Life (Term / Whole) Insurance
Isn’t Your Life Worth Insuring?
If you think about life insurance in those terms, then it becomes pretty clear why you shouldn’t give a second thought to getting it. But what kind of policy should you get?
There’s Term Life Insurance. There’s Whole Life Insurance. Unless you’re an insurance agent, how are you supposed to know the differences between the two? That’s where Members Insurance Advisors1, our wholly owned subsidiary, comes in. They’ll help you understand everything there is to know about the policies, starting with giving you a brief description of each below.
What Is Term Life Insurance?
Term Life Insurance provides death protection for a stated time period, or term. Since it does expire, it’s possible that you may outlive your policy. It can be purchased in large amounts for a relatively small initial premium and is best for short-range goals, such as paying off a loan or helping with your children’s expenses as they grow up.
What Is Whole Life Insurance?
Whole Life Insurance provides death protection as long as you live, or permanently as long as you continue to pay your premium on time. Unlike Term Life Insurance, which usually does not accumulate any cash values, some of the money you pay into your whole life policy does. So if you choose to surrender the policy, these guaranteed cash values would be yours to keep. Another notable difference is that as long as your Whole Life Insurance policy is in force, you may borrow against it as a policy loan at the current policy loan interest rate. The amount of your guaranteed cash value would depend on the kind of policy you have, its size and how long you’ve had it. The growth in cash values is tax-deferred under current federal income tax law, and borrowed amounts reduce the death benefit and cash surrender value. Premiums generally are level and payable for life. Since premiums are level, the younger you are when you purchase a whole life policy, the less expensive the annual premiums will be. With level premiums and the accumulation of cash values, Whole Life Insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.
TruStage™ Life Insurance Plans
Exclusively for Credit Union members, we offer TruStage Life Insurance2 policies to help you protect the people who matter most in your life. Underwritten by CMFG Life Insurance Company, these plans are designed to fit your budget and provide excellent coverage.
Learn about this important coverage or call 855-612-7909 for more information.
Ready to Apply or Need More Information?
1Members Insurance Advisors is a wholly owned subsidiary of Delta Community Credit Union. Insurance products are not deposits of Delta Community Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Delta Community Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Delta Community Credit Union need not be purchased from Members Insurance Advisors and may be purchased from an agent or an insurance company of the Member’s choice. Business conducted with Members Insurance Advisors is separate and distinct from any business conducted with Delta Community Credit Union.
2TruStage™ Life Insurance is offered by TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union. LIFE-1112-C9B