Whole Life Insurance provides protection for as long as you live, or permanently, as long as you continue to pay your premium on time. Whole life policies are typically a better long-term option. And the younger you are when you purchase the policy, the less expensive your premiums may be. In addition, a whole life policy has a cash value. This means that some of the money you pay into the policy every month is saved or invested, so you're able to cash it out or borrow against it.
Term Life Insurance provides protection for a limited period of time, or term. Since it does expire after its term, it is possible that you may outlive your policy. However, if the insured person dies during the term, the death benefit will be paid to the stated beneficiary.
Term insurance is generally used for pure income replacement needs for an individual and not for estate planning needs or charitable giving strategies.
Put simply, Final Expense covers your end of life costs. Clearly this is something that no one likes to discuss. However, in the event of your untimely demise, have you considered the full cost that would be assumed by your loved ones for these services?
The cost of a funeral has steadily risen over the years and now averages just over $7,000 as the median cost for standard funeral services*. If you think Social Security will pay for your final expenses, think again! Social Security pays a lump sum final expense of only $255 for those who qualify. Your family is already dealing with your loss - a Final Expense policy can give them one less thing to worry about. Be prepared with Final Expense coverage and know that you are protecting your family.
*National Funeral Directors Association 2012 General Price List Survey
Expect the best out of life, but be prepared.
You’ve always done what’s right for the ones you love. Taking steps to ease the financial burden if you were to die is just one more way to show you care.
TruStage® Life Insurance pays an income-tax free, cash benefit that your family can use for any reason—like funeral expenses, mortgage payments or unpaid debts.
What are the advantages?
TruStage helps make it easy to compare insurance and explore options you can afford—so you can make a good decision today for your family:
Don’t wait another day to be prepared.
A Tradition of Strength
TruStage is underwritten by CMFG Life Insurance Company, which is rated “A” (Excellent) as of February 2017 by A.M. Best, an independent rating service that evaluates financial stability and operating performance. “A” is the third-highest of 16 ratings.
TruStage® 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. © 2017 TruStage Insurance Agency
Inter American Trust Bank Insurance Services, LLC (“Inter American Trust BankIS’) is a wholly-owned subsidiary of Inter American Trust Bank and was formed primarily to provide insurance services to Credit Union members. Insurance products: are not products of the Credit Union; and are not obligations of or guaranteed by the Credit Union; and the Credit Union makes no representations as to the services of any provider.