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Finances February 13, 2017 Stephanie Long, Contributing Author

Term-Life Insurance—An Easy Explanation (You're Welcome)

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We’ve been tackling a tricky topic the past few months—insurance. We’ve covered why you should have insurance, GAP insurance, and Accidental Death and Dismemberment. Next, let’s dive into term-life insurance.

Term-life insurance is named so because it only covers you for a specified term, typically for 20 or 30 years. The main point of life insurance is to financially protect your loved ones in the event of your death. This ensures that once they’re no longer receiving your income, they can still pay for things like a mortgage, childcare, or college tuition.

One of the biggest perks of term-life insurance is its affordability. The annual premium is generally low, and the monthly premium usually stays the same. Other insurance options, like whole life, last the duration of your life but can be considerably more expensive.

TruStage, the insurance carrier Member One FCU offers, sums up term-life coverage like this, “Term-life insurance is a great option if you have big responsibilities right now, and need a high-coverage amount with a payment you can afford.”

TruStage term life not only covers you for a set period of time, but it also pays income-tax-free money to your beneficiaries, and most claims are paid within four days. Another great feature is as long as your policy is up to date, it can’t be canceled by anyone except you, even if you are diagnosed with cancer or another illness. And if your situation changes, you can convert your policy to whole life.

Insurance is not meant to be stagnant; it should change as your needs adjust or grow. If you have young children, you’ll want to ensure a stable future for them. If you don’t have any dependents, your coverage might not need to be as large. Whether you’ve got questions or you’re in the market for term-life insurance, visit Member One FCU or TruStage for more information.

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