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Whole Life Insurance
Whole Life Insurance
Lifetime Coverage with the Potential to Earn Dividends
American United Life Insurance Company®, a OneAmerica company, offers a range of whole life insurance products. Ask your financial professional about whole life insurance if you want:
- Lifetime coverage — Whole life insurance is guaranteed to stay with you throughout your entire (or “whole”) life
- Guaranteed cost — The premium you pay stays the same regardless of market conditions
- Access to cash value — At any time, for any reason, you can access all or some of the policy’s accumulated cash value
- Dividend-earning opportunities — When the issuing insurance company has positive year-to-year experiences, you could potentially earn non-guaranteed dividends
Throughout this material, the term "life insurance" is used. Please know that this term implies:
- The contract actually qualifies as life insurance according to Internal Revenue Code (IRC) Section 7702.
- The contract is not a modified endowment contract, or MEC, as defined in IRC Section 7702A.
- If it meets all of the requirements of Section 7702A, most of the distributions from your policy will be taxed on a first-in/first-out basis.
- If you choose to take loans or partial withdrawals, the death benefit payable to your beneficiaries will be reduced and surrender charges may apply to partial withdrawals.
- Loans are made at interest.
- If the policy is a MEC, any distributions taken from the policy will generally be taxable – and subject to a 10 percent tax penalty if you're age 59½ or younger.
If a life insurance policy lapses with loans outstanding, any loan amount that represents gain in the policy becomes subject immediately to federal income tax at that time. An insured under age 59 ½ may be subject to an additional 10 percent tax penalty on any gain.
Dividends are not guaranteed. Guarantees are subject to the claims paying ability of the issuing insurance company.
Neither the companies of OneAmerica nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.
Life insurance is medically underwritten. All policies and riders may not be available in all states.
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Life insurance helps replace more than just your income.
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