Whole Life Insurance
|Many credit union members have chosen The Family Security Plan® Whole Life Insurance* program because it offers the flexibility to meet a variety of personal needs. This program enables the member to purchase individual permanent life insurance and gain valuable protection.
Our trained and licensed representatives provide the member with one-on-one insurance counseling to ensure that they get the facts they need to make an informed decision. The member chooses the benefit amount and premium payment that fits their paycheck and their lifestyle. With this plan, the member owns the policy and can keep coverage in force should they retire or change jobs.
*Policy Form #2093
- Immediate, Permanent Insurance Protection
Coverage begins as soon as member signs the application and continues after retirement with no increase in premiums.
- Easy Participation
A complete application and payroll deduction card is all that is necessary for approval. Physical examinations are not required*.
- Flexible Benefits and Affordable Rates
The member chooses the benefit amount right for them and their family. Individual policies may be purchased for as little as $3/week.
- Contingent Guaranteed Issue
Up to $110,000 of coverage available for member.
- Family Coverage
Coverage is available for eligible member, spouse, children
- Living Benefits Rider
This policy includes a living benefit rider for terminal illness. Should the member be diagnosed as terminally ill, he/she may access up to 75% of the policy's death benefit.
- Conditional Insurance Rider
This rider automatically provides the policy owner with additional insurance protection on the first and second anniversary dates of the original policy.
- Disability Premium Waiver
Premiums are waived if the member becomes totally disabled for the period specified in the policy before age 60. This benefit is available through issue age 55.
- Builds Cash Value
Cash value accumulates on a tax-deferred basis.
Premiums paid through payroll deduction.
Should the member leave their present job or retire, the policy goes
with them. The member owns the policy.
Security Mutual Life Insurance Company of New York has been protecting families since 1887.
*The issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.