Educators Credit Union Life Insurance: Coverage Options and Benefits

Securing life insurance through your credit union can provide peace of mind for you and your loved ones. Educators Credit Union offers members access to competitive life insurance products through TruStage. Read on to learn about TruStage life insurance policies available from Educators Credit Union and how to determine if they are the right fit for your needs.

Overview of TruStage Life Insurance at Educators Credit Union

Educators Credit Union has partnered with TruStage Insurance Agency to make life insurance coverage available to members. TruStage is the insurance branch of the Credit Union National Association (CUNA), providing policies specifically designed for credit union members.

The TruStage life insurance products offered through Educators Credit Union include:

• Term life insurance – Provides temporary coverage for a set period of time. The most affordable form of life insurance.

• Whole life insurance – Provides lifelong coverage as long as premiums are paid. Builds cash value that can be borrowed against.

• Universal life insurance – A flexible policy with adjustable death benefits and premiums. Also builds cash value.

• Accidental death insurance – Pays out if the policyholder dies due to a covered accident. Offered as a rider on TruStage policies.

TruStage policies are backed by CMFG Life Insurance Company. CMFG Life holds an A rating from A.M. Best, indicating excellent financial strength and ability to pay out claims.

Below we’ll take a closer look at TruStage’s term, whole, and universal life insurance options available from Educators Credit Union.

TruStage Term Life Insurance

Term life insurance provides temporary protection for a set period of time, such as 10, 15, 20, or 30 years. It pays out a lump sum death benefit to your beneficiaries if you pass away during the term.

Here are some key features of TruStage’s term life insurance:

• Coverage terms: 10, 15, 20, 25, or 30 years

• Death benefits: $25,000 to $500,000

• Conversion: Can convert to whole life or universal life before age 70

• Renewability: Policies are renewable to age 95 without medical exam

• Premiums: Locked in for the initial term period

• Added benefits: Terminal Illness Accelerated Death Benefit and Common Carrier Accidental Death rider

Term insurance is best suited for temporary needs like providing income replacement for working-age parents with young children. It offers the most coverage for your premium dollar since you are just paying for the death benefit.

TruStage term life rates will depend on your age, health, and desired coverage amount. A 30-year old male in good health could get a $250,000 20-year term policy for around $160 per year.

TruStage Whole Life Insurance

Whole life insurance provides permanent protection that lasts your entire lifetime. As long as you pay the premiums, the death benefit coverage does not expire.

Here are some key features of TruStage’s whole life insurance:

• Level death benefit: Remains the same throughout life of policy

• Premiums: Also remain level and never increase

• Cash value: A portion of premiums go toward building cash value that grows tax-deferred

• Policy loans: Can borrow against cash value as needed

• Paid-up option: Stop paying premiums and reduce death benefit after accumulating sufficient cash value

• Dividends: May receive annual dividends to reduce premiums or increase cash value

Whole life is best for permanent needs like providing an inheritance for children or estate taxes. The premiums are higher compared to term insurance since you are pre-funding the death benefit.

A 30-year old male could get a $250,000 TruStage whole life policy for around $480 per year. Premiums are locked in at your age when purchasing coverage.

TruStage Universal Life Insurance

Universal life insurance combines flexible premiums and death benefits of term insurance with the cash accumulation of whole life. Key features include:

• Adjustable coverage: Change death benefit as needs change

• Flexible premiums: Payments can vary month-to-month as long as policy expenses and fees are met

• Cash value growth: Excess premiums go to tax-deferred cash value

• Loans and withdrawals: Can borrow or withdraw cash value as needed

• Various payment options: Make lump-sum, increasing, or fixed payments

Universal life provides adjustable protection. It works well for replacing term insurance after retirement when income decreases. Premiums for a 30-year old male could start around $400 annually for a $250,000 universal life policy.

How to Apply for TruStage Life Insurance

Applying for TruStage life insurance coverage through Educators Credit Union is straightforward:

• Get a quote – Speak with a licensed agent at 1-800-814-2914 or use the online quote tool to estimate rates.

• Complete application – Apply online or through a TruStage agent. Application includes basic medical questions.

• Underwriting – CMFG Life underwriters review your application and set final rate.

• Policy issue – Coverage goes into effect once underwriting completed and first premium is paid.

The entire application and approval process usually takes 2 to 3 weeks. TruStage offers a streamlined process with minimal medical questions for credit union members.

Who is Eligible for Educators Credit Union Life Insurance?

To qualify for TruStage life insurance from Educators Credit Union, you must:

• Be a member of Educators Credit Union

• Be between 18 and 80 years old

• Be a U.S. citizen or permanent legal resident

• Complete the insurance application process

Members in good health qualify for standard rates. You may still be approved with certain health conditions but with higher premiums.

Key Benefits of TruStage Life Insurance

Choosing Educators Credit Union’s TruStage life insurance over other companies provides several advantages:

Competitive group rates – Credit union members enjoy lower group insurance rates not available to the general public.

Credit union expertise – Licensed agents specialized in credit union products can help you select the right policy.

Trusted provider – TruStage insurance designed specifically for credit unions and backed by CUNA.

Strong financials – CMFG Life maintains high financial strength ratings from insurance industry experts.

Ease of payments – Premiums can be paid directly through your credit union account.

Member perks – May qualify for policy discounts through other Educators Credit Union programs.

Local support – Access to in-person service at Educators Credit Union branches.

TruStage life insurance through Educators Credit Union provides member-focused coverage you can trust.

Is TruStage Life Insurance Right for You?

Choosing the right life insurance involves weighing factors like your budget, financial needs, and policy preferences.

Consider TruStage life insurance from Educators Credit Union if you want:

• Low-cost coverage through trusted providers
• Term or permanent protection
• Ability to adjust coverage as needs change
• Potential to earn dividends on whole life policies
• Convenient management through your credit union

But also weigh other options like employer group life insurance or policies from independent insurers like Ladder or Bestow.

Discuss your specific situation with a licensed TruStage agent. They can help you determine if TruStage life insurance is the most suitable solution for protecting your loved ones.

Get Affordable Coverage for Peace of Mind

Life insurance from Educators Credit Union’s trusted TruStage program can provide affordable, member-focused coverage when your family needs it most. Contact TruStage today to explore your policy options, get quotes, and apply for the protection you deserve.