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Lutheran Brotherhood - Life Insurance

"From Me to We": Lutheran Brotherhood Financial Vows

Just as a couple vows to honor and cherish each other, it is also important for them to commit to caring for their finances. Here are three important promises that you and your spouse can make to help you build a financially successful relationship: Lutheran Brotherhood promise to …
  • Discuss their financial philosophies. The key is awareness of each other’s attitudes and where those feelings come from. The patterns couples choose to follow in their financial decision-making do not have to be their parents’ patterns, but if that is the path new couples choose to follow, it should be because of a conscious decision.
  • Help distinguish their dreams and goals as achievements or specific activities rather than purely financial aims. For example, good communication on financial issues can result in giving back to a cause important to them.
  • Commit to a plan of action and to take advantage of the resources available to help Lutheran Brotherhood stay on their path. For instance, they can consider the help of a financial services professional or private retreats during which they can develop or update their plan.

Lutheran Brotherhood - Term Life

What is term life insurance?
Term life insurance is a low-cost way to obtain temporary protection against the possibility of dying prematurely. The lower premiums make term insurance popular. However, premiums usually increase as you age. People buy it when they feel their need for life insurance is temporary -- for a specified "term."

How do I select the right term insurance for my family?
There are many term insurance products in the marketplace. You want a contract that will:

  • Provide you with a good benefit at a low cost for the period you need it.
  • Offer convertibility to permanent life insurance if your needs change.

To be sure you are purchasing the best contract for your family, first you need to decide:

  • How much insurance do you need?
  • How many years will you need it?
  • What can you afford to spend on premiums?
  • Then ask your district representative:
    • Will the premium stay level or increase in future years? Is the premium guaranteed? For how long?
    • If the premium guarantee is for a limited number of years, what will happen when that guarantee period ends? Will the insurance coverage end? Will I need to prove I’m in good health to renew it?
    • Does the term insurance contract allow me to convert to permanent insurance? Will I be able to choose any permanent contract the company offers or are there "conditions" I must meet?

Term life insurance products
(Not available in all states) Lutheran Brotherhood offers two different types of term life insurance:

  • Level Term Life Insurance
  • Annual Renewable Term
Remember that term life insurance does not build up cash value. It is strictly for protecting the people you love and care for against the financial consequences of your death.


Lutheran Brotherhood - Level Term Life Insurance

Level Term Life Insurance by Lutheran Brotherhood can provide a high-quality, low-cost life insurance solution if you:

  • Need life insurance for a limited period of time.
  • Need affordable life insurance premiums that are guaranteed to remain level for the time period you select from the options available.
  • Need the ability to convert to permanent life insurance later.
Lutheran Brotherhood offers three Level Term Life Insurance plans to meet your needs and budget:
  • Term 10/10
    • Premiums guaranteed level for first 10 years
    • Conversion available during first 10 years.
    • Conditional Exchange available on 10th anniversary.
  • Term 20/10
    • Premiums scheduled level for first 20 years.
    • Premiums guaranteed level for first 10 years.
    • Conversion available during first 20 years.
    • Conditional Exchange available on 20th anniversary.
  • Term 20/20
    • Premiums guaranteed level for first 20 years.
    • Conversion available during first 20 years.
    • Conditional Exchange available on 20th anniversary.

Lutheran Brotherhood - Annual Renewable

Annual Renewable Term (ART)
ART is a low-cost solution for people who need temporary insurance coverage. Premiums usually increase each year. The older you get, the more likely you are to die, so the premium goes up accordingly. You can choose to renew the contract annually, up to age 100. (In New York, renewable to age 80.)

Key features of ART:

  • Cannot be cancelled. Once you have the contract, your ART policy cannot be cancelled as long as you pay the scheduled premiums.
  • Convertibility. If you decide later that you want permanent life insurance, you can convert to permanent at any time -- until age 75 -- without having to show evidence of good health.

Lutheran Brotherhood - Permanent Life

What is permanent life insurance?
Permanent life insurance is, well, permanent. Choose permanent if you want your life insurance to last as long as you live and provide a death benefit when you die, no matter how far in the future that may be.

You can purchase a permanent life insurance contract that absolutely guarantees that if you pay the designated premiums, the insurance company will pay the stated death benefit.* It doesn't matter if interest rates decline, if the company experiences higher expenses or has a dramatic increase in claims. The death benefit will be paid when you die--even if you live to be 200 years old.

Permanent life insurance is also flexible. Some contracts allow you to pay a lower premium by assuming some of the financial risk yourself. For example, if you believe that interest rates will stay about the same as they are now, you can purchase a contract with a premium that is calculated using current interest rates. In this instance, the risk to you comes if the interest rates decline dramatically. You may need to increase your premium payments in the future.

Permanent life insurance does more than just provide a death benefit. It also builds cash value.

Cash value is funds that accumulate within your life insurance contract. They can serve as part of your savings for retirement or other goals. Or, you can take out a loan, borrowing against the cash value in your contract to help with expenses, such as college education.* One big advantage of permanent life insurance is that under current tax law, you pay no income tax on the cash value growth inside your contract. This is known as "tax-deferred" growth.

* Loans and withdrawals will decrease your cash value and death benefit. Withdrawals may create income tax liability and may be subject to a charge.

How do I select permanent life for my family?
There are many types of permanent insurance products in the marketplace. Very few people buy permanent life insurance without the assistance of a professional insurance agent. Your Lutheran Brotherhood district representative understands the features of permanent life insurance and can explain why a certain type of contract may best suit your situation.

Before meeting with a representative, consider your personal situation:

  • How much insurance do you need?
  • What can you afford to spend on premiums?
  • How long will you need coverage--until retirement or beyond?
  • Do you want to control how the cash value is invested?
  • Should both you and your spouse be covered? What about the children?
  • You may want a contract that has additional features, such as:
    • Optional Waiver of Premium that pays your premium if you become disabled.
    • Living Benefits that allow you to access your death benefit while living if you become terminally ill or need permanent nursing home confinement. (In New York and South Dakota, a nursing home stay is not a qualifying event for this benefit.)
    • Cost of Living Benefits that provide annual automatic increases in insurance protection to correspond to increases in the Consumer Price Index--without proof of good health. (Available for Universal Life and Variable Universal Life only)
    • Guaranteed Purchase/Increase Option that allows you to make periodic increases in your life insurance protection even if your health has worsened.
    • Accidental Death Benefit that pays an additional amount if death is due to an accident.

Permanent life insurance products

  • Traditional Whole Life
  • Universal Life
  • Variable Universal Life





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