Life insurance explained: Plan for the future
When you have loved ones depending on you, life insurance from TruStage™ could help you make sure they’re taken care of. Learn more about how getting coverage today could help you protect them tomorrow.
-
Life insurance is a type of financial coverage that pays a lump sum of money to your chosen beneficiary when you pass away. It’s designed to help cover funeral costs, debts, education, childcare, mortgage payments and other expenses. Depending on your needs, there are different types of life insurance that could be available to you, including term, whole and guaranteed acceptance whole life insurance.
-
Life insurance is important because it can help to provide for those who depend on you when you’re no longer here. By purchasing a life insurance policy, you could help make sure your children, your partner, your parents, or other loved ones are supported financially if you pass away while the policy is in place.
-
There are several types of life insurance solutions available to you, including term, whole, and guaranteed acceptance whole life insurance. Understanding your options can help you find a solution that best fits your needs.
Term life insurance
Term life insurance lasts a specific term, like 10, 15 or 20 years. Your coverage will not decrease while your policy is in place, and can be upgraded to whole life insurance at any time.
Term life insurance might be for you if:
- You have a family that relies on your income and want to help cover expenses like education or childcare in the event of your death
- You have debts like a mortgage or student loans and want to make sure your loved ones aren’t left responsible for them
Key features of term life insurance
- Coverage never decreases
- Coverage lasts for a set period of time, like 10, 15 or 20 years
- Monthly payments may be comparatively lower than whole life insurance
Whole life insurance
Whole life insurance is designed to be life-long coverage. When you invest in whole life insurance, your policy can build cash value and your monthly costs are locked in at today’s rates.
Whole life insurance might be for you if:
- You want your coverage to last your whole life, instead of a set term
- You want your policy to build cash value over time, and to be able to borrow from its cash value before the policy pays out
Key features of whole life insurance
- Fixed monthly payments for life
- Coverage designed to last your whole life
- Policy cannot be canceled as long as premiums are paid
Guaranteed acceptance whole life insurance
Guaranteed acceptance life insurance guarantees its benefits, with no health history or medical exam required.
Guaranteed acceptance whole life insurance might be for you if:
- You have a health condition that may otherwise make it difficult to find coverage
- You want to save time or avoid the hassle of a medical exam
Key features of guaranteed acceptance whole life insurance
- No medical exam or health questions required
- Locked-in rates
- Coverage begins immediately after first payment is cleared
Why choose TruStage?
Over 35 million consumers protected
TruStage has a close relationship with more than 3,200 credit unions across the country. Their members trust us to help provide personalized coverage designed to fit a monthly budget.
“A” Rating
TruStage is underwritten by CMFG Life Insurance Company, a company that was rated “A” (Excellent) as of December 2024 by A.M. Best.¹
Get a free quote now
Experience the convenience of our instant decisioning process by answering a few simple questions to discover the product that might be best for you.
How much coverage do I need?
There is no set amount of coverage for life insurance. How much life insurance coverage you need depends on a variety of personal factors, like your family’s needs and your financial responsibilities.
You can use our Life Insurance Coverage Calculator to help determine coverage needs and discover financial security options for you and your loved ones.
