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A Quick Comparison

Term Life Insurance

  • Provides protection for 10-, 15-, 20- or 30-year terms or a set number of years depending on your needs
  • Offers premiums and benefits that remain the same or vary depending on your policy
  • Offers lower monthly premiums to work with your budget

Whole Life Insurance

  • Provides permanent coverage for your entire life
  • Premiums stay the same throughout your lifetime 
  • You can borrow against the cash value and use the money for any needs that arise.*

Term life insurance could be right for you if you have a tight budget and affordability matters most. If your circumstances or needs change, you can convert your term insurance to permanent insurance at specified times at a whole life rate for your age at the time of conversion.

If you have a permanent need to protect your family's financial stability, whole life insurance could be your best option. Your monthly premium amounts remain the same throughout your lifetime, and policy loans can provide a future source of money.

To see what works best for you, give us a call. We'll walk you through your choices in detail, answer your questions and help you arrive at a decision that makes sense.

FAQs

Reasons for life insurance:
  • Helps you prepare for the unexpected (such as the loss of income when a wage earner dies)
  • Designed to help safeguard growing financial commitments (marriage, children, mortgage, etc.)
  • Helps to protect loved ones if you and/or your spouse should die prematurely
  • Can build and protect funds for a child's college education
  • Can provide a cash value for future use
  • Can accumulate and secure money for retirement
  • May be used to cover final and estate expenses
  • A way to leave money to charity
What is the difference between term and whole life insurance?

Term Life Insurance

  • Can provide affordable, high-coverage protection for a specific period of time
  • Proceeds are paid if you die during the term
  • Premiums and benefits may be either level or decreasing

Whole Life Insurance

  • Offers coverage for your entire life
  • Premiums remain level, the same throughout your lifetime
  • Policy loans can provide a future source of money
  • Policy loans incur interest and any unpaid loans decrease the death benefit
 
What type of insurance do I need?

There are obvious advantages to both term and whole life insurance. You may need both. And you may want to supplement your current coverage. So how do you know which coverage is right for your situation? TruStage Life Insurance offers many insurance solutions. We don't expect you to be the expert. Feel free to give us a call. We'll go through all the options so you can choose what's best for you.

How much insurance do I need?

A general guideline is five to ten times your current salary. (This current recommendation represents the sum total of all life insurance policies and is only a general guideline. The amount of coverage you need will depend on your needs and circumstances.)

Questions you may want to consider when determining your family's life insurance needs:
  • Do you have a financial plan to pay for your children's education?
  • Do you have a savings plan to help cover financial emergencies?
  • If your family were to lose an income, would the other family members be able to maintain their lifestyle? Would your (and/or your spouse's) survivors be able to stay in your home and pay the mortgage? If necessary, what would your family do for childcare?
  • If you or your spouse were to die suddenly, would your family be burdened by large debts?
 
What do I need to know about beneficiaries?  
  • A beneficiary is a person or organization (e.g., charity) who receives insurance benefits at the time of the insured person's death.
  • You can choose anyone to be your beneficiary and you can have more than one beneficiary.
  • In general, benefits paid to your beneficiary are not subject to federal income tax.