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Wealth Builder Life Insurance

Peace of mind, always

  • CheckmarkNo medical records or physicals are required
  • Checkmark$10,000 increments from $10,000 to $1,000,000
  • CheckmarkLong-term care settlement option included
  • CheckmarkMembers, Military Servicemembers, Member spouses

About This Plan

What is Included?

  • Specially designed Net Single Premium (one lump sum payment) Value-Added Whole Life policy
  • The Net Single Premium is $780 per $1,000 of death benefit ($10,000 - $1,000,000 coverage)
  • Cash value grows at a current crediting rate of 5.25% for 2020 (not guaranteed, subject to change), less a small administrative fee of 0.75%
  • Guaranteed crediting rate of 3.0% (less a small administrative fee of 0.75%)
  • Policy can be approved regardless of age, sex, or nicotine use
  • No medical records or physicals are required
  • Option to annuitize immediately, in the future or never
  • Long-Term Care Settlement Option included for no additional premium

Who is it for?

  • Older Members:
    • Veteran
    • Retired
  • Older Member spouses
  • For those who might not meet medical requirements

Cash Value Annuitization Options

A policy owner may annuitize the cash value of a policy using one of the following two options:


Individual Annuity

  • Monthly payments calculated based on insured’s current age
  • Guaranteed until age 100
  • Present value of remaining payments go to beneficiary in case of death before age 100
  • Once an annuity begins, the decision is irreversible 

Joint and Survivor Annuity

  • Limited to the insured and spouse
  • Initially, pays regular monthly payments to the joint couple
  • When one spouse dies, payments continue guaranteed until surviving spouse dies.
  • At death of surviving spouse, annuity terminates with no residual payment to beneficiary.
  • Annuity amount based on age and gender.
  • Once an annuity begins, the decision is irreversible.

  • All Wealth Builder Life Insurance policies are Modified Endowment Contracts(MECs) and subject to TAMRA. The insured must not be in a hospital, confined to a bed or have a known terminal illness expected to result in death within two years of issue. The policy is subject to standard two-year contestability and suicide clause.


Common Questions

You may access your Wealth Builder Life Insurance cash value any time by surrendering your policy. You will receive all of your money back — both premium paid and interest earned. If you receive the funds before you are age 59½, you may have to pay a 10% penalty on the interest earned. Alternatively, you may convert your Wealth Builder Life Insurance policy into a lifetime annuity payment to age 100. If you don’t live to age 100, the present value of the remaining future payments will be paid to your beneficiary.

If you decide to cash surrender one or several Wealth Builder Life Insurance policies purchased during the same calendar year, you will have to pay taxes on the interest earned for all of the policies with the first policy. When you cash surrender subsequent policies, since you have already paid some or all of the taxes, you will pay less tax on the gain for those policies. 
Ultimately the amount of total taxes on the policies surrendered will be roughly the same, because the tax basis of the subsequent policies will be increased to reflect the taxes already paid. This will not have an impact on policies that are annuitized, if all policies surrendered simultaneously, or in the event of the policy owner’s death.

Your Wealth Builder Life Insurance policy is guaranteed to earn a minimum crediting rate (specified in your policy) less administrative charges for mortality and expenses. As a life insurance policy it has a graded death benefit. It will pay a minimum of 85% of the initial death benefit in year one, 90% in year two, and 100% in year three, and thereafter.