Term Life Insurance Benefits
Guaranteed Issue Term Life
If you do not currently have term life insurance benefits, AWA can help. With various programs available, every member can find the coverage that works best for them. Keep reading to learn more about this type of coverage and the available options, then contact us for more information about signing up.
Guaranteed Issue Term Life Insurance Benefits
Primary members of AWA have access to guaranteed-issue term life insurance benefits. No medical information is required for approval or to sign up. Some of our offered life insurance benefits include an accelerated death benefit in which coverage applies at 50% up to $7,500 with a 12-month life expectancy.
Choose the Coverage Option That Works Best for You
We offer five coverage options:
- $5,000
- $10,000
- $12,500
- $15,000
- $20,000
All of the term life insurance benefits available to AWA members are underwritten by either Amalgamated Life Insurance Company or Guarantee Trust Life Insurance Company, both long-standing, A-rated carriers.
AWA Memberships with Term Life Benefits
AWA HealthGuard
The AWA HealthGuard membership includes valuable discounts and special offers on various consumer, business, and health care programs and services along with Accident and Sickness Limited Benefit insurance to help with out-of-pocket medical expenses. Additionally, the AWA HealthGuard Max membership includes Term Life insurance.
AWA Life Plus ADD
The AWAÂ Life Plus ADDÂ membership provides access to Term Life and Accidental Death & Dismemberment insurance benefits, which can help in the event of an unexpected accident.
AWA Life Plus Triad
AWA Life Plus Triad provides individuals and families with affordable access to health care with easy-to-use benefits that start right away, like Term Life, Critical Illness, and Accidental Death & Dismemberment.
AWA BasicGuard
AWA BasicGuard gives members access to Group Term Life Insurance benefits with Accident Only benefits during the 6 month waiting period and full benefits after the waiting period ends.
What is Term Life Insurance and How Does it Work?
In term life insurance, the insured pays a premium for a certain period of time (generally ten to thirty years). If the covered party dies during that time, the policy’s beneficiary receives a cash benefit.
Generally speaking, term life insurance is more affordable than permanent whole life insurance. However, term policies do not have cash value, do not pay out anything after the policy’s term expires, and are limited to a death benefit.
In addition to being more affordable, term life insurance premiums are consistent throughout the life of the policy, and the money the beneficiary receives is typically tax-free (unless the insured pays through pre-tax dollars).
What Are the Different Types of Term Life Insurance?
There are numerous types of term life insurance on the market, including the following.
What Are the Pros and Cons of Term Life Insurance?
Term life insurance can be an excellent option for individuals who do not want to leave their loved ones to pay off any debt or funeral expenses. However, as is true of any insurance product, there are both pros and cons to this type of coverage.
When Should I Get a Term Life Insurance Policy?
That depends on your financial situation and your financial goals. For example, parents of young children often get a term life insurance policy to last twenty years, and they choose a level of coverage that would allow their child(ren) to get through high school and college.
Some companies do not approve everyone for term life insurance, and they require a medical exam and will exclude higher-risk people. In that case, it can be much easier to get approved as a younger person, and that might be the best time to apply. Remember that AWA has guaranteed approval options that do not require medical exams.
Do Term Life Insurance Premiums Increase Over Time?
It is possible that term life insurance premiums will increase for a person over time, depending on their health and age. However, it all depends on the policy. Many companies offer term life at a guaranteed rate, meaning that the premium will not change for the entirety of the term.
Keep in mind that a policy with premiums that are guaranteed not to go up is generally more expensive than one that can fluctuate.