Making a decision to buy life insurance brings to mind a number of questions: When is the right time to buy? How much coverage do I need? Whole life or term, which is right for me and my family?
You want to be sure you make the right choice.
Whether you choose group term, whole life, or a combination of the two – all life insurance is designed to provide future protection for your family. To help you decide what best fits your needs, we’ve given you a topline of term and whole life insurance to get you started.
Term life insurance (often called pure life insurance) provides life insurance for a specific amount of time or term. If you die during this term, your beneficiary/beneficiaries receive a cash payout for the amount of coverage you purchased. Generally, term life insurance is less expensive than Whole life coverage. Premiums can increase periodically or stay level for the duration of the term policy, depending on your plan.
Whole life insurance (sometimes called permanent or cash value insurance) costs more than term life insurance because coverage lasts your entire lifetime and the premiums are guaranteed. Whole life premiums are based on your age when you apply and remain level throughout your life. Whole life insurance also builds cash value over time, which you can borrow against if you choose.
Which life insurance is right for you? For more information visit www.usba.com or call a USBA Product Specialist at 877-221-6841 Monday – Friday 8:00 a.m. – 4:30 p.m. Central time.
USBA Term life insurance and Whole life insurance for the military and Federal employees are underwritten by New York Life Insurance Company, one of the country’s oldest and most financially stable life insurers. USBA and New York Life work together to develop affordable group life insurance plans that fit the unique needs of active and retired military personnel and employees of the Federal government, and their families.
USBA group life insurance is portable, which means you can keep it wherever your career takes you, in and out of the service to our Nation. It can be used to supplement SGLI or as an affordable alternative to VGLI insurance. For Federal employees, USBA group life insurance can be purchased as an alternative or supplement to FEGLI.
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