GermaniaLIFE life insuance

Texas Whole Life Insurance from GermaniaLIFE

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Life insurance that works for you.

Whole life insurance is a type of policy that provides coverage for the entire lifetime of the policyholder, as long as the premiums are paid. Whole life insurance is a type of permanent life insurance and is often appropriate for insuring children or for those preparing for final expenses. Whole life insurance policies also have a cash value component that grows over time and can be borrowed against or used to pay premiums.

GermaniaLIFE offers a number of different Whole Life insurance products for a variety of needs.

 

Whole life coverage provides lifelong coverage, meaning that it pays out a death benefit to your beneficiaries regardless of when you pass away. Additionally, it accumulates cash value over time that you can borrow against or withdraw from, providing a source of savings and potential income.

The cash value also grows tax-deferred, meaning you won’t pay taxes on the growth until you withdraw it. Whole life insurance can also offer estate planning benefits, such as providing liquidity to pay estate taxes or leaving a legacy for future generations. Finally whole life premiums are typically fixed, meaning that you won’t have to worry about premiums increasing as you age or your health declines.

  • Parents: Whole life policies can provide a source of financial support for children or other dependents if the policyholder passes away.
  • Business owners: Business owners can use whole life policies to fund buy-sell agreements or to provide key person coverage.
  • High net worth individuals: Whole life policies can be used as a tool for estate planning and to transfer wealth to heirs
  • Those with dependents: Whole life policies can provide ongoing financial support for dependents that does not expire as long as premiums are paid.
  • Those seeking cash value growth: Whole life policies build cash value over time, which can be used for retirement income, emergencies, or other needs.
  • Individuals with a history or health issues: Whole life policies can be easier to obtain for those with health issues compared to term life policies, and whole life guarantees coverage no matter what health changes occur as long as premiums are paid.
  • Seniors: Whole life policies can provide a source of supplemental income or be used to pay for final expenses.

Economy Whole Life Product Features

  • Permanent whole life insurance
  • Guaranteed level premium
  • Guaranteed level death benefit to age 121
  • Guaranteed cash value to age 121
  • Non-participating

Participating whole life insurance is a type of life insurance policy that provides coverage for the entirety of the policyholders’ life, as long as premiums are paid.

The term “participating” refers to the fact that the policyholders are eligible to receive dividends from the insurance company based on the company’s financial performance. These dividends are not guaranteed, but typically are paid out annually and can be used to reduce future premium payments or to increase the death benefit of the policy.

  • Individuals who want to leave inheritance: Participating whole life policies offer a death benefit that can be paid out to the policyholder’s beneficiaries after their passing. This can be an attractive option for those who want to leave a financial legacy to their loved ones.
  • Families with children: Whole life insurance policies can provide financial security for families with children in the event of the policyholder’s death. The death benefit can be used to pay for expenses such as college tuition or other costs associated with raising children.
  • Business owners: Whole life policies can provide key person coverage for business owners, which can help protect the business in the event of the death of a key employee. Whole life policies can also be used to fund buy-sell agreements between business owners.
  • High net worth individuals: Whole life insurance policies can be an effective estate planning tool for high-net-worth individuals. The death benefit can be used to pay estate taxes or to provide liquidity to an estate. Rising death benefits of participating whole life policies make this an attractive policy for estate planning.
  • Individuals seeking locked in premiums: While participating whole life policies often pay non-guaranteed dividend payments, the premiums of all participating whole life policies are locked in from the date the policy is effective. Insureds will not have to worry about premium increases later in life or when their health may have declined.

Participating Whole Life Product Features

  • Guaranteed cash value to age 121
  • Guaranteed level premium
  • Non-Guaranteed Dividend Options Available

Single premium life insurance is a type of whole life insurance that requires only one initial premium to fund the coverage. Single premium participating whole life coverage also provides a non-guaranteed dividend payout annually based on the company’s financial stability.  The primary benefit of a single premium life insurance policy is that the insured does not have to worry about paying regular premiums into the policy.

  • Individuals who have a large sum of money and want to invest in a policy that provides both death benefit protection and a cash value component.
  • Those who have a high net worth and want to use life insurance as a tool for estate planning or to leave a legacy for their beneficiaries.
  • Parents or grandparents who want to create a guaranteed source of income for their children or grandchildren’s education.
  • Retirees who have a lump sum of money from a retirement account or pension and want to use life insurance to supplement their retirement income or leave a legacy for their beneficiaries.
  • Individuals who have a high tax liability and want to use life insurance as a tax-deferred investment vehicle.
  • Those who want to avoid the hassle of making premium payments and prefer to pay a lump sum upfront.

Single Premium Participating Whole Life Product Features

  • Paid up with one payment
  • Benefits starting at $5,000
  • Available to apply from age 0-80
  • Guaranteed cash value to age 121
  • Non-Guaranteed Dividend Options Available

Paid up life insurance is a type of life insurance policy that allows the policy holder to stop making premium payments after a set number of years, at which time the policy would be considered paid in full. 

  • Parents or grandparents who want to provide lifetime coverage for their children or grandchildren without requiring future premium payments.
  • Parents of young children who want to lock in low-cost whole life coverage for their children and have the policy fully paid for by the time they leave for college or leave the household.
  • Retirees who are planning for their future and planning for final expenses. Having a limited pay period policy allows for the freedom of having coverage without having to pay for the rest of their life.
  • Young adults who are seeking guaranteed life insurance coverage, who also see the advantage of paying the coverage off in a limited number of years, while still having the investment benefits of the cash value growth.

10 & 20 Pay Whole Life Product Features

  • Guaranteed cash value to age 121
  • Guaranteed level premium for a limited period of time
  • Guaranteed level death benefit to age 121

Juvenile life insurance is a type of life insurance policy designed to provide coverage for children. It typically provides death benefit to the beneficiary in the event that the insured child passes away while the policy is in force.

  • Parents or grandparents who want to create a guaranteed source of income for their children or grandchildren’s education.
  • Parents or grandparents who seek limited premium pay period life insurance, that will be paid for before the child reaches adulthood.
  • Loved ones that want to provide future insurability to the child. The guaranteed insurability rider built into the juvenile 10 pay whole life allows the insured to take out additional coverage at specific ages later in life without the need for underwriting.
  • Parents or grandparents who want to give a gift of legacy and financial security to a child, which will generate a cash value and provide them financial security throughout their future.

Juvenile 10 Pay Whole Life Product Features

  • 10-Year guaranteed level premium period
  • Guaranteed cash value to age 121
  • $15,000 or $25,000 face amount
  • Guaranteed Insurability Included – Provides the insured 5 opportunities to increase the total death benefit

The Prime Life product is designed for individuals who are more mature and who may be looking to plan for final years of life.

  • Individuals aged 55 or older who are seeking a smaller amount of whole life coverage.
  • The death benefit is offered from $3,000 to a maximum of $25,000, so the product is designed to offer insured’s enough money to cover final medical costs, funeral costs or any small debts that may be remaining at their end of life.
  • In some instances, adult children will take this type of coverage out on their aging parents so that they can ensure that there are funds available for funeral costs.
  • With a guaranteed premium and death benefit, this product provides peace of mind for individuals who do not want to leave a burden for their family members upon their passing.

Prime Life I & II Product Features

  • Guaranteed level premium
  • Guaranteed cash value to age 121
  • Simplified underwriting
  • Issue age: 50-85
  • $3,000 to $25,000
  • Graded Death Benefit Options Available for Health Impaired Applicants