1 Financial and Fraternal Report Member Magazine, Summer Financial and Fraternal Report Reporte Financiero y Fraternal del 2014
2 We remain committed to long-term growth and maintaining the financial integrity of our Society for its current and future members.
3 Section 1 Strong Seguimos comprometidos en el crecimiento a largo plazo y en mantener la integridad financiera de nuestra Sociedad tanto para los miembros actuales y futuros miembros. Catholic Financial Life Summer
5 Annual REport From the PResident & CEO, and the Secretary & CFO 2014 Record-Breaking Year The Society continued to demonstrate financial strength and stability as we HIGH QUALITY posted strong financial results again in Last year at this time 23% I said that I was bullish, and our 2014 results affirm that optimism. HIGHEST Bill O Toole, President and CEO Catholic Financial Life achieved a significant increase in net gain from operations, added over $4.3 million to our total capital while assets reached $1.35 billion and life insurance in force grew to over $5 billion. Over 2,000 new financial product members were added in We remain committed to long-term growth and maintaining the financial integrity of our Society for its current and future members. Strong operational results Fuertes resultados operacionales Catholic Financial Life s net income increased 50 percent in 2014 to $10.8 million. Total revenues of nearly $127 million reflect our members continuing trust in the Society. $ in Millions QUALITY Financial strength NET OPERATING 550 GAIN TO and stability OTHER SURPLUS 1% MEMBER & Estabilidad y Fortaleza Financiera INSURANCE SERVICE HIGH Total assets grew nearly $30 million and ended 2014 at just over $1.35 QUALITY 8% 9% 23% SALES billion. Surplus is one part of an insurance organization s total capital 5% SUPPORT with asset valuation and other reserves also adding to total capital as defined by HIGHEST 76% 78% RETURN TO MEMBERS insurance QUALITY regulators. Total capital increased (Benefits, Dividends and to $54.6 million in 2014, which Interest Paid or Set Aside for Members) is more than three times higher than the threshold level set by the insurance regulators. According to a comparative analysis by Standard Analytical Service, Inc. Insurance Reports, the Society s financial results achieved in the year ended 2014 are favorable when compared to the aggregate averages of 25 of the leading life insurance companies. BONDS ,197 76% OTHER 1% BONDS GROWTH in ASSETS 1,243 1,288 1,320 RETURN TO MEMBERS (Benefits, Dividends and Interest Paid or Set Aside for Members) RETURN to MEMBERS 1,350 $ in Millions $ in Millions Growth GROWTH in in ASSETS life insurance in force Crecimiento en seguros de vida en vigencia New life insurance issued in 2014 was over $288 million. Life insurance in force, the total amount of life insurance owned by members to protect their families, increased $47 million to over $5 billion. 1,197 1,243 1,288 1,320 1,350 $ in Millions LIFE INSURANCE in FORCE 4,898 4,885 4,922 4,977 5, Catholic Financial Life Summer
7 Protecting Your Financial Security Protección de su Seguridad Financiera Catholic Financial Life is independently reviewed by: Ernst & Young: a global leader in financial assurance, conducts an annual audit. Milliman: one of the world s largest independent actuarial and consulting firms conducted an annual review during The State of Wisconsin Office of the Commissioner of Insurance: conducts routine examinations and annually reviews a detailed financial report completed and filed by Catholic Financial Life. Investments Inversiones The Society, with the help of our investment advisors at the nationallyrecognized Wellington Management organization, maintains a conservative and diversified investment strategy in accordance with our Catholic social NET teachings investment guidelines. HIGHEST QUALITY OTHER 1% 23% HIGH QUALITY The portfolio is substantially SURPLUS invested in high-quality fixed income securities and first 8% mortgage loans on churches and 9% schools in our members parishes. Over 99 percent of our bond RETURN TO MEMBERS portfolio (Benefits, Dividends is invested and in high-quality Interest Paid or bonds Set Aside carrying for Members) the top two ratings from the National Association of Insurance Commissioners. 76% 78% BONDS OPERATING GAIN TO 5% RETURN to MEMBERS MEMBER & INSURANCE SERVICE SALES SUPPORT $ in Millions HIGHEST QUALITY Return to Members Retribución a nuestros miembros Catholic Financial Life continued to fulfill its promises to you, our members in 2014 as 78 percent of the Society s revenues were returned or set aside GROWTH in ASSETS for members. This includes helping over 1,200 families by paying out over 5100 $15 million in life insurance death benefits, payment of 5000 nearly another OTHER $15 million in 1% annuity benefits to members, over $16 million set aside for 4900 HIGH QUALITY members as policy reserves 23% along with over $2.7 million 4800 to support the fraternal 76% 78% RETURN TO MEMBERS outreach of the Society BONDS (Benefits, Dividends and Interest Paid or Set Aside for Members) 5100 NET OPERATING GAIN TO SURPLUS RETURN to MEMBERS MEMBER & INSURANCE SERVICE SALES SUPPORT As a result, more than 96 percent of our life insurance and annuity business continued in force, exceeding industry averages and demonstrating our members loyalty and recognition of the outstanding value they receive. GROWTH in ASSETS LIFE INSURANCE in FORCE 3 1, ,243 1,320 1,288 1,350 1,320 1,350 Members will see dividends increase by 6 percent on average in When the organization does well financially, our members share in that success, O Toole said. 8% 9% 5% $ in Millions ,898 LIFE INSURANCE in FORCE 4,885 4,922 Catholic Financial Life Summer ,
8 Fraternal & Charitable Outreach Alcance de los Fraternal y Caritativo Catholic Financial Life s fraternal outreach also remained strong. In 2014, $1.3 million (including amounts matched by Catholic Financial Life) was raised to assist families, Catholic schools and parishes, the Society of St. Vincent de Paul and other community causes. Members also received benefits such as scholarships and summer camp subsidies valued at nearly $500,000. Together we strengthened our financial position while continuing our commitment to provide benefits to our members and to support your volunteer efforts to make your communities, schools and parishes better places to live, learn and worship. We remain committed to fiscal responsibility in serving our members and preserving and enhancing the organization s long-standing tradition of financial strength and stability. William R. O Toole, FIC President and CEO Jeffrey B. Tilley, CPA Secretary and CFO Members will see dividends increase by 6 percent on average in When the organization does well financially, our members share in that success, O Toole said. Los miembros notarán un incremento de aproximadamente 6 por ciento en sus dividendos en el El señor O Toole dijo Cuando a la organización le va bien financieramente nosotros compartimos ese éxito con nuestros miembros.
9 Statement of Financial Position As of December 31 Assets Bonds $1,228,988,572 1,192,311,808 Mortgage loans 37,980,495 44,529,787 Policy loans 24,896,926 24,719,184 Preferred stocks 1,653,725 1,932,802 Common stocks 8,661,499 8,142,285 Other long-term investments 1,486,227 1,830,309 Cash and short-term investments 26,107,283 26,741,662 Total Cash and Investments 1,329,774,727 1,300,207,837 Home office, at cost net of depreciation 5,377,159 5,541,590 Investment income due and accrued 14,177,313 13,799,182 Other assets 741, ,136 Total Assets $1,350,071,147 $1,320,445,745 Liabilities Policy reserves $1,227,807,710 $1,211,759,000 Interest maintenance reserve 4,868,410 3,086,067 Premiums received in advance and on deposit 12,010,252 12,236,530 Policyholders and beneficiaries funds on deposit 36,899,653 35,973,907 Other liabilities 13,851,298 7,093,010 Total Liabilities and Reserves 1,295,437,323 1,270,148,514 Surplus 45,993,651 43,152,224 Asset valuation and other reserves 8,640,173 7,145,007 Total Adjusted Capital 54,633,824 50,297,231 Total Liabilities and Surplus $1,350,071,147 $1,320,445,745 Catholic Financial Life Summer
10 Statement of Operations As of December 31 Revenues Life insurance premiums $29,079,004 $31,221,617 Annuity deposits 32,455,345 32,912,137 Other premiums and deposits 1,882,982 1,268,502 Total Premiums Earned 63,417,331 65,402,256 Investment revenue (Net of investment expenses) 63,317,627 62,954,374 Other revenues 189, ,402 Total Revenues $126,924,879 $128,547,032 Benefits & Expenses Insurance and policy surrender benefits paid to members and beneficiaries $76,871,214 $73,823,171 Additions (reductions) of insurance policy reserves net of interest paid to members (6,223,816) (571,850) Field sales support costs 5,954,000 6,197,000 Fraternal benefits and expenses 2,746,990 2,951,382 Operating expenses 11,351,742 11,309,274 Total Benefits and Expenses 90,700,130 93,708,977 Gain from operations before dividends and interest paid to members 36,224,749 34,838,055 Dividends and interest paid to members 25,682,620 26,514,210 Gain from Operations before Investment Results $10,542,129 $8,323,845 Proud to be recognized as a Top Work Place once again! Catholic Financial Life has once again been recognized as one of the Top Work Places throughout southeastern Wisconsin. The award recognizes businesses and organizations whose employees find their jobs to be the most rewarding and meaningful. What sets Catholic Financial Life apart is our dedication to our mission. This award demonstrates our commitment to putting Catholic values in action every day. We salute our associates, advisors, chapter leaders and our members for bringing our mission to life serving God through serving others, providing financial security, and enhancing quality of life.
11 Audit Committee Report On April 28, the Audit Committee reviewed the Society s year-end 2014 financial results with the independent audit firm of Ernst & Young. Consistent with prior years, the Committee also met without management in attendance. As the independent audit opinion states, management is responsible for the Society s financial statements and those financial statements reflect management s responsibilities to operate the Society s business on a day-to-day basis. We are pleased to report that the auditors have again provided a clean opinion on the Society s 2014 financial statements indicating they are in conformity with generally accepted statutory accounting principles. In addition to its annual audit meeting, the Committee meets quarterly and reviews: 1) Management s financial reports 2) Wellington Management report (the Society s investment manager) 3) Milliman cash flow testing annual report 4) An annual enterprise risk management report 5) Examination reports completed by the Wisconsin Office of the Commissioner of Insurance (5-year cycle) The Board of Directors has also engaged Parkway Advisors, L.P. (investment advisor) to conduct an outside investment review. On May 27, the Committee reviewed this private consulting report, including private discussions without management present. The Board of Directors in its oversight role relies on management, the independent audit, the Society s quarterly and annual regulatory financial statement filings with the Wisconsin Office of the Commissioner of Insurance, Wellington s investment management and Milliman actuarial consultants to assure the Society s financial results are accurately presented. We wish to express our thanks to the management team for their continued sound financial management practices and results. Catholic Financial Life Board of Directors Audit Committee Art Wigchers Retired Real Estate Executive and CPA Thomas W. VanHimbergen Retired Corporate CFO and CPA Carla Breunig President & CEO, Layton State Bank Jay Mack President & CEO, Town Bank Donald W. Layden, Jr., JD Operating Partner with Baird Venture Partners Patrick J. Murphy, Ph.D. Adjunct Professor Lubar School of Business UW-Milwaukee The role of the Audit Committee is to assist the Board of Directors in its duties regarding the integrity of the Society s financial reporting and auditing processes and the maintenance of a sound internal control and risk management system. The Committee has a written charter which outlines its duties and responsibilities and all of the Committee s work is summarized in meeting minutes which are circulated to all Directors. Catholic Financial Life Summer
12 Making a payment just got easier! Introducing 2 Electronic Payment Options. 1 Set up an electronic funds transfer (EFT) at Here you will find the forms to complete and send in to schedule your automatic payment. You choose the account and we take care of the rest! or 2 Pay your bill quickly and securely online at Your online login ID and password can be found on your premium notice. Payments can be made using your personal savings, checking or business checking account. Ahora es más fácil hacer su pago! Les ofrecemos 2 Opciones de Pagos Electrónicos. 1 Establezca un pago de transferencia de fondos electrónico (EFT) ingrese a Aquí usted podrá encontrar los formularios que debe llenar y enviar para establecer su pago automático. Usted elije la cuenta ynosotros nos encargamos del resto! 2Haga su pago de forma rápida y segura O a través del internet ingresando a Su identificación electrónica y su contraseña los encontrará en su notificación de pago. Los pagos los podrá hacer utilizando su cuenta de ahorros, cheques o la de su negocio. Find the Radiant Cross We have hidden black and white versions of our Radiant Cross icon somewhere in this publication. Send us the the location of at least one of the five hidden crosses by September 15, 2015 and be eligible for a $25 prize drawing. Visit our website and click on the Member Magazine link, or mail your entry to: Member Magazine, Catholic Financial Life, 1100 W. Wells St., Milwaukee, WI Include your name, address, phone number and the location of the Radiant Cross. The winner of our Spring issue Radiant Cross activity was Jacki Sievert.
13 New program to help special needs individuals added to the growing list of benefits Helping individuals with mental and physical limitations has been a long-time Society goal. In 2014, the goal became reality when the Special Needs Benefit was added mid-year. The program, providing up to $100 toward the cost of a special needs summer camp or an adaptive device, looks to expand its impact over the next several years. The new benefit was added to the nearly $500,000 in wellness, financial, spiritual, and educational benefits provided to members in Of the various categories, by far the most popular are the scholarships to Catholic grade and high school, as well as the college and seminarian grants. A total of $318,150 in scholarships was awarded. Benefits to Enrich Our Members Lives Financial members of Catholic Financial Life have access to a number of benefits. Visit our website for program guidelines, eligibility requirements, and to apply for these benefits.* Educational Benefits Catholic Elementary, High School, College, Trade School and Seminary Scholarships Biz Kids Financial Literacy Program Financial Benefits Estate Planning Benefit $1,000 Prenatal Benefit $2,500 Newborn Protection $7,500 Guaranteed Protection for infants $7,500 Uninsurable Child Protection Orphans Benefits Childhood Cancer Care Benefit Special Needs Benefit Wellness Benefits Prescription Savings Medic Alert ID Enrollment Family Care Suite for members who travel to Milwaukee for medical care Faith-Based Benefits Commemorative Gifts for the Sacraments of Baptism, First Communion and Matrimony $100 Confirmation & Catholic Retreat Funding $100 Catholic Summer Camp Funding Online Prayer Network * All benefits are non-contractual and subject to change. For eligibility requirements and other program details, please visit Catholic Financial Life Summer
14 81,700 volunteer Hours The miracle is not that we do this work, but that we are happy to do it. Mother Teresa Fraternal Report The miraculous ingredient in real success is happiness. Nowhere else is this more obvious than in the volunteer work done by the Society to benefit our parishes, Catholic schools, and neighbors in need. In 2014 some 1,200 volunteer leaders and countless members in 19 states and 186 chapters raised millions to improve the lives of thousands in communities big and small. It s part of the legacy of Catholic Financial Life dating back to our founding in Last year alone, our members volunteered more than 81,700 hours to make good things happen. Through the power of the individual, working effectively with other like-minded people, some $707,000 was raised by local chapters. An additional $550,000 was matched by the home office for a combined figure of nearly $1.3 million in charitable support. Add that to the 81,774 hours volunteered by our members and the impact is astounding. According to the Independent Sector, these hours generated the economic equivalent of $1.9 million that otherwise would need to be funded through other means. The power of fraternal benefit societies such as Catholic Financial Life rests in the ability of the members to have a voice in how the Society s charitable dollars are spent, and their actions do the talking.
15 $707,000 Raised by Local Chapters Section 2 VIBRANT El ingrediente milagroso del éxito es la felicidad. En ninguna otra parte esto es más obvio que en el trabajo voluntario hecho por la Sociedad a favor de nuestras parroquias, escuelas Católicas y en la comunidad. En el 2014 entre 1,200 líderes voluntarios e incontables miembros en 19 estados y 186 sucursales recaudaron millones para mejorar las vidas de miles en comunidades grandes y pequeñas. Esto es parte del legado de Catholic Financial Life, desde nuestra fundación en El año pasado nuestros miembros trabajaron aproximadamente 81,700 en horas voluntarias para llevar a cabo buenos eventos. A través del esfuerzo individual, trabajando arduamente con otras personas importantes, otros $ 700,000 fueron recaudados por las sucursales locales. Además de los $ 550,000 que igualó nuestra Oficina Matriz para hacer un total de aproximadamente $ 1.3 millones in ayuda caritativa en el Catholic Financial Life Summer
16 Hope 4 Katie Event Brings Out the Best in Others The volunteer spirit of Catholic Financial Life is alive and well among our members, chapter leaders, advisors, and home office associates. Last year s Hope 4 Katie event brought together hundreds from all walks of life to raise funds for the family of a young woman suffering from a very rare disease. Katie Wilkinson, daughter of Records Director, Mary Wilkinson, is in need of a life-giving multiple organ transplant. Born with a disease that will require a new small intestine, stomach, pancreas, and colon, Katie has beaten the odds and at 18 years of age waits patiently in her New Berlin, Wis., home with her parents. They are waiting for a call from a hospital in Pittsburgh, one of the few institutions in the country which performs these types of transplants. Home office cook-offs, donated raffle and auction items, baked goods, and a special one-night event raised tens of thousands to help cover the cost of the medical flight and up to six months extended stay near the Pennsylvania facility far from home, family, and friends. Though the need is great and the hours of preparation for the Hope 4 Katie event were long, every person who helped did it with a smile and a happy heart. Katie continues to wait for the call to board the jet, hoping that this time the organs will be a match. She and her family know this medical miracle will most certainly come true because the miracle of the volunteer spirit already has.
17 Support for the Society of Saint Vincent de Paul Continues Lasting friendships take time to build and the seven-year association between Catholic Financial Life and the Society of Saint Vincent de Paul has improved with age. Begun in 2008 as a tangible sign of our commitment to helping provide for the needs of the poor, the relationship has grown over the years. In 2014 $91,990 was raised, matched and donated to St. Vincent de Paul. This brings the seven-year total to $852,979. There was a sizeable increase in the amount of nonperishable food items collected by our chapters from a value of $2,934 to $6,861. The total since 2008 has now reached $45,145. The volunteer hours, 102,943 since 2008, topped 19,135 in 2014 alone. Catholic Financial Life continued to be a national sponsor of the annual Friends of the Poor Walk, held in September across the country. In Milwaukee, the home office Volunteer Team worked with area chapters and members, which together raised thousands for this worthwhile activity, earning Catholic Financial Life the team trophy for the fourth year in a row. Their efforts were aided greatly by 83-year-old member Leona Katorski who single-handedly raised $4,260 last year. Catholic Financial Life Summer
18 Families Take Advantage of Member Events Satisfying the tastes and interests of our members is important to us. In other words, we take fun seriously. In addition to offering activities appealing to a wide range of ages, geography and interests, the number of special member events has grown over the years. The ever-increasing number of attendees gives evidence of their growing success. Begun originally to fill in the summer months, the events now span the entire year. Starting with seven major events in 2010, there were 16 such events in Augmenting some new events developed by the home office in Milwaukee, the
19 9,500 MEMBER ATTENDANCE latest additions have been generated by enthusiastic chapter leaders, seeking to join forces with other chapters in creating additional fun, family-friendly activities in their own areas. With such events as the Milwaukee County Zoofari; Milwaukee Brewers, Madison Mallards, and Portland Sea Dogs baseball; Camp Out in Columbus; Snow Tubing in Kewaskum; fun at Bay Beach Amusement Park in Green Bay; Pilgrimage to LaSalette Shrine in Massachusetts; and the Wisconsin State Fair, the impressive attendance figure of 9,500 in 2014 will only increase in the coming years. Become one of the smiling faces you see on this page. Join us at a Catholic Financial Life event. Catholic Financial Life Summer
20 Soles for Education Walk Breaks Record During its inaugural year in 2013, the Soles for Education Walk surpassed the wildest predictions by attracting some 7,000 walkers to Mount Mary University on Milwaukee s Westside. In 2014 Catholic schools and parishes really got behind the October 25 event, one of the nation s largest one-day fund-raising events to benefit Catholic schools. With encouraging words from both President and CEO Bill O Toole and the Most Rev. Jerome Listecki, Archbishop of Milwaukee, the 9,000 walkers headed out on glorious fall day. The number of walkers increased by nearly 30 percent and an astounding $400,000 was raised, a 15 percent increase over the previous year. Represented were 202 parishes and 114 Catholic schools. In addition to being a major corporate sponsor, Catholic Financial Life attracted home office and field personnel, board members, as well as chapter leaders from throughout southeastern Wisconsin. Many of the Catholic Financial Life volunteers coordinated the popular Stuff the Bus project which brought in some 5,000 pairs of shoes for needy children.
21 La Caminata Soles for Education rompió record El ingrediente milagroso del éxito es la felicidad. En ninguna otra parte esto es más obvio que en el trabajo voluntario hecho por la Sociedad a favor de nuestras parroquias, escuelas Católicas y en la comunidad. En el 2014 entre 1,200 líderes voluntarios e incontables miembros en 19 estados y 186 sucursales recaudaron millones para mejorar las vidas de miles en comunidades grandes y pequeñas. Esto es parte del legado de Catholic Financial Life, desde nuestra fundación en Con las palabras de aliento de ambos, del Presidente y CEO Bill O Toole y del Reverendo Monseñor Jerome Listeck, Arzobispo de Milwaukee, los 9,000 participantes hicieron su caminata en un glorioso día de otoño. El número de participantes aumentó en aproximadamente un 30 por ciento y una excepcional cifra de $400,000 fue recaudada un 15 por ciento de incremento sobre el año anterior. Participaron 202 parroquias y 114 escuelas Católicas. Además de ser uno de los mayores patrocinadores, Catholic Financial Life atrajo al personal de su Oficina Matriz, Consejeros Financieros, miembros de la mesa directiva, y también a los líderes de sus sucursales del sureste de Wisconsin. Muchos de los voluntarios de Catholic Financial life ayudaron a coordinar el popular proyecto Stuff the Bus que reunió aproximadamente 5,000 pares de zapatos para niños necesitados Fraternal Impact Award Chapter 180, Maplewood, Wis., received 2nd Place honors for the 2014 Fraternal Impact Award from the Wisconsin Fraternal Alliance. The chapter sponsored multiple fundraisers in support of their community, including a local St. Vincent de Paul Friends of the Poor Walk. The chapter has solely organized this event for three consecutive years, with attendance growing steadily each year. Together with matching funds provided by Catholic Financial Life s home office, Chapter 180 helped to raise more than $8,000 to benefit charitable causes in 2014 amazing for a chapter with just 190 members! Catholic Financial Life Summer
22 Starting Out
23 Life Insurance for Every Stage of Life Out on your own for the first time? Building a life that enables you to look beyond today? No matter what your goals in life, we have solutions and knowledgeable advisors to help you achieve them. Es la primera vez que estas por tu cuenta? Preparándote para ver más allá del hoy? Sin importar cuales sean tus metas en la vida, nuestros consejeros financieros tienen la solución y el conocimiento para ayudarte a cumplirlas. Just Starting Out Profile: Tyler, 23 Perfil: Tyler, 23 Tyler has just graduated from college and landed his first real job. He has acquired some hefty student loans, and is looking forward to saving enough to buy a place of his own. He likes to spend his weekends with Erin, the new love in his life. Tyler would also like to start accumulating some savings. Tyler se acaba de graduar de la Universidad y empezó su primer trabajo. El ha acumulado una fuerte cantidad en préstamos estudiantiles, y está pensando ahorrar para en un futuro comprar una propiedad. El disfruta pasar su fin de semana con Erin, el nuevo amor de su vida. Tyler también quisiera empezar un plan de ahorros. Section 3 RELEVANT Why does Tyler need life insurance? Porque Tyler necesita un seguro de vida? Life insurance isn t just for those with mortgage payments and families. Because Tyler has student loans, he should consider purchasing life insurance to protect the repayment of those loans. Regulations vary by state, but it is possible that his co-signers or future spouse might be left with his college debt. By purchasing while he s young and healthy, Tyler will be able to lock-in very low rates. Depending on the plan he chooses, life insurance could also help him start building some assets to put toward the purchase of his dream home. What life insurance plans should Tyler consider? Qué tipo de plan debería de considerar Tyler? Universal and Whole Life insurance can build up equity for Tyler that he can use later in life as a safety net. Tyler may not be thinking about it right now, but Critical Illness Insurance would cover him if he suffers from an illness later on. This coverage would pay a lump sum benefit, directly to him, upon diagnosis of an illness. As a bonus, Tyler can use that money any way he chooses; medical bills, student loans or even a vacation. Life Insurance payments are lower for healthy young adults, so there s no time like the present for Tyler to get started! Las primas de un seguro de vida son más baratas para personas jóvenes y saludables, entonces este sería el mejor momento para que Tyler empiece un plan de seguro de vida. Products and services not available in all states. Catholic Financial Life Summer
24 Growing FAMILY
25 Growing Family Profile: Sophia, 41 and Carlos, 43 Perfil: Sofia, 41 y Carlos, 43 Sophia and Carlos have everything under control. They are at the peak of their careers and their family is maturing. They each have a Term Life Insurance policy that will expire by the time they retire and have paid off their mortgage. They have never missed a payment and their policies are locked up in a safety deposit box they think they are completely covered. Sofia y Carlos tienen todo bajo control. Ellos están en la cima de sus carreras y su familia está más estable. Cada uno de ellos tiene un Seguro de Vida Temporal que vencerá justo cuando ellos se jubilen y la hipoteca de su casa este pagada en su totalidad. Ellos nunca han dejado de hacer sus pagos y sus pólizas están guardadas en una caja de seguridad ellos piensan que están completamente protegidos. Why do Sophia and Carlos need life insurance? Porque Sofia y Carlos necesitan un seguro de vida? While Sophia and Carlos know that they need life insurance, what they may not be considering is the need for coverage beyond their working years. Mientras Sofia y Carlos saben que ellos necesitan un seguro de vida, pero lo que ellos no están considerando es la necesidad de tener un plan de seguro de vida para cuando ellos ya estén jubilados. What life insurance plans should Sophia and Carlos consider? Qué tipo de plan deberían de considerar Sofia y Carlos? A 20-Pay Whole Life Insurance policy would be ideal for their situation. This type of policy would provide Sophia and Carlos coverage beyond their working years. Additionally, payments would stop after 20 years; but the coverage would continue on for their entire lives. If Sophia and Carlos purchased this type of policy today, they would make their last payments at ages 61 and 63 respectively giving them the option of entering retirement free from life insurance payments. Sophia and Carlos should consider life insurance as a part of their financial plan and revisit it yearly to ensure the coverage and options are still right for their needs. Sofia y Carlos deberían de revisar su plan cada año para asegurarse que la protección y las opciones que ellos tienen sigan siendo las correctas para sus necesidades. Products and services not available in all states. Form #ICC10 WL 2 Catholic Financial Life Summer