As we enter National Life Insurance Awareness Month, it’s a good time to look at your policy options and understand how life insurance can benefit your family. We’ll help you feel confident about any decision you make about safeguarding your financial future.
Key Facts About Life Insurance
If you’re single or married with no children, life insurance is still important. Most of us leave behind debts, such as a mortgage, or a car loan. Your loved ones will be able to use your life insurance benefit to handle those debts. They also can pay your burial expenses with your benefit.
Life insurance is not just for parents of young children. Having life insurance later in life can help cover funeral costs, pay estate taxes, or pay off debts. Another way to look at life insurance is as a means of passing along wealth to your loved ones, to help them support their own families.
Life insurance premiums can be more reasonable than you think. Many people think life insurance is something they can’t afford, but did you know you could get $100,000 of coverage starting at $5.75 per month with USBA’s 15 Year Group Level Term Life Insurance policy*? USBA has many different products to fit your budget and your family’s needs.
USBA Offers an Array of Options
We offer both term life and whole life insurance to our Members. Let’s take a look at the differences between the two.
Term life insurance (often called pure life insurance) provides life insurance for a specific amount of time or term. If you die during this term, your beneficiaries receive a cash payout for the amount of coverage you purchased. Generally, term life insurance is less expensive than whole life coverage. Premiums, while not guaranteed, are expected to remain level for the first term of your policy.
Whole life insurance (sometimes called permanent or cash value insurance) costs more than term life insurance because coverage lasts your entire lifetime and the premiums are guaranteed. Whole life premiums are based on your age when you apply and remain level throughout your life. Whole life insurance also builds cash value over time, which you can borrow against if you choose.
USBA understands life insurance can be confusing, so we designed our website to make that process easier for you. You can compare policy options, request a quote, and even complete your application, all online.
If you still have questions, please call 877-297-9235. Our Product Specialists are ready to help you understand your options.
*Example premium for a 24 year old Female on a Preferred Rate policy.
USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.