Get the Life Insurance Coverage You Need with SchoolsFirst Credit Union

Life insurance is an important part of financial planning, yet many people don’t have adequate coverage. SchoolsFirst Credit Union offers a variety of life insurance options to help you protect your loved ones.

What is Life Insurance?

Life insurance provides a cash benefit to your beneficiaries if you pass away. It can help them cover final expenses, pay off debts, fund college tuition, and maintain their standard of living without your income.

There are two main types of life insurance:

• Term life insurance – Provides coverage for a set period of time, such as 10, 20 or 30 years. It’s the most affordable way to get a large amount of coverage.

• Permanent life insurance – Provides lifetime coverage as long as you pay the premiums. It also builds cash value that you can borrow against. Types include whole life, universal life and variable life.

Why Get Life Insurance Through SchoolsFirst?

SchoolsFirst Credit Union partners with highly rated insurance companies to offer:

• Guaranteed issue – For qualifying members, no medical exam required up to $200,000.

• Competitive group rates – As a member, you get access to exclusive discounted pricing.

• Choice of plans – Select the type and amount of coverage that fits your needs and budget.

• Personalized service – Work with a licensed advisor to create your policy.

• Easy application – Apply over the phone – no invasive tests or long applications.

• Convenient payroll deduction – School employees can pay premiums automatically from each paycheck.

• Policy review – They’ll evaluate your existing coverage to ensure you have adequate protection.

Types of Life Insurance Offered

SchoolsFirst offers all the major types of life insurance to suit your individual needs:

Term Life Insurance

• Provides temporary coverage for 10, 20 or 30 years.
• Ideal for covering mortgages, college costs, and replacing income.
• Offers guaranteed rates – your premiums won’t increase.
• Get coverage up to $1 million.

Return of Premium (ROP) Term Life

• A form of term life insurance.
• Provides coverage for 20 or 30 years.
• Returns all your premiums at the end of the term if no claims are filed.

Whole Life Insurance

• Provides permanent lifetime coverage.
• Features guaranteed cash value that grows over time.
• Use the cash value to borrow money or supplement retirement income.
• Coverage amounts up to $1 million.

Universal Life Insurance

• Offers permanent coverage with flexible premiums.
• Allows you to raise or lower coverage as your needs change.
• Builds a cash value you can access while alive.
• Includes a guaranteed interest rate plus potential dividends.

Variable Universal Life Insurance

• A permanent policy with flexible premiums and adjustable coverage.
• Invests your cash value in a choice of stock/bond funds for growth potential.
• Offers lifetime coverage as long as there is cash value.
• Provides tax-deferred growth on the cash value.

Accidental Death & Dismemberment (AD&D)

• Pays a benefit if you die or suffer dismemberment in an accident.
• Offers coverage up to $250,000 for members and $50,000 for spouses.
• Ideal to supplement existing life insurance.
• Covers accidents on or off the job.

How Much Life Insurance Do You Need?

Choosing the right amount of coverage involves calculating your family’s needs, including:

• Final expenses such as funeral and burial costs
• Paying off mortgage, loans, and other debts
• Funding college for children
• Replacing your income for ongoing living expenses
• Building an inheritance or estate

A licensed advisor can assess your financial situation and recommend appropriate levels of life insurance. Common benchmarks include:

• 10 times your gross annual income – For family breadwinners to replace income
• $250,000 – For supplemental coverage or single earners
• $500,000 to $1 million – For higher income earners supporting families

Term insurance allows you to get higher coverage for lower premiums. Permanent insurance is ideal for passing wealth to heirs while providing lifetime coverage.

Apply for Life Insurance with SchoolsFirst

Applying for life insurance through SchoolsFirst Credit Union is quick and convenient:

By Phone

• Call (800) 462-8328 ext. 4116, option 2
• Speak with a licensed advisor Monday-Friday 9am-5pm
• Answer questions about your health and finances
• Receive a personalized quote in minutes

By Email

• Email [email protected]
• Provide your name, date of birth, phone number
• An advisor will contact you directly

Guaranteed Issue

• If you’re under age 65 and a member for at least a year, you may qualify for guaranteed issue up to $200,000 – no health exam needed.

Be sure to ask about additional discounts if you have other accounts or policies with SchoolsFirst.

Life insurance provides vital protection when you’re gone. Work with SchoolsFirst Credit Union to find the right type and amount of coverage for your family’s financial security.