William Penn Life, 2015 (50. évfolyam, 1-12. szám)

2015-12-01 / 12. szám

Moneywise with Bob Bisceglio, Notional Soles Director

The gift of life insurance

NOW THAT WE ARE IN THE MIDST of the holiday season, gift giving is on everyone's minds. Many gifts today are material in nature and wear out as time goes by. But, have you ever thought about giving your children or loved ones a gift that grows over time and provides a lifetime of benefits? This holiday season why not consider giving a lasting gift-the gift of life insurance.

What are the advantages of buying life insurance for infants, juveniles or young adults?

Most infants and young children are at the most "insurable" point in their lives. Purchasing life insurance for children while they're young not only helps to secure their own future insurability but also provides much-needed financial resources to the family should the unfortunate occur at an early age.

One popular option is purchasing a WPA juvenile term policy that insures juveniles (ages 0 to 21) with $20,000 of term life insurance until age 25 for a low annual payment of $25. This policy can also be paid in full using a one-time payment that varies depending on the insured's age. For example, a newborn can be insured for a one-time single payment of $288.20. That newborn will be covered by a term policy that is fully paid up until age 25. That policy is then eligible for conversion to a permanent life insurance plan at age 25—no questions asked-AND the new policy receives a premium credit of up to 50 percent of the premiums paid on the juvenile policy.

Another popular option is purchasing permanent, whole life (or "ordinary life") insurance policy. This type of insurance has the added benefit of accumulating cash values that can be used to help pay for college expenses,

purchase a first car, help with first-time home purchases or even help with wedding expenses. Like the juvenile term plan, this type of policy can be paid for through regular installments (monthly, quarterly, semi-annually or annually) or by paying a one-time, single premium. For example: did you know that you could purchase a $10,000 fully paid-up certificate on a newborn for a one-time payment between $600 and $700?

Regardless of which type of policy you decide upon, rest assured that, once enrolled, your child or grandchild will be entitled to all of the fraternal benefits of being a member of William Penn Association, one of the nation's oldest, most experienced and financially sound fraternal benefit societies. Children enrolled in these plans may also qualify for college scholarship grants awarded annually by William Penn Association. These grants help young WPA members meet the ever-increasing cost of obtaining a higher education.

WPA life insurance plans are perfect gifts for children of any age. For a newborn child, they offer a lifetime of protection. For a recent graduate, they can be the start of their financial security and responsibility. These plans also make great gifts for grandchildren, nieces and nephews.

This Christmas, why not consider giving the gift of life insurance. These are gifts that last a lifetime-and won't soon be forgotten or worn out.

To learn more about how any of these plans can benefit the children you love, contact your local WPA agent. Don't have a current agent? Contact the Home Office toll-free at 1-800-848-7366, and we'll have one assigned to you.

Merry Christmas everyone! □