Frequently Asked Questions

What is Life Benefit?

Life Benefit is a financial-protection benefit that can be purchased by financial institutions and embedded into deposit-style accounts that are offered to customers

How do our customers get access to Life Benefit?

Simple, after your institution purchases a Life Benefit policy, your customers only need to open and maintain an account for which you have designated Life Benefit to apply, and your customers will receive the benefit of embedded life insurance protection.

Are any customers excluded from eligibility for Life Benefit?

Anyone between the age of 18-79 can be eligible for Life Benefit, regardless of income, medical, or other insurance history.

Can Life Benefit be applied to checking accounts?

Yes, Life Benefit can be applied to any deposit-style account (e.g., Savings, Checking, CDs, Brokerage, etc.)

Can we provide Life Benefit to joint accounts?

Yes, but Life Benefit will pay benefits only upon the death of the account holder whose social security number is used to report taxable income for the account.

How much effort will we need to expend to implement Life Benefit?

Life Benefit can be implemented in a matter of weeks and is designed to minimize the need for additional processes by each policyholder.

What else do we need to know?

Eligibility for, and coverage under, Life Benefit is subject to the terms and conditions of each policy issued to Life Benefit policyholders.

How can we be sure that Wysh will honor claims our customers make?
  • Wysh is an AM Best: A- rated insurance carrier, meaning, in the opinion of AM Best, Wysh has an excellent ability to meet their ongoing insurance obligations.
  • Life Benefit is reinsured by General Re Life Corporation.