How does DreamSecure flexible life insurance work?
DreamSecure Flexible Life Insurance is an adjustable life insurance that offers the flexibility to make changes to the policy at different stages of life. This coverage also offers interesting features, such as life benefits such as the accumulation of cash value and the ability to reduce or increase the amount of coverage and the premium paid.1
Flexible LifeSecure life insurance policies
DreamSecure Flexible Life Insurance is a smart choice for people who value flexibility. Here are a couple of ways a DreamSecure flexible life insurance policy can help you achieve your long-term goals:
Build cash value
If you decide to keep the original coverage amount on the policy, you can maximize its coverage and cash value as you age, which can allow you to provide your family with a legacy. 1
Choose a paid insurance
The paid insurance option allows you to select higher coverage amounts when your family's life insurance needs are at a peak, such as when you have a mortgage, children or other debt to pay, and therefore offers the option. option to reduce coverage when those need to be reduced: keep life insurance coverage without further payments after choosing the paid option. 1, 2
Customize your flexible life insurance policy
American Family Life Insurance Company offers a range of additional coverages that you can purchase to build a life insurance policy that fits your needs. Here are some of the additional covers available: 3
Insurance rider for children
Provides $ 15,000 coverage for natural, foster and step children. The prize is the same regardless of the number of children.
Guaranteed purchase option
Allows you to purchase extra life insurance without medical questions or a medical exam on specific dates and life events
Waiver of monthly deductions for disability
Waiver of certain monthly deductions if the insured is totally disabled.
In addition to the coverage available for purchase mentioned above, each policy automatically comes with an Accelerated Death Performance option (to be added when needed). This allowance allows the policyholder to collect part of the death benefit under certain conditions if the primary insured is diagnosed with a terminal illness.5
Flexible life insurance vs. term life insurance
A DreamSecure lifetime policy lasts for a specified number of years, while DreamSecure flexible life insurance lasts as long as you wish until the appropriate amount of premiums is paid. Term life insurance is often chosen by young people who are just starting families because of the higher coverage amounts offered and the lower premium cost. But term life insurance does not have a cash value like life allowance like whole life and DreamSecure Flexible Life, which is the value paid in the policy by you over time that you can borrow, give up partially or even cash out if you choose to cancel your policy.1, 7
Flexible life insurance vs. Whole life insurance
Both DreamSecure Whole Life Insurance and DreamSecure Flexible Life Insurance offer long-term protection. However, DreamSecure Flexible Life Insurance also offers you the flexibility to change your policy as your life changes. With the ability to change your payments, the amount of coverage8 and the term of the policy, you can customize your coverage as income and family responsibilities grow and change over the years.1
Pros and cons of flexible life insurance
When considering which type of life insurance policy to buy, it is a good idea to evaluate the pros and cons. For DreamSecure Flexible Life Insurance, the ability to change the policy to suit your needs at any stage of life1 is one of the biggest benefits. Another positive feature is the ability to create cash value in the policy.
A big reason why someone might choose a type of life insurance other than DreamSecure Flexible Life – like life span – is because of the cost. DreamSecure flexible life insurance generally has higher premiums to take into account the cash value of the subsistence benefit and the payment option.
When should you get flexible life insurance?
Although planning for your future can be done at any time, we believe the sooner it is, the better. The life insurance premium is based in part on your age and can be influenced by your health, so the time to buy life insurance is when you are young and healthy.
Are you just married, have children or are you reaching retirement? Life insurance is a great way to financially protect your loved ones, regardless of the stage of life. Read more about when you should get life insurance to make sure you protect the ones that matter most.
With long-term flexible protection like DreamSecure Flexible Life Insurance, you can feel comfortable knowing that you are looking for the well-being of your family. Start planning today with your American family life insurance agent.