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Insurance
One of the primary purposes of Western Catholic Union is to provide affordable life insurance protection for members and their families. You do not have to be a member to purchase our products, but the purchase of protection will automatically make you a member of our Society as no extra cost to you.
Western Catholic Union has three types of life insurance protection for their members: permanent life insurance, term insurance and single premium whole life insurance.
Just as the cost of renting an apartment usually increases each year, so does the cost of purchasing term insurance that covers you for a specified period of time. The reason for this increase is simple. As you grow older the number of years you will remain living decreases, so the cost of term insurance increases. With permanent insurance, premiums begin higher than term but you save money in the long run, and this will make future planing easier with a predictable level cost.
Permanent Life Insurance gives you confidence:
*Premiums that never increase *Tax Advantages
*Death Benefit *Growth in your cash value
*Access to your cash value
Meet your needs with WCU Whole Life:
*Family coverage *Retirement income funding
*Savings for college education *Estate planning
*Wealth accumulation *Charitable giving
Funding for Business Planning Needs:
*Buy Sell Agreements *Split Dollar arrangements
*Key Person coverage *Executive bonus
*Deferred compensation
Whole Life (Century Life Plus)
Whole Life Builds Equity for you -
Just as home ownership allows you to build up equity, you can build up equity in WCU's Whole Life Certificate in the form of cash value. Your cash value works for you by growing at a guaranteed rate year after year. You will know in advance the guaranteed cash value accumulation and have the peace of mind that is not subject to the fluctuations in interest rates. Should you need it, you have the ability to access your cash value by taking out a low-interest certificate loan.
Best of all, the increases in your cash value accumulate tax-deferred. You'll never pay taxes on this tax-deferred growth unless you take out more cash value than you have paid in premiums. In addition to these advantages, the proceeds of the certificate generally pass income tax free to the beneficiary your select.
20 Pay Life
Just like Whole Life, insurance protection is provided for your lifetime even though premium payments are made for only 20 years. Not all riders may be added to this plan. Eligible riders will terminate at the end of 20 years except for Accidental Death Benefit which terminates at age 70. This policy also has a cash value accumulation which is available to you. Should you need it, you have the ability to access your cash value by taking out a low-interet certificate loan.
Like Whole Life, the increases in your cash value accumulate tax-deferred. You'll never pay taxes on this tax-deferred growth unless you take out more cash value than you have paid in premiums. In addition to these advantages, the proceeds of the certificate generally pass income tax free to the beneficiary your select.
Optional Riders
These riders can be added to a Whole Life Policy:
The following optional riders extend the flexibility of your WCU certificate. Riders added to the 20 Pay Life Plans terminate at the end of the 20 years with the exception of Accidental Death Benefit which extends to age 70. Each rider may not be available in all states.
The Paid-up Additions Rider - Paid-up Life you Select: You have the opportunity to purchase additional permanent life insurance protection that requires no further premiums. The Paid-Up Additions Rider, available with a one-time payment at the time of the application, gives you numerous advantages:
- Increase your insurance coverage
- Enhances cash accumulations on a tax-deferred basis
- Can be used to offset your premium in case of a financial emergency
- Can help shorten the length of your payment period
Waiver of Premium: All premiums (including all riders, except the Paid-Up Additions Rider) are waived during a time of total disability beginning before age 60 and lasting at least six months.
Single Premium Whole Life (Security Life)
Do you have a CD?
Do you have an annuity?
Do you have a mutual fund?
Are you tired of the market swings?
Would you like to earn more on your money?
Would you like to have your estate paid to your heirs tax free?
If you have answered "Yes" to any of these questions, then this single premium life plan is the one for you. Only one premium is paid during the lifetime of the insured. The coverage is fully paid-up for life.
FEATURES:
- Only one premium payment
- Certificate is fully paid-up for life
- Gain high cash values
- Cash values increase annually
In addition to receiving outstanding insurance protection, the member will also be able to enjoy the various fraternal activities sponsored by the Western Catholic Union.
TAX BENEFITS - AN ADDED PLUS*
You can make the most of your funds with these tax advantages under the current tax law:
- Your cash value will accumulate on a tax-deferred basis as long as your certificate is in force.
- Your certificate loans may not be taxed as income as long as your certificate is in force.
- The death benefit paid to a named beneficiary will be income tax free.
CERTIFICATE LOANS - CASH WHEN YOU NEED IT:
For any situation, from emergencies to planned expenses, if you need cash, you can request a loan in accordance with the provisions of your certificate-even the first day your certificate is issued.
*Many of the tax and legal matters discussed in this brochure are complex. You should always rely on a competent tax and legal counsel when making financial decisions. This is an outline of benefits only and not a contract. Details are contained in the certificate issued to each member.
Single Premium Whole Life - Ages 0-14
If you are a parent, grandparent, aunt or uncle (or just a good friend) looking for a new gift idea for a child, consider something that will last a lifetime. Single Premium Whole Life from Western Catholic Union!
You can help secure the financial future of your loved ones with this lasting gift!
Our Single Premium Whole Life Plan is available in different face amounts, and is one of the many products Western Catholic Union has to offer. It is not term insurance, but Whole Life insurance with protection for a life time with a one time payment. The payment can be made at one time or divided into two or four equal payments all due during the first policy year.
10 Year Level Term
This is a 10 year level term plan. The benefit is level and extends for a period of ten years. Premiums are level and are payable for ten years. At the end of each ten year term period, benefits may be renewed for another ten year period at the premium for the then attained age. Benefits expire at age 75. Benefits may be converted to any whole life plan then being offered at the rate for the then attained age, until the final conversion age of 75.
20 Year Level Term
This benefit is level and extends for a period of 20 years. Premiums are level and payable for the entire 20 year period. At the end of the 20 year period, coverage terminates. The plan is not renewable but can be applied for again with regular underwriting requirements. Benefits may be converted to any whole life plan then being offered at the rate of the then attained age until age 75. Issue ages are 15 through 55 with renewal options to age 75. The minimum size certificate if $50,000 fac amount or $150 annual premium, whichever is less.
Term to Age 70
This benefit is level and extends for the period. Premiums are level and payable for the entire period. At the end of the period, the coverage terminates. Benefits may be converted to any whole life plan then being offered at the rate of the then attained age until age 70. Issue ages are 15 through 50 with renewal options to age 70. The minimum size of the certificate is $50,000 face amont or $150 annual premium whichever is less. Return of Premium benefit, both living and death, can be added to this certificate. These benefits can be added separately or together.
The living return of premium rider expires at age 70. If the insured dies during the term period, the death benefit under the term plan is paid. If the insured is still lving at the end of the term period, the maturity benefit is paid. This plan is a Pure Endowment Rider. The maturity benefit will be the sum of all premiums paid for the base plan plus the premiums paid for the attached riders This amount will be applied automatically to purchase paid-up life insurance for whatever amount the proceeds will provide at the then attained age. The insuraed will also have the option of taking cash.
The return of premium at death provides a death benefit equal to the sum of the defined increases, or the return at death of all premiums paid to the date of death. The premiums covered by the benefit are those actually paid, whether premiums were submitted annually or by mode. Premiums for all riders are included in the death benefit. These riders include ADB, Waiver of Premium and Return of Premium if Living Rider.
Newborn Plan
Newborn plan offers almost immediate security for the newborn - from the 15th day after birth and until the child's 25th birthday. WCU's Newborn Child's Plan offers a $5,000 ($25,000 if the parents are members) at no cost for the first year. The child becomes a WCU member and is entitled to all fraternal benefits that come with the membership. Beginning with the start of the second year, and continuing until the child's 25th birthday, the plan features a $25,000 death benefit with an annual investment of $50 - that is less than $1 per week.
Guardian Angel Plan
This plan provides level term insurance to age 25 for issue ages from 0-15. The premiums are payable to age 25 and are level. Two different benefit units are offered: $10,000 and $25,000.
The rates for males and females are the same:
$10,000 of coverage - $25.00 Annual Premium
$25,000 of coverage - $50.00 Annual Premium
Other modes of payment and coverage amounts are not available.
We also offer a one-time payment option that will ensure coverage until age 25 without additional payments. The rates for this option are the same for male and female.
$10,000 of coverage - $250.00 one time payment
$25,000 of coverage - $500.00 one time payment
Non Medical Life-Guarantee Issue Whole Life
You are entitled to low cost, permanent insurance protection for life, regardless of your past, present or future health. This is available to anyone between the ages of 35 and 85, who is of good moral character and who may be eligible for membership in the Western Catholic Union and is guaranteed to be accepted for permanent life insurance. Choose an amount between $3,000 to $10,000.
- Your premium will never increase.
- Your benefits will not decrease.*
- Your protection can never be cancelled as long as you pay your premium.
- There is no membership fee.
- Your cash value constantly grows.
- You may borrow from your certificate once sufficient value accumulates.
- You may pay the entire premium in one sum and maintain coverage for life with no additional payments.
- You can have the accumulated value pay any past due premiums and interest (Automatic Loan Provision - offered at no charge.
*This is a graded death benefit spread out during the first 4 years of the certificate. If you die within the first year, your beneficiary(ies) will receive 25%; if you die within the second year 50%; if you die within the third year 75%; if you die in the fourth or later years 100%.
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