Life insurance is a crucial financial tool that provides protection for your loved ones in the event of your passing. When you purchase a life insurance policy, you agree to pay a premium to an insurance provider in exchange for a death benefit. This death benefit is paid out to your named beneficiaries if you pass away while the policy is active. They can use this benefit to cover end-of-life expenses, living costs, or any other financial needs they may have.
TruStage, formerly known as the CUNA Mutual Group, offers a range of life insurance products to both businesses and individual policyholders. They provide term life and whole life insurance options, with guaranteed-issue whole life policies also available. Term life insurance is coverage that is active for a specific term, typically between 10 to 30 years. If the policyholder does not pass away during this term, the death benefit is not paid out. TruStage offers term policies with a simplified application process and death benefits ranging from $5,000 to $300,000.
Whole life insurance, on the other hand, is a type of permanent life insurance that lasts for the lifetime of the insured individual. Premiums for whole life policies are typically higher than term policies, but a portion of these premiums is invested into a cash value portion of the policy. TruStage offers whole life insurance with death benefits between $5,000 and $100,000, as well as guaranteed-acceptance whole life insurance options for individuals between the ages of 45 to 80.
Accidental Death and Dismemberment (AD&D) insurance is an add-on coverage that provides an additional cash payout if you die in a covered accident or sustain a qualifying injury. TruStage offers complimentary AD&D coverage to members of over 3,500 credit unions, with coverage amounts ranging from $10,000 to $300,000. This coverage increases by 5% annually, up to 50% over 10 years, until the policyholder reaches age 70.
In conclusion, life insurance is a valuable tool for providing financial protection to your loved ones in the event of your passing. TruStage offers a variety of life insurance products, including term life, whole life, and AD&D coverage, to meet the diverse needs of their customers. Whether you are looking for temporary coverage or a lifelong policy, TruStage has options to help you secure the financial future of your loved ones.
