Life Insurance, The Gift That Keeps on Giving

With the holiday season fast approaching, it is a good time to reflect on what we are thankful for. As I take a moment, I know that I am thankful for my family, grandkids and all, my friends, my health, and I am also thankful that I am lucky enough to work for GCU, a Fraternal Benefit Society. Yes, GCU offers Life Insurance and Annuities, but we are so much more than that. We have members whose families have been part of GCU for 3 or 4 generations, some families even longer. They have stayed with GCU because they know that we will be here when they need us the most.

Let’s talk about how life insurance can be the “Gift that keeps living.”

GCU offers two different whole life insurance policies that allow you to add a special rider. The two policies are the GCU Legacy Advantage and the Legacy Advantage 20. To keep things simple, I will use Legacy Advantage 20 to make my point.

Let’s assume that grandparents want to buy life insurance for their 2-year-old grandson. The annual premium for a $25,000 policy is $205. Because they selected the Legacy Advantage 20, the policy will be paid up in 20 years, when their grandson turns 22. They also decided to add a Guaranteed Insurability Option rider to the policy, which increased the cost of the policy by $10 more per year. This rider will allow the grandson to get additional insurance several times during his lifetime, regardless of his health. His first opportunity to get more insurance is at age 22. So, he gets another $25,000 policy that costs him $335 per year! He now has $50,000 in total coverage. This new policy also is paid up in 20 years. He can also purchase more insurance at the following ages, 25, 28, 31, 34, 37 and 40. All once again because of the Guaranteed Insurability Rider. He can also use the rider if he gets married or has children.

If the grandson uses the rider to purchase more coverage 2 more times, he will have $100,000 of whole life coverage all without needing to prove insurability. He has a great life insurance plan in place, all because of the wisdom of his grandparents. They gave him a gift that will keep on giving even long after they are gone. This holiday season, think about the gift of life insurance.

Jeff Long | Sales Director