Protecting Your Family’s Future: Langley Federal Credit Union Life Insurance

Life can be unpredictable. One day everything is going smoothly, and the next your world is turned upside down. An illness, injury, or even death can happen suddenly, leaving your family vulnerable both emotionally and financially. This is why having life insurance is so important – it provides a safety net to help your loved ones through difficult times.

Langley Federal Credit Union offers high-quality life insurance policies to protect LFCU members and their families. Keep reading to learn more about the benefits of life insurance and the options available through Langley FCU.

What is Life Insurance?

Life insurance is an agreement between you (the policyholder) and an insurance company. You pay premiums, and in return when you pass away, your beneficiaries receive a lump-sum payment known as a death benefit.

This payout can be used to cover final expenses, pay off debts, fund college savings, replace lost income, and more. It helps prevent your family from financial hardship after you’re gone.

There are two main types of life insurance:

• Term life insurance – Provides temporary coverage for a set period of time, such as 10 or 20 years. Premiums are lower but increase as you age. Good for covering needs like mortgages or providing for young children.

• Permanent life insurance – Offers lifelong coverage as long as you pay premiums. Includes a cash value component that grows tax-deferred over time. More expensive but can be used for estate planning and other long-term goals.

Why Do You Need Life Insurance?

Here are some of the key reasons life insurance is so valuable:

• Replace income – If you or your spouse passed away, could the other support the family on one income? The death benefit can help pay for ongoing living expenses.

• Pay off debt – The payout can be used to pay off the mortgage, auto loans, student loans, and credit cards so your family has one less burden.

• Fund college – For families with young children, life insurance ensures money will be available for future college costs.

• Cover final expenses – Funerals, burial plots, and medical bills can add up. Life insurance avoids straining your family’s finances even further.

• Pay estate taxes – Large estates may owe significant taxes upon inheritance. Life insurance sidesteps this expense.

• Leave an inheritance – The death benefit creates a legacy for your children, grandchildren, or favorite charity.

Langley FCU Life Insurance Options

Langley FCU offers access to life insurance policies from highly-rated insurance companies like Minnesota Life. As an LFCU member, you can purchase term or permanent coverage at competitive group rates not available to the general public.

Some of the life insurance products offered include:

Term Life Insurance

• TruStage T10 or T20 – 10 or 20 years of affordable term life coverage to protect your family. Premiums remain level for the initial term period.

• TruStage Life Plus – Term life with premiums that remain level for the entire coverage period (up to age 95). Convertible to permanent insurance regardless of health.

Permanent Life Insurance

• TruStage Whole Life – Lifelong coverage with premiums that remain the same each year. Builds cash value that can be borrowed against or withdrawn.

• TruStage Simplified Issue Whole Life – Permanent coverage up to $100,000 without a medical exam. Great if you have minor health issues.

How Much Coverage Do You Need?

Determining the right life insurance amount is based on your unique situation. Consider these factors:

• Income to be replaced
• Debts to be paid off
• College or other future costs
• Final expenses
• Estate taxes or inheritance goals

As a rule of thumb, 10-15 times your annual income is often recommended, but an insurance agent can help analyze your needs and provide a personalized recommendation.

For a LFCU member earning $50,000 per year, a policy with a $500,000 to $750,000 death benefit would be reasonable. However, every situation is different – a financial advisor can ensure you get adequate coverage without overpaying.

Applying for Coverage Through Langley

Applying for life insurance through Langley FCU is simple and convenient:

• Get a quote – Call 757-898-0089 or visit a local branch to receive a personalized premium quote and policy recommendation from a licensed agent.

• Complete the application – Answer basic health and lifestyle questions. Some policies may require a medical exam or records from your doctor.

• Coverage is issued – If approved, your policy documents will be mailed out to you. Rates will lock in at your current age.

• Pay premiums – Ongoing payments can be automatically deducted from your LFCU account. Multi-year discounts may be available.

The entire process is handled through Langley – there are no extra fees or commissions. You can feel confident you are getting objective advice and insurance tailored specifically for credit union members.

Why Choose Langley for Life Insurance?

There are many great reasons to buy life insurance through Langley FCU rather than from an insurance company directly:

• Group rates – As an LFCU member, you may qualify for lower premiums not available through other providers. This exclusive pricing can save you money.

• Trusted relationships – You already know and trust Langley Federal Credit Union. This familiarity provides comfort and confidence during the life insurance process.

• Local support – Langley’s team of professionals are your neighbors. You get personalized service from agents in your community.

• Policy management – Your coverage is conveniently managed via your existing LFCU account. Premiums, documents, and beneficiary information are all in one place.

• Objective guidance – Langley advisors offer recommendations suited for you, not driven by sales commissions. You get honest advice.

Protect Your Family With Langley Life Insurance

Life is unpredictable – illness and accidents happen without warning. Langley Federal Credit Union life insurance provides an affordable way to give your family financial security even when you cannot be there for them.

Rather than leave your loved ones vulnerable, take action today. Call 757-898-0089 or visit your local branch to discuss your life insurance options with a LFCU advisor. They can provide a personalized quote so you know exactly how to protect the people who matter most.