Protecting Your Family’s Future: Landmark Credit Union Life Insurance

Life can throw curveballs when you least expect it. That’s why having life insurance is so important – it provides financial protection and peace of mind for you and your loved ones. As a member of Landmark Credit Union, you have access to high-quality life insurance policies at exclusive group rates.

Overview of Life Insurance at Landmark Credit Union

Landmark Credit Union partners with industry-leading insurance providers to offer members term life and whole life insurance options.

Term life insurance provides affordable financial protection for a set period of time or “term”, such as 10, 15, 20, or 30 years. It pays a tax-free death benefit to your beneficiaries if you pass away during the term.

Whole life insurance provides lifelong protection as long as you make the premium payments. It has a cash value that grows over time that you can borrow against or withdraw. Whole life policies typically cost more than term policies.

As a Landmark Credit Union member, you can get competitive group rates not available to the general public. You also have the convenience of paying premiums directly through your Landmark account.

Benefits of Purchasing Life Insurance through Landmark

Here are some key advantages of getting life insurance through your credit union:

• Exclusive pricing – Group rates only for Landmark members can mean significant savings compared to buying a policy on your own.

• Personalized guidance – Meet with a licensed agent to determine the right type and amount of coverage for your unique situation and budget.

• Flexible payment options – Pay premiums annually, semi-annually, quarterly, or monthly through auto-deduction from your Landmark account.

• No medical exam – For term life policies under $250,000 in coverage, you may qualify without a medical exam.

• Easy application – Apply over the phone or schedule an appointment. No hassle like dealing directly with an insurance company.

• Policy stays with you – If you ever leave Landmark, you can take the policy and pay premiums directly to the insurance company.

• Trusted providers – Insurance partners are highly rated companies with a solid reputation.

Types of Life Insurance Offered

Landmark Credit Union provides both term and whole life insurance options through leading carriers like Minnesota Life Insurance Company and Americo Financial Life & Annuity Insurance Company.

Term Life Insurance

Term life is the most affordable type of life insurance and provides protection for a set period of time.

• 10-year term – Lowest premiums but coverage expires after 10 years.

• 15-year term – Mid-range premiums with longer coverage.

• 20-year term – Higher premiums than 10 or 15-year terms in exchange for longer coverage.

• 30-year term – Maximum length of coverage to age 95 but also the highest premiums.

Term life is best suited for temporary needs like providing financial protection for your children until they become adults. It’s also a good fit if you need a larger life insurance benefit now but expect your needs to decrease in the future.

Whole Life Insurance

Whole life provides permanent protection as long as you make the premium payments. It also builds cash value that you can borrow against or withdraw.

There are two main types of whole life insurance that Landmark offers:

• Basic whole life – Offers guaranteed death benefit, guaranteed cash value growth, and fixed, predictable premiums. It provides basic protection at an affordable rate.

• Interest-indexed whole life – Provides guaranteed death benefit along with cash value growth linked to an external market index like the S&P 500. Your cash value can grow much faster compared to basic whole life.

Whole life is a good choice if you want lifelong insurance protection, access to cash value, fixed premiums, and reduced insurance costs as you get older. The premiums are higher than term life but remain level for life.

How Much Life Insurance Do You Need?

Determining the right amount of coverage is based on your unique financial situation and responsibilities. Here are some common methods to calculate your life insurance needs:

• Income replacement method – Add up your annual after-tax income that you want to replace for your dependents and multiply by the number of years you expect them to need support.

• Debt coverage method – Total all major debts like mortgage, car loans, student loans, credit cards, etc. Choose a policy that covers the total payoff amount.

• Expenses method – Estimate expected future costs like college tuition, childcare, healthcare, food, housing, etc. Choose a benefit amount that covers these expenses over time.

• Asset protection method – Determine the value of assets you want to leave behind like college funds, retirement accounts, investments, etc. Choose a benefit amount that equals or exceeds the total.

• Human life value method – Estimate the intangible value you provide like parenting, caregiving, household services, transportation, etc. Convert this to a monetary amount.

Generally, term life policies from $25,000 to $1 million are available through Landmark’s program for members who are under age 70 and in good health. Talking to a licensed agent can help narrow down the right amount and type of policy for your needs and budget.

How to Enroll in Life Insurance with Landmark

Purchasing life insurance through your credit union is convenient and hassle-free. Just follow these simple steps:

1. Contact Landmark – Call 800-242-5336 or stop by a branch to speak with a representative and get enrolled.

2. Speak with an agent – A licensed agent will explain the available policies and help determine the right coverage for you.

3. Complete application – Fill out the application form and answer some medical history questions. In most cases, no medical exam is required.

4. Set up payments – Choose to automatically pay premiums monthly, quarterly, semi-annually, or annually from your Landmark account.

5. Get approved – It takes about 2-3 weeks to receive an approval decision. Once approved, your policy will be issued.

6. Name beneficiaries – Designate who should receive the death benefit payout from the policy. You can change the beneficiaries at any time.

The entire application and approval process usually takes less than a month. Then you can rest assured knowing your family is protected by high-quality life insurance tailored to your needs and budget.

Landmark Life Insurance Options

Here is an overview of the life insurance plans available to Landmark Credit Union members along with sample rates for a 30-year old non-smoker in good health.

*Rates are for illustrative purposes only. Actual pricing may vary based on age, health, lifestyle, and other factors. Speak with a licensed agent to get a personalized quote.

As you can see, term life premiums are very affordable, especially for shorter 10 or 15-year terms. Whole life plans have higher premiums but offer lifelong protection and cash value growth. All plans can be customized with various benefit amounts based on your budget and needs.

Reasons to Buy Life Insurance through Landmark

Here are the top reasons why purchasing life insurance through Landmark Credit Union makes sense:

• Competitive group rates – Exclusive pricing for members only
• Reputable providers – Trusted insurance partners
• Bundled discounts – Savings when you have other accounts/policies with Landmark
• Convenient payroll deduction – Automatic premium payments from your Landmark account
• No commissions – The credit union is not trying to sell you extra coverage to earn commissions
• Policy portability – Take the coverage with you even if you leave Landmark
• Personal guidance – Meet 1-on-1 with a licensed agent
• No medical exam – For smaller policies under $250,000

You get the advantages of group buying power combined with the personalized service of a local agent. Shopping with Landmark first makes it easy to protect your family within your budget.

Frequently Asked Questions

Here are answers to some common questions about purchasing life insurance through Landmark Credit Union:

Can I get life insurance if I have health issues?

Yes, there are plans available even if you have pre-existing medical conditions. You may pay higher premiums compared to someone in perfect health. Always answer health history questions in the application fully and accurately.

What if I already have life insurance?

The agent will review your existing coverage to see if you need to supplement it with additional protection. Landmark offers both individual policies as well as additional insured options if your spouse needs more coverage.

What ages can apply for coverage?

Most plans are available between the ages of 18 and 70. Term life coverage extends to age 95 on 30-year policies. Whole life plans offer protection past age 95.

What if I’m not a U.S. citizen?

Non-U.S. citizens must have permanent resident status and valid social security number to apply for coverage. International students on visas are not eligible.

Can I name anyone as my beneficiary?

You can choose any person or entity to receive the death benefit payout. Common choices are spouses, children, other family members, trusts, charities, etc.

When do my beneficiaries receive payouts?

The death benefit is paid to your beneficiaries by the insurance company after the legal paperwork and claim is processed. This is generally within 2-4 weeks after notifying the insurer of your passing.

Get Started with Landmark Life Insurance

Life insurance provides essential financial protection for your loved ones in case of the unexpected. As a Landmark Credit Union member, you can easily apply for term or whole life coverage with group discounts not available to the public. Meet with a licensed agent to get matched with the right policy for your budget and needs. Don’t leave your family’s future uncertain. Get reliable Landmark life insurance today!