A Guide to Virginia Credit Union’s Life Insurance Offerings

Virginia Credit Union (VACU) provides its members with access to a variety of financial services and products, including life insurance. Through their insurance affiliate Virginia CU Insurance Services (VACUIS), members can get personalized guidance and competitive pricing on life insurance policies from highly-rated insurance carriers.

This article will provide an overview of VACU’s life insurance options. We’ll cover:

• Benefits of Getting Life Insurance Through VACU
• Types of Life Insurance Offered
• Sample Policy Details and Rates
• How to Apply for Coverage
• Additional Benefits for VACU Members
• FAQs About VACU Life Insurance

Benefits of Getting Life Insurance Through Virginia Credit Union

There are several advantages to purchasing life insurance through VACU and VACUIS rather than going direct to an insurance company:

• Personalized Guidance – Their licensed agents will assess your financial situation and life insurance needs to identify the right policy and coverage amount for you.

• Policy Choice – With access to multiple top insurance carriers, VACUIS can offer you a range of term, whole, and universal life policies to choose from.

• Potential Savings – Their buying power and partnerships with insurers may result in more affordable premiums than if you shopped policies on your own.

• Convenient Payment – Premiums can be easily paid through automatic deduction from your VACU account.

• Ongoing Support – Their agents are available to review your policy annually and help file claims if needed.

Types of Life Insurance Offered

VACUIS provides access to all the standard types of life insurance, including:

• Term Life – Offers pure death benefit protection for a set period of time, such as 10 or 20 years. Ideal for young families on a budget.

• Whole Life – Provides lifelong coverage with guaranteed premiums and a cash value savings component. More expensive but builds equity.

• Universal Life – Allows flexible premiums and death benefit amounts that can change over time. Combines permanent coverage with cash accumulation.

• Final Expense – Small policies that cover end-of-life costs like funeral and medical bills. Useful for seniors.

VACUIS will help determine which policy type best aligns with your financial goals and budget.

Sample Policy Details and Rates

Here are some examples of the life insurance policies and pricing VACU members could qualify for:

• $250,000 20-Year Term Policy for a 35 Year Old

  • Monthly Premium: $16
  • Coverage Lasts: 20 years
  • Death Benefit: $250,000

• $500,000 Whole Life Policy for a 45 Year Old

  • Monthly Premium: $150
  • Lifelong Coverage
  • Cash Value Grows Over Time

• $50,000 Final Expense Policy for a 65 Year Old

  • Monthly Premium: $40
  • Coverage Lasts: Lifetime
  • Death Benefit: $50,000

Premiums vary based on age, health, coverage amount, and other personal factors. VACUIS will provide you with quotes tailored to your situation.

How to Apply for Coverage

Applying for life insurance through VACU and VACUIS involves just a few simple steps:

1. Contact VACUIS – Call or visit their website to speak with an agent about your needs.

2. Review Policy Options – The agent will explain different policies and provide quotes for your review.

3. Complete Application – Fill out a basic application providing personal details and health history.

4. Underwriting – The insurer will review your application and formally approve or deny coverage.

5. Policy Issued – If approved, you’ll receive policy documents outlining your coverage details.

6. Begin Payments – Premium deductions from your VACU account will commence.

The application process is quick and convenient. VACUIS agents are available to support you each step of the way.

Additional Benefits for VACU Members

As a member of Virginia Credit Union, you get access to special perks that can enhance your life insurance protection:

• Free AD&D Coverage – VACU provides all members age 18+ with up to $2,000 in Accidental Death & Dismemberment benefits at no cost.

• Discounted Rates – VACUIS may be able to negotiate discounted life insurance rates that are exclusive for credit union members.

• Credit Union Perks – Life insurance benefits can be used to pay off any VACU loans you have outstanding.

• Payment Convenience – Premium deductions seamlessly come out of your VACU savings or checking account.

Credit union membership has advantages when purchasing life insurance!

FAQs About VACU Life Insurance

How much coverage can I get through VACU?

VACUIS offers policies ranging from $25,000 up to $1 million or more in coverage. The amount you qualify for depends on personal factors like age, income, and health status.

Can I get life insurance if I have a pre-existing medical condition?

Yes, VACUIS has access to guaranteed issue life insurance policies for applicants with chronic health problems. Benefits may be capped at lower levels.

What insurance carriers does VACUIS partner with?

Top-rated insurers they represent include Mutual of Omaha, Nationwide, Principal, and United of Omaha.

What rider options are available?

Optional riders like accelerated death benefits, waiver of premium, and accidental death can be added to certain policies for additional fees.

Can I convert term life to permanent coverage later?

Yes, most term life policies allow you to convert to whole or universal life with no proof of insurability required.

Getting life insurance through Virginia Credit Union provides peace of mind knowing your loved ones will be taken care of. Let their experienced agents compare policies and rates to find the right fit for you. Contact VACUIS today to discuss your coverage options!