Everything you need to know about insurance basics, like coverage types, limits, cost and more.
DreamSecure Flexible Life Insurance
DreamSecure Flexible Life Insurance offers long-term, flexible coverage that can change as your life evolves.1 With this adjustable life policy, you can help financially protect your loved ones no matter which stage you’re at in life.
How Does DreamSecure Flexible Life Insurance Work?
DreamSecure Flexible Life Insurance is adjustable life insurance that provides the flexibility to make changes to your policy at different stages of your life. This coverage also offers attractive features, such as living benefits like the accumulation of cash value, and the ability to reduce or increase the amount of coverage and premium paid.1 Want to learn more about how flexible life insurance can help provide financial protection? Watch this short video. Then, keep reading!
When you think about all the people you love, there probably isn't much you wouldn't do to protect them.
And that includes protecting them financially.
DreamSecure Flexible Life Insurance from American Family Life Insurance Company offers long-term flexible protection that can change as your life changes, giving you more control over your life insurance.
For instance, your financial protection needs might change if you get married, buy a house or have a baby.
With DreamSecure Flexible Life Insurance, you'll have the ability to adjust your coverage amount and premium.
And if you need a larger amount of coverage today, but a large legacy isn't part of your long-term goals, the paid-up insurance option might be right for you.
The paid-up option allows you to select higher amounts of coverage when your family's life insurance needs are at their peak, like when you have a mortgage or kids to support.
It then provides the option to reduce coverage when those needs decrease, maintaining your life insurance coverage with no further payments after you elect the paid-up option.
Cash value is another key feature of our flexible life insurance. As you make payments over time, your policy gains cash value. Keep in mind, the longer and more regularly you make payments, the more you can maximize the cash value and life of the policy.
A major benefit of your cash value? if you've built up enough, you can access it as a loan for anything you want, but might include things like helping with college tuition, a down payment on a home, or financial emergencies.
As your life changes, we're here to help make it easy for you to keep track of your changing life insurance needs with detailed annual policy reports, illustrations to forecast the performance of your policy, and the advice of your trusted American Family agent.
Life insurance should be able to change with it.
Connect with an agent at AmFam.com to learn more about how DreamSecure Flexible Life Insurance can help protect the ones who matter most.
DreamSecure Flexible 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 meet your long-term goals:
Build cash value
If you decide to keep the original amount of coverage on the policy you can maximize its coverage and cash value as you get older, which can allow you to provide for your family with a legacy. 1
Elect paid-up insurance
The paid-up insurance option allows you to select higher amounts of coverage when your family’s life insurance needs are at their peak, like when you have a mortgage, kids or other debts to pay off, and then provides the option to reduce coverage when those needs decrease — maintaining your life insurance coverage with no further payments after you elect the paid-up option.1, 2
Customize Your Flexible Life Insurance Policy
American Family Life Insurance Company offers a number of additional coverages that you can purchase to build a life policy that suits your needs. Here are some of the additional coverages available:3
Children’s Insurance Rider
Provides $15,000 worth of coverage on natural, adopted and step children. The premium is the same, regardless of the number of children.
Guaranteed Purchase Option
Allows the purchase of extra life insurance without medical questions or a medical exam at specified dates and life events.4
Waiver of Monthly Deductions for Disability
Waives certain monthly deductions if the insured is totally disabled.
In addition to the coverages available for purchase mentioned above, each policy automatically comes with an Accelerated Death Benefit option (to be added at time of need). This benefit allows the policy owner to collect a 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 Term Life policy lasts for a specific number of years, while DreamSecure Flexible Life Insurance lasts as long as you want it to as long as the appropriate amount of premiums are paid. Term life insurance is often chosen by younger people who are just starting families because of the higher coverage amounts offered and lower premium cost. But term life insurance doesn’t have a cash value living benefit like whole life and DreamSecure Flexible Life, which is value paid into the policy by you over time that you can borrow against, partially surrender or even cash out should 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 gives you the flexibility to change your policy as your life changes. With the ability to modify payments, coverage amount8 and the policy term, you can customize your coverage as your income and family responsibilities grow and change through the years.1
Pros and Cons of Flexible Life Insurance
When considering what type of life insurance policy to purchase, it’s a good idea to weigh the pros and cons. For DreamSecure Flexible Life Insurance, the ability to change your policy to fit your needs at any stage of your life1 is one of the biggest perks. Another positive feature is the ability to build cash value in your policy.
One big reason someone might choose a type of life insurance different than DreamSecure Flexible Life — like term life — is because of the cost. DreamSecure Flexible Life Insurance generally has higher premiums to account for the cash value living benefit and paid-up option.
When Should You Get Flexible Life Insurance?
Although planning for your future can be done at any time, we believe the earlier, the better. Your life insurance premium is based, in part, on your age and can be affected by your health, so the time to buy life insurance is when you are young and in good health.
Are you newly married, have children or reaching retirement? Life insurance is a great way to financially protect your loved ones no matter what stage of life. Read more about when you should get life insurance to ensure you’re protecting the ones who matter most.
With flexible, long-term protection like DreamSecure Flexible Life Insurance, you can gain peace of mind knowing that you’re looking out for your family’s well-being. Start planning today with your American Family Life Insurance agent.
Subject to policy terms and conditions.
2 When you elect to continue this policy as paid-up insurance, no further premiums will be due, any benefit riders in force under this policy that add coverage will terminate and loans and partial surrenders are not allowed.
3 Additional coverages subject to rider terms and conditions.
4 Subject to benefit amount limitations. See policy [and rider] for additional details.
5 Exercising the Accelerated Death Benefit option may have tax consequences and could impact qualification for government benefits.
6 Partial surrenders may affect the death benefit and could require additional premiums to keep the policy in force.
7 Any loans taken from your life insurance policy will accrue interest. Any outstanding loan balance (loan plus interest) will be deducted from the death benefit at the time of claim or from the cash value at the time of surrender. If the loan balance grows too large for the cash value to support it, the policy could terminate.
8 Increases in coverage may be subject to underwriting approval.
Policy Forms: ICC21 L141 MS 01 22, L141 ND 02 22, L141 SD 02 22
Rider Forms: ICC19-WMD UL, L-WMD UL, ICC22 L328 MS 01 22, L328 MS 01 22, ICC19-GPO UL, L-GPO UL, ICC17-ACDB UL, L-ACDB UL