Protect Your Family’s Future with Travis Credit Union Life Insurance

Life can be unpredictable. That’s why having life insurance is so important – it provides financial protection for your loved ones in case something unexpected happens to you. As a member of Travis Credit Union, you have access to high-quality life insurance policies to fit your needs and budget.

Overview of Travis Credit Union Life Insurance Options

Travis Credit Union offers life insurance coverage through TruStageTM Life Insurance. These plans are underwritten by CMFG Life Insurance Company and designed specifically for credit union members.

There are two main policy options available:

• Term life insurance – This provides temporary coverage for a set period of time, such as 10, 15, 20, or 30 years. Premiums are usually lower compared to permanent life insurance since coverage expires at the end of the term unless renewed. Term life is great for covering temporary needs like replacing income if the primary breadwinner passes away or paying off a mortgage.

• Permanent life insurance – This provides lifelong coverage as long as you pay the premiums. It has a cash value component that grows on a tax-deferred basis. The premiums are generally higher than term life insurance, but remain fixed once you lock in your rate. Permanent life insurance can be a good option to cover final expenses or leave an inheritance for beneficiaries.

Within each policy type, you can further customize the death benefit, premiums, and other features.

Benefits of Travis Credit Union Life Insurance

There are many reasons why getting life insurance through Travis Credit Union can be advantageous:

• Competitive group rates – Since policies are offered specifically for credit union members, the rates are very competitive compared to buying coverage individually. Group buying power leads to lower pricing.

• No medical exam – For coverage amounts under $200,000, you can get approval without taking a medical exam. Review of your application and medical information is still required.

• Guaranteed coverage – If you apply during a special open enrollment period, you are guaranteed coverage in some amount without answering health questions. Maximums apply based on age.

• Policy perks – The TruStage life policies have built-in features like coverage for terminal illness and some types of accidental death/dismemberment at no extra cost.

• Trusted partner – Travis Credit Union has partnered with a leading insurance provider, CMFG Life Insurance Company, to offer coverage you can trust. CMFG Life has high ratings from AM Best (A/A+) and over 100 years of experience.

• Convenient payment – Premiums can be paid through automatic deduction from your Travis Credit Union account, so you never have to worry about forgetting payments.

How Much Coverage Do You Need?

Determining the right amount of life insurance coverage is very personal and depends on your unique financial situation. Here are some common methods to figure out an appropriate amount:

• Income replacement method – Add up any income you want to replace for your dependents and multiply by the number of years needed. For example, if you bring in $50,000 per year and want to replace 20 years of income, you’d need $1,000,000 in coverage.

• Debt coverage method – Calculate all current debts like mortgage, loans, credit cards, etc. This method covers immediate expenses but doesn’t account for ongoing costs.

• Final expenses method – Estimate the one-time costs your family will face at your death like funeral fees, medical bills, taxes, etc. Typically $15,000 or more.

• Multiple of salary – Basic rule of thumb is get a policy worth 5-10x your gross annual income. Easy to calculate but may not meet your exact needs.

• Combo approach – Many financial advisors recommend adding up amounts from the income replacement, debt coverage, and final expense methods to get a total personalized amount.

No matter which calculation you use, the coverage should adequately protect your beneficiaries while also fitting into your budget.

How Much Do Premiums Cost?

Life insurance premiums are based on many factors like age, health, lifestyle, and the type/amount of coverage you select. Exact rates will vary, but here are estimates for sample term life policies from Travis Credit Union:

The benefit of getting life insurance at a younger age is that premiums start off much lower. As you age, rates increase due to higher health risks. Locking in coverage early can save you money over the long run.

Of course, always get a personalized quote suited to your specific situation. Travis Credit Union offers quick and easy rate estimates online or over the phone.

How To Get Travis Credit Union Life Insurance

If you’re interested in protecting your loved ones with life insurance through Travis Credit Union, here are the steps to take:

1. Get a rate quote – You can request a personalized quote online at TruStage.com or by calling 1-855-612-7909. Provide some basic information to see pricing.

2. Apply for coverage – Once you decide on a policy, fill out an application form. You’ll provide detailed background like age, health, family medical history, etc.

3. Medical history review – The insurer will review your application. You may need to get an exam or medical records.

4. Get approved – If everything looks good, you’ll get approved for coverage at your quoted rate.

5. Make payments – The premiums can be paid through automatic transfers from your Travis Credit Union account monthly, quarterly, or annually.

The entire application and approval process usually takes 2 to 6 weeks. It’s quick, easy, and convenient when handled directly through the credit union.

Protecting family from financial hardship if something happens to you provides invaluable peace of mind. Travis Credit Union life insurance plans offer a smart way for members to get coverage that fits their budget. Reach out today to get a free quote!