First Citizens Bank Life Insurance – Coverage and Policy Options

Life can throw curveballs when you least expect it. That’s why having life insurance through a trusted provider like First Citizens Bank can give you confidence that your loved ones will be taken care of financially if something unexpected were to happen to you.

In this comprehensive guide, we’ll explore First Citizens Bank’s life insurance options, coverage details, policy types, costs, and more. Read on for everything you need to know about securing life insurance protection through First Citizens.

Overview of First Citizens Bank Life Insurance

First Citizens Bank offers a wide range of flexible life insurance policies to meet diverse needs and budgets. As a full-service bank and wealth management firm with insurance solutions, First Citizens has the expertise to help you choose the right type and amount of coverage.

Some key advantages of First Citizens Bank life insurance include:

• Customizable protection – Work with an agent to build coverage around your specific circumstances.

• Policy variety – Select term, whole, universal, or final expense life insurance. Riders and options available.

• Local agents – Get guidance from professionals in your community.

• Well-rated insurer – Policies underwritten by highly rated insurance companies.

• Policy management – Access your policy info and make payments through online banking.

• Convenient billing – Pay premiums directly through your First Citizens checking or savings account.

Whether you need basic term insurance or more permanent cash value coverage, First Citizens Bank has policies to fit your budget and goals.

Types of Life Insurance Through First Citizens

First Citizens Bank offers all the standard life insurance policy types. Your agent can explain the pros and cons of each option and help select the right plan.

Term Life Insurance

Term life insurance provides affordable pure death benefit protection for a set period of time or “term” – usually 10 to 30 years. It pays a lump sum to your listed beneficiaries if you pass away during the term.

• Affordable premiums – Term policies have lower premiums compared to permanent insurance since they only offer a death benefit.

• Customizable terms – Choose coverage for 10, 15, 20, 25, or 30 years based on your needs.

• Guaranteed renewable – Policies can be renewed up to a certain age without additional medical underwriting.

• Conversion options – Many term policies can be converted to permanent insurance later if desired.

Term life insurance works well for covering temporary needs like mortgages, child-rearing expenses, and debt. It provides peace of mind that your family can maintain their standard of living if you were to die prematurely.

Whole Life Insurance

Whole life insurance provides lifelong death benefit coverage along with a cash value savings component that grows tax-deferred over time. Premiums remain level for life.

• Lifelong protection – Coverage lasts your entire lifetime as long as premiums are paid.

• Tax-deferred savings – Cash value earns interest and grows tax-free until withdrawn.

• Cash access – Withdraw or borrow against cash value through policy loans.

• Guaranteed death benefit – Death benefit payout is guaranteed as long as premiums are current.

Whole life insurance is ideal for permanent needs like final expenses, business continuity, and legacy planning. The cash value fund can also supplement retirement income if accessed.

Universal Life Insurance

Universal life insurance combines permanent death benefit coverage with flexible premium payments and cash value growth based on current interest rates.

• Adjustable coverage – Raise or lower the death benefit amount as your needs change.

• Flexible payments – Pay premiums at whatever level fits your budget month to month.

• Cash value growth – Earn interest based on current rates rather than a fixed rate.

• Multiple investment options – Choose conservative cash funding or riskier stock index options for cash value growth.

The adjustable coverage and premium payments make universal life very adaptable to changing financial situations. It provides lifelong coverage with cash value that can be withdrawn or borrowed against.

Final Expense Life Insurance

Final expense life insurance provides smaller death benefit policies to cover end-of-life costs like funeral and burial bills. It helps ease the financial burden on loved ones.

• Small coverage amounts – Policies from $5,000 to $40,000.

• Simplified underwriting – No medical exam required in most cases.

• Affordable premiums – Lower premium costs due to smaller coverage.

• Quick payout – Benefits paid soon after passing to cover final bills.

Final expense insurance gives peace of mind knowing your funeral expenses will be covered so family isn’t left paying. This targeted coverage helps tie up financial loose ends.

Available Riders and Options

First Citizens Bank offers several supplemental insurance riders and options you can add to your base life insurance policy for an additional premium cost:

• Accidental death benefit – Provides an additional payout if death is due to a covered accident.

• Child term rider – Adds term life coverage for children with a single premium.

• Waiver of premium – Waives premium payments if you become totally disabled.

• Guaranteed insurability – Lets you increase coverage later without medical underwriting.

• Cost of living adjustment – Death benefit can increase over time to match inflation.

• Early cash value option – Earns cash value earlier in the policy lifespan.

Discuss your needs with a First Citizens insurance agent to determine which riders may be beneficial for you.

How Much Does Life Insurance Cost at First Citizens?

Life insurance policy premiums vary based on:

• Age and health status when applying
• Type and amount of coverage selected
• Length of coverage term for term policies
• Added riders or special options

In general, expect to pay the following average monthly costs for $250,000 in coverage:

• 20-year term life: $30 per month if healthy and young when applying
• Whole life: $100-$150 per month regardless of age
• Universal life: $80-$120 per month depending on cash value options
• Final expense: $40 per month for $15,000 policy

Of course, your specific premium estimate will depend on the details of your policy. The best way to get accurate life insurance pricing is to speak with a First Citizens Bank insurance agent and receive a personalized quote based on your situation.

How to Apply for Life Insurance with First Citizens

Getting life insurance through First Citizens Bank involves just a few simple steps:

1. Contact a First Citizens insurance agent – Schedule a call, visit a local branch, or request a quote online.

2. Discuss your needs – Talk about your budget, desired coverage, and time frame to determine the right policy type and amount.

3. Fill out an application – Provide basic personal and health details so underwriting can evaluate eligibility.

4. Complete underwriting – You may need a medical exam depending on health, age, and coverage amount.

5. Get a premium quote – If approved, you’ll receive a detailed premium quote for your policy.

6. Accept coverage – Review the policy terms and sign paperwork to put coverage into effect.

The application process is straightforward when guided by a knowledgeable First Citizens Bank agent. You can have coverage in place in as little as one week in some cases.

Why Choose First Citizens for Life Insurance?

There are many great reasons to consider First Citizens Bank for your life insurance needs:

• Trusted provider – First Citizens has a long track record of safeguarding assets.

• Full-service firm – Get all your insurance, banking, lending, and investments in one place.

• Local agents – Work face-to-face with professionals in your community.

• Range of policies – Choose from term, whole, universal and final expense plans.

• Customizable coverage – Build a policy for your unique situation and budget.

• Convenient account access – Manage your policy through online/mobile banking.

• Seamless payments – Pay premiums directly from your First Citizens checking or savings account.

For personalized guidance and life insurance tailored to your family’s financial needs, turn to the experienced team at First Citizens Bank. Contact an agent today to review your coverage options.