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Term and Whole Life Insurance

Members Insurance Advisors

When you're making important decisions about life insurance, we want to help you understand the difference between Whole Life Insurance and Term Life Insurance. Life insurance is necessary and choosing the right type is key.

Term Life Insurance

Term life insurance provides death protection for a stated time period, or term. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years. When planning for your families financial future it's important to keep in mind that term life insurance expires and it is possible to outlive your policy. If you are looking for permanent insurance that builds cash value, whole life insurance may be the answer for you.

Whole Life Insurance

Whole Life Insurance is permanent life insurance coverage for as long as you live and continue to make timely premium payments. Unlike Term Life Insurance, which usually does not accumulate any cash values, some of the money you pay into your whole life policy accumulates as guaranteed cash values. If you choose to surrender the policy, these guaranteed cash values would be available to you.

Or, as long as the policy is in force, you may borrow against them as a policy loan at the current policy loan interest rate. The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it. The growth in cash values is tax deferred under current federal income tax law. 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 solutions just for credit union members

TruStage™ Life Insurance Plans

Exclusively for credit union members, we offer TruStage Life Insurance 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 1-855-612-7909 for more information.

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.


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