Loading ...Family Protection Life Insurance is a unique product that offers affordable life insurance protection for the entire family under one policy. The policy covers two adults. The premium is guaranteed level for the first 10 years and increases annually after that.
Like all term life insurance policies, Family Protection Insurance offers pure insurance protection. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends. Family Protection Life Insurance allows $10,000 coverage for each child at no additional cost. It also can be converted to permanent insurance. Policyowners have the option to increase or decrease the face amount in increments of $50,000 according to policy guidelines.
Family Protection Insurance can be issued for adults age 18 to 50. The policy expires in all states at age 90 of the older or remaining adult insured (age 80 in New York).
Family Protection Life Insurance Quick Hits:
- A joint-life term life insurance policy
- Offers pure insurance protection for the whole family
- It does not build cash value, nor is it eligible for dividends
- Minimum face amount $100,000 per adult insured
- Issued in increments of $50,000 only
- Maximum face amount $500,000 per adult
- Premium guaranteed level for first 10 years
- Premiums increase annually beginning on 10th policy anniversary
- Needs change and families grow. A Family Protection Life Insurance policy is one that includes $10,000 in coverage for each child ages 15 days to 17 years at no additional cost — including children yet to be born
- Need to change to permanent life insurance while locking in a premium guaranteed to remain level for the first 10 years; Premiums increase annually beginning on the 10th policy anniversary.
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