Trustage Life Insurance: What You Need to Know

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When it comes to life insurance, there are countless options available. One option you may have come across is Trustage Life Insurance. In this article, we’ll take a closer look at what Trustage Life Insurance is, how it works, and whether it’s the right choice for you.

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What is Trustage Life Insurance?

Trustage Life Insurance is a type of life insurance offered by the TruStage Insurance Agency. TruStage is a subsidiary of the CUNA Mutual Group, a financial services company that specializes in providing insurance and investment products to credit unions and their members.

Trustage Life Insurance policies are designed to provide financial protection to your loved ones in the event of your death. These policies pay out a lump sum of money, called a death benefit, to your beneficiaries upon your passing.

There are two types of Trustage Life Insurance policies: term life insurance and whole life insurance. Let’s take a closer look at each of these options.

Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a set period of time, usually between 10 and 30 years. If you pass away during the term of the policy, your beneficiaries will receive a lump sum death benefit.

Term life insurance policies are generally more affordable than whole life insurance policies, making them a popular choice for those who want to ensure their loved ones are protected but don’t want to break the bank.

It’s important to note that once the term of your policy is up, you will no longer have coverage unless you choose to renew the policy. Additionally, the premiums for term life insurance policies may increase over time as you age and your risk of death increases.

Whole Life Insurance

Whole life insurance, also known as permanent life insurance, provides coverage for your entire life as long as you continue to pay your premiums. These policies offer a guaranteed death benefit and also contain a cash value component that grows over time.

While whole life insurance policies are generally more expensive than term life insurance policies, they offer a number of benefits that may make them a better choice for some individuals. For example, the cash value component of a whole life insurance policy can be used as a source of savings or even as collateral for a loan.

It’s important to consider your individual needs and financial goals when deciding which type of Trustage Life Insurance policy is right for you.

How Does Trustage Life Insurance Work?

Trustage Life Insurance policies work in much the same way as other life insurance policies. You pay premiums to the insurance company in exchange for coverage, and if you pass away during the term of the policy, your beneficiaries will receive a lump sum death benefit.

The application process for Trustage Life Insurance is fairly straightforward. You will need to answer a few questions about your health and lifestyle, and may be required to undergo a medical exam. Once you are approved for coverage, you will begin paying your premiums.

If you pass away during the term of your policy, your beneficiaries will need to file a claim with the insurance company to receive the death benefit. The process of filing a claim is generally straightforward, and the insurance company will work with your beneficiaries to ensure they receive the money they are entitled to.

FAQ

Question
Answer
What is the difference between term and whole life insurance?
Term life insurance provides coverage for a set period of time, while whole life insurance provides coverage for your entire life as long as you continue to pay your premiums. Whole life insurance policies also contain a cash value component.
How much does Trustage Life Insurance cost?
The cost of Trustage Life Insurance will depend on a number of factors, including your age, health, and the type of policy you choose. Contact the TruStage Insurance Agency for a quote.
Do I need a medical exam to qualify for Trustage Life Insurance?
You may be required to undergo a medical exam as part of the application process. This will depend on your individual circumstances.
Can I cancel my Trustage Life Insurance policy?
Yes, you can cancel your policy at any time. However, if you cancel your policy before the end of the term, you may not receive a refund of your premiums.

Is Trustage Life Insurance Right for You?

Whether or not Trustage Life Insurance is the right choice for you will depend on a number of factors, including your individual needs and financial goals. It’s important to carefully consider your options and to speak with a financial professional to ensure that you are making the best decision for yourself and your loved ones.

That being said, Trustage Life Insurance policies offer a number of benefits, including affordable premiums, flexible coverage options, and the financial security of knowing that your loved ones will be taken care of in the event of your passing.

If you are interested in learning more about Trustage Life Insurance, contact the TruStage Insurance Agency to speak with a representative and to get a quote for coverage.

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