Curtis D. Sharp
Executive Officer for Denominational and Public Relations
214-720-2127
Curt.Sharp@GuideStone.orgNew Term Life Insurance options available through GuideStone
November 21, 2007
DALLAS — GuideStone Financial Resources of the Southern Baptist Convention will offer enhancements to its Term Life Insurance coverage beginning January 1, 2008.
Available exclusively to ministers and staff of Southern Baptist Convention (SBC) churches and agencies, their families and students of SBC seminaries, GuideStone’s Term Life plans are now available in amounts up to $750,000 for employees, $250,000 for spouses and $100,000 for seminary students. Previous amounts were $500,000 for employees, $100,000 for spouses and $50,000 for seminary students.
“We’re pleased that GuideStone is able to increase the life insurance amounts available to Southern Baptist ministers, seminary students and their families,” said GuideStone president, O.S. Hawkins. “And we’ve been able to do this without increasing rates for more than a decade. We see this as a step forward in our mission to ‘enhance the financial security of our participants.’”
Life insurance is a key source for ensuring a family’s well-being in the event of a primary wage-earner’s death. According to LIMRA (an industry research firm), 22% of families with dependent children admit they will have immediate trouble meeting everyday living expenses if a primary wage earner dies. Another 26% will only be able to cover expenses for a few months if faced with this situation. In addition, 28% of wives and 15% of husbands have no life insurance at all.
How much life insurance a family needs depends on their financial circumstances. Does the family depend primarily on one income? What is their current debt amount? How much savings do they have? Answering these questions and anticipating future factors like funeral costs and college tuition are a good place to start in determining individual life insurance needs.
GuideStone provides an online life insurance calculator that can help you project your family’s future financial needs.
GuideStone Term Life coverage is available to full-time, salaried employees of eligible Southern Baptist employers. Spouses of SBC employees, their eligible children, and students of seminaries and Bible colleges affiliated with the Southern Baptist Convention may also be eligible for GuideStone coverage. Term Life rates are based on the participant’s age and underwriting is required.
To get a quote for coverage, or for more information about enrolling in a Term Life plan or one of GuideStone’s medical, dental, disability or accident plans, use our online Get a Quote! tool or call 1-888-98-GUIDE (1-888-984-8433).
Word version - New Term Life Insurance options available through GuideStone