SPJST offers two types of life insurance: term and whole life. Both are designed especially for you and your family. (Note: SPJST life insurance and annuity products are only available in Texas.)
Whole Life Insurance
As its name suggests, whole life insurance furnishes protection for the “whole life” of the purchaser. Whole life insurance is often purchased not only as premature death protection but also as a vehicle for accumulating funds for emergencies and as a supplement for retirement.
An SPJST whole life certificate also has cash value that can be used to take advantage of business or investment opportunities, help to defray your children’s college costs, or supplement retirement income. It also offers guaranteed protection and guaranteed growth at a guaranteed price.
Lone Pay Life
A whole life product available with just one premium. The certificate is then paid-up. Issued to ages 0 through 80.
A whole life product designed for both young and mature applicants that offers affordable premiums and builds cash value.
10 Pay Life
A whole life product designed for both young and mature applicants with premiums payable for 10 years. Issued to ages 0 through 70.
20 Pay Life
A whole life product designed for both young and mature applicants with premiums payable for 20 years. Issued to ages 0 through 60.
Paid Up at Age 65
You are covered to age 100, but you only pay premiums to age 65. Cash values are available and continue to grow to age 100. Enjoy your retirement without life insurance premiums!
Final Expense Plan
A whole life plan designed to help with your final expense needs whether you are in perfect health or even have health concerns (not guaranteed issue). Coverage is available on a modified, graded, or level death benefit basis. The level death benefit has inflation protection available to cover final expenses as they increase each year. Available from ages 40 to 80 with premiums payable for life or as a one-time single premium.
SPJST offers several whole life insurance products:
Permanent Life for Adults
- Lone Pay Life (ages 18 to 80)
- Adult Whole Life (ages 18 to 80)
- 10 Pay Life (ages 18 to 70)
- 20 Pay Life (ages 18 to 60)
- Paid Up at Age 65 (ages 18 to 55)
- Final Expense (ages 40 to 80)
- Universal Life (ages 18 to 80)
Permanent Life for Kids
- Lone Pay Life (ages 0 to 17)
- Juvenile Whole Life (ages 0 to 17)
- 10 Pay Life (ages 0 to 17)
- 20 Pay Life (ages 0 to 17)
- Paid Up at Age 65 (ages 0 to 17)
- Universal Life (ages 0 to 17)
Annuities Available to SPJST Members
- Annuities (qualified and non-qualified)
- Roth IRAs
- Flexible Premium Deferred Annuity
- Single Premium Deferred Annuity
- Five-Year Annuity
Of the two basic types of life insurance, term insurance premiums are the lowest because term insurance offers death protection only and is in effect for a limited period. For example, a member with a 10-year term certificate has protection for that 10-year period – not beyond. If the certificate is renewable, it may be extended for another period at a premium based on the new age. If not renewable, a new certificate may be purchased at the new rate, provided the certificate holder remains insurable.
SPJST writes term certificates for 10-year, 15-year, 20-year, and 30-year terms on a level premium basis. Prior to age 65, you can convert an SPJST term certificate to a permanent plan of insurance with a cash value. Who typically buys term insurance? This varies, of course; however, likely purchasers are young couples starting careers. When budget constraints prohibit purchasing the desired amount of cash value insurance, term insurance is often substituted. The term insurance provides them with a high amount of protection at a low premium.
A modern term product issued to ages 18 through 75. Premiums are guaranteed for 10 years and can be renewed annually after that to age 95. Convertible to permanent coverage prior to age 65 with no health requirements. Renewals are guaranteed, even if your health is not perfect.
Just like the 10-Year Term, except premiums are level for 15 years (guaranteed level for 10 years). Issued to ages 18 through 70. Convertible to permanent coverage prior to age 65 with no health requirements.
Level premiums for 20 years (guaranteed level for 10 years). Issued to ages 18 through 65. Convertible to permanent coverage prior to age 65 with no health requirements. Just the thing for young families to provide benefits for the family while the children are growing up if the breadwinner dies.
A very sensible term product! Premiums are level for 30 years (guaranteed level for 20 years). Issued to ages 18 through 55. Convertible to permanent coverage prior to age 65 with no health requirements. It is excellent for mortgage cancellation as well as providing inexpensive coverage before retirement.
The following listing provides a brief summary of the term insurance options that are available:
Term Life for Adults
- 10-Year Term (ages 18 to 75)
- 15-Year Term (ages 18 to 70)
- 20-Year Term (ages 18 to 65)
- 30-Year Term (ages 18 to 55)
Universal Life Insurance
Universal Life is something of a hybrid when it comes to insurance certificates. Basically, it is an all-purpose, interest-sensitive plan designed to fit the widest range of needs.
Universal Life offers a level monthly premium with a level- or an increasing-death benefit option. In addition, it offers the member an interest-sensitive cash value with a guaranteed rate of interest. For current rate, contact the SPJST Home Office. The accumulation of cash values are tax-free until distribution. Death benefits are also exempt from taxation.
Universal Life 3
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