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Life Insurance
Protection at a crucial time for those who matter most to you
Gain peace of mind with life insurance so you can focus on the things that matter most.
When you’re in need of better protection
Planning for the future is essential, and at UCCU, we believe in safeguarding the financial well-being of you and your loved ones with our Life Insurance products.
Life insurance is a contract between you and an insurance company that agrees to pay your beneficiaries a specific amount of money when you die. In return, you agree to pay a premium – either as regular payments or as a lump sum. It can be easy to view life insurance as an obligation rather than an opportunity, which may be why nearly 40% of American households feel they’re in need of more or better protection.
Life is unpredictable, but with the right coverage, you can ensure that your family’s financial security remains intact, no matter what the future holds. Whether you’re looking for term life insurance to provide temporary protection or whole life insurance for lifelong security and peace of mind, we offer customizable options to fit your unique needs and budget. Protect your family’s future and leave a lasting legacy with UCCU Life Insurance.
In addition to providing funds to pay for your last expenses (such as estate taxes and other costs), life insurance can protect your family’s home by paying off the mortgage and other debts and may be able to replace your income and help to maintain your family’s standard of living after your death.
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Request your free, no-obligation quote or contact a local UCCU representative to learn more about our extensive insurance options.
(801) 223-7400
Available M–F 9am–5pm
Insurance Options
- Term Life: Affordable coverage for a specified period, providing financial protection for your loved ones in the event of your passing.
- Key Man: Insurance coverage designed to protect a business from financial losses resulting from the death or disability of a key employee.
- Annuities: Financial products that provide a steady stream of income during retirement, offering peace of mind and financial security.
- IUL: Indexed Universal Life Insurance offers flexible premiums and an opportunity to accumulate cash value based on the performance of a stock market index.
- Whole Life: Permanent life insurance coverage that provides lifelong protection and an opportunity to accumulate cash value over time.
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Frequently Asked Questions
What types of life insurance are available, and how do they differ?
There are several types of life insurance, including term life, whole life, universal life, and variable life. Term life provides coverage for a specified period, while whole life offers lifelong coverage with a cash value component. Universal life offers flexibility in premiums and death benefits, while variable life allows policyholders to invest in separate accounts. Each type has its unique features and benefits, so it’s essential to consider your financial goals and needs when choosing the right life insurance policy. Talk to a UCCU professional for more information on life options and what would be best for you.
What is life insurance and how much life insurance coverage do I need?
What is Life Insurance:
Life insurance is a financial product that provides a lump-sum payment, known as a death benefit, to designated beneficiaries upon the insured person’s death. This payment helps replace lost income and covers financial obligations, such as mortgages, debts, and living expenses. Life offers different types of coverage, including term life and whole life. Term life provides coverage for a specific period, while whole life offers lifelong coverage with a cash value component. Understanding what is life and how it works is essential for financial planning. It’s crucial to assess your needs and consult with a UCCU expert to determine the right life policy for you and get life quotes tailored to your circumstances.
How Much Life Insurance Coverage Do I Need?
Determining the appropriate amount of life coverage depends on various factors, including your income, financial obligations, debts, future expenses such as college tuition or retirement savings, and the financial needs of your dependents. A general rule of thumb is to have coverage equal to 5-10 times your annual income, but it’s essential to assess your individual circumstances to determine the appropriate amount of coverage for your life policy. Talk to a UCCU insurance expert regarding what is best for your situation and to get life quotes tailored to your needs.
What happens if I miss a premium payment on my life insurance policy?
If you miss a premium payment on your insurance policy, your coverage may lapse or be subject to a grace period, depending on your policy terms. During the grace period, typically 30 days, you can still make the payment to keep your policy active. If you fail to make the payment within the grace period, your policy may lapse, and you may lose your coverage. However, some policies may have options for reinstatement or conversion to a paid-up policy, depending on the insurer and policy terms. It’s essential to review your policy documents and contact your provider if you have questions or concerns about missed payments. Talk to a UCCU expert regarding your situation and information should you miss a payment, including how much life per month is needed to reinstate your policy.
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