Life insurance is an integral aspect of any financial strategy. It aims to protect the wealth that you’ve worked hard to create. It can save your family from having to dig into savings or sell a house after a sudden unfortunate situation.
There are three main types of life insurance; term life insurance, whole life insurance, and universal life insurance. And there are other variations within each of these groups. With so many life insurance choices, you’re likely to find a policy that fits your unique needs.
What is Term Life Insurance?
Term life insurance, also known as pure life insurance, is a form of life insurance that ensures the payment of the death benefit if the insured individual dies during the defined period of time.
When the term expires, the policyholder may either extend it for another term, transfer the policy to permanent coverage, or cancel the policy.
What Is Whole Life Insurance?
Whole life insurance protects the life of the insured. In addition to paying a death benefit, whole life insurance also provides an investment portion in which cash value can be accrued. These plans are often referred to as “permanent” or “traditional” life insurance.
Whole life insurance plans are one form of permanent life insurance policy. Others are universal life, indexed universal life, and variable universal life. Whole life insurance is the initial life insurance policy, but life insurance is not the same thing as permanent life insurance.
What Is Universal Life (UL) Insurance?
Universal life insurance (UL) is a fixed life insurance policy with an element of investment savings and a low premium that is close to that of term life insurance. Most UL insurance plans have a flexible premium option.
TruStage™ Life Insurance Plans
RMLEFCU offers TruStage Life Insurance Policies for our members to help you protect the people who matter most in your life. These plans are designed to fit your budget and provide excellent coverage. TruStage™ 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.
Other insurance products are provided by LPL Financial Services and can be obtained through Deborah Wilson at 303-458-6660 ext. 4128 or deborah.wilson@lpl.com. LPL Financial Services provides Life Insurance, Disability Insurance, Group Insurance, and Medical Insurance.
For more information, please call RMLEFCU at 303-458-6660.