical or terminal illness.
[SIDEBAR/CALL OUT BOX:] Did you know? You can use single-premium whole life insurance to leave a financial gift to a charitable organization of your choosing. Learn more about our newly priced Endurance Life, RMD Life and Legacy Life single-premium whole life products online at www.gleanerlife.org.
Which type of life insurance is right for you?
Visit us online at www.gleanerlife.org to learn about life insurance considerations for every stage of life. You can also contact your licensed Gleaner agent, listed on the back of this publication, or find an agent on our website.
Gleaner Life Term Solutions Plus form number ICC17-LGTERM (10-year guarantee) and ICC17-FGTERM (full guarantee) with state-specific variations; Secure Life Plus form number ICC17-WL with state-specific variations. Gleaner Life Insurance Society is domiciled in Adrian, Michigan, and licensed in AZ, FL, IA, IL, IN, KS, KY, MI, MO, NE, OH, TN and VA.
This article is intended for informational purposes only. It is not intended to recommend a specific product, nor is it intended to provide any legal or professional advice. For information on possible tax implications, you should consult with a legal or tax adviser.