Life insurance is a crucial financial protection tool that individuals can purchase to ensure their loved ones are taken care of in the event of their passing. When you buy a life insurance policy, you agree to pay a premium to the insurance provider in exchange for a death benefit. This death benefit is a sum of money that is paid out to your named beneficiaries if you pass away while the policy is active. Your beneficiaries can use this money to cover end-of-life expenses, living costs, or any other financial needs they may have.
Formerly known as the CUNA Mutual Group, TruStage is a reputable provider of life insurance products. While it primarily sells life insurance to credit unions and businesses, it also offers personal products to individual policyholders. TruStage offers both term life and whole life insurance products, with guaranteed-issue whole life policies also available.
Term life insurance is a type of coverage that is active for a specific term, typically between 10 to 30 years. If the policyholder does not pass away during the term, the policy will not pay out the death benefits. TruStage offers term life insurance with a fixed term of five years, with death benefits ranging from $5,000 to $300,000. One of the advantages of TruStage’s term policies is the simplified application process, which does not require a medical exam, health questions, or blood testing.
Whole life insurance, on the other hand, is a type of permanent life insurance that lasts for the lifetime of the insured person as long as premiums are paid. TruStage offers whole life insurance with death benefits ranging from $5,000 to $100,000. Additionally, TruStage provides guaranteed-acceptance whole life insurance options for applicants between the ages of 45 to 80, with death benefit options limited to $25,000. These policies ensure that individuals with health issues are not turned down for coverage.
Accidental Death and Dismemberment (AD&D) insurance is an add-on coverage that provides an additional cash payout if you die in a covered accident or sustain a qualifying injury that prevents you from returning to work permanently. TruStage offers complimentary AD&D coverage to members of over 3,500 credit unions across the country, with coverage amounts ranging from $10,000 to $300,000. This coverage increases by 5% annually, up to 50% over 10 years, until the policyholder reaches age 70.
In conclusion, TruStage offers a range of life insurance products to meet the diverse needs of individuals and families. Whether you are looking for term life insurance, whole life insurance, or AD&D coverage, TruStage provides options that can help protect your loved ones financially in the event of your passing. Consider exploring TruStage’s offerings to find the right life insurance solution for you and your family.