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Life Insurance

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Protecting Life's Most Important Things

The financial security of the family left behind after a death is certainly one of the most important things that needs protection. Wescom can help you find a policy that will provide the financial basics for your family — home, food, clothing, and future security (like your children’s college education) — in the event of such an unplanned event. 

Length of Coverage

In most cases, the longer your coverage will remain in force, the higher the required premium will be. However, if you need the insurance for a longer period of time, it is almost always cheaper in the long run to lock in the premium today (at your current age) than to let a shorter term expire and then reapply at an older age and, possibly, a less favorable underwriting class. Most term policies are offered with guaranteed level premium periods from 10 to 30 years (depending on how old you are when you first apply).

Call Wescom at 1-888-4WESCOM (1-888-493-7266) ext. 1080 to learn more about how we can help you with your Life Insurance needs.

Life Insurance Options

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woman with colorful makeup
Permanent Life Insurance
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Universal Life Insurance
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Term Life Insurance

Permanent Life Insurance

Permanent Life Insurance provides life-long protection and is known by a variety of names. These policies are designed and priced for you to keep over a long period of time. If you don’t intend to keep the policy for the long term, it could be the wrong type of insurance for you. It's good to know that when the time comes, you'll be prepared. TruStage Whole Life Insurance.

It’s good to know that when the time comes, you’ll be prepared.

You always try to do what’s right for your family. Taking steps to ease the burden of final expenses after you’re gone is just one more way to show you care.

TruStage® Whole Life Insurance pays an income-tax free, cash benefit that your family can use for any reason—like funeral expenses, mortgage payments or unpaid debts. Apply in minutes online or over the phone:

  • Just a few questions
  • No medical exam
  • Instant quotes based on your budget

Don’t wait another day to get prepared.

Get an instant quote online based on your budget today. Or, call 1-800-814-2914 and talk to a licensed agent.

 

A Tradition of Strength

TruStage is underwritten by CMFG Life Insurance Company, which is rated “A” (Excellent) as of March 2019 by A.M. Best, an independent rating service which evaluates financial stability and operating performance, year after year. An “A” rating is the third-highest of 16 ratings.

 
TruStage® Simplified Issue Whole Life Insurance is offered by TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, P.O. Box 61, Waverly, IA 50677-0061. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union. Base policy no.’s ICC17-SIWLLB, 2017-SIWLLB, ICC17-SIWLNB, 2017-SIWLNB

© 2020 TruStage Insurance Agency

WHL-2947118.1

 

Universal Life Insurance

If you want Universal Life or Whole Life coverage for any amount, Wescom can help you obtain permanent life protection that builds cash value over time.

Term Life Insurance

Level term products are the most popular plans purchased today. The level term can be from 10 years to 30 years, and the premium and death benefit are designed to stay level during the term of the contract.If you need more than $250,000 in coverage or if you have some health issues that may affect your insurance, Term Life Insurance may fit your needs.

Can We Help You Find Something?

Life Insurance Needs Analyzer

The first and most basic option is how much insurance to buy. To help you decide how much coverage you and your family need, you can use the Life Insurance Needs Analyzer.

Live Insurance Needs Analyzer

Part I: Family Income Replacement

Part II: Debt, College, and Other Funding Needed

Debt Repayment Mortgage Balance(s)    
Auto Loan Balance(s) +  
Consumer Debt Balance(s) +  
Other Debt Balance(s) +  
Total Debt =  
College Funding No. of kids ages 0-9         0 1 2 3 or more
Cost of sending your 0-9 year old(s) to college    
No. of kids ages 10-14     0 1 2 3 or more
Cost of sending your 10-14 year old(s) to college +  
No. of kids ages 15-19     0 1 2 3 or more
Cost of sending your 15-19 year old(s) to college +  
Total cost of sending your child/children to college =  
Other Expenses Funeral (typical cost of a funeral is approx. $5,000)    
Special Bequests +  
Other Expenses +  
Total Expenses =  
Total Insurance Needed Total Additional Expenses (Debt, College, and Other)    
Income Replacement Insurance Needed (from Part I) +  
Total Life Insurance Needed =  

ALL ABOUT PERMANENT INSURANCE

All About Permanent Insurance

Most permanent policies, including whole, ordinary, universal, adjustable and variable life, have a feature known as "cash value" or "cash surrender value." This feature, which is not found in most term insurance policies, provides you with some options:

  • You can cancel or "surrender" the policy — in total or in part — and receive the cash surrender value in a lump sum. However, if you surrender your policy in the early years, there may be little or no cash surrender value.
  • If you need to stop paying premiums, you can often use the cash surrender value to continue your current insurance protection for a specific period of time or to provide a lesser amount of protection to cover you for as long as you live if there is sufficient cash value.
  • Usually, you may borrow from the policy, using the cash value in your life insurance as collateral. Unlike loans from most financial institutions, the loan is not dependent on credit checks or other restrictions. You ultimately must repay any loan with interest or the beneficiaries will receive a reduced benefit at the death of the insured.
  • Cash values of many life insurance policies may be affected by your carrier's future experience, including mortality rates, expenses and investment earnings.
  • Keep in mind that with all types of permanent policies, the cash value of a policy is different from the policy face amount. Cash surrender value is the amount of available cash when you surrender a policy before its maturity or your death. The face amount is the money that will be paid at death or at policy maturity.
  • Note: Any reference to the word guarantee is based on the ability of the underlying insurance company to honor that guarantee.

TYPES OF PERMANENT INSURANCE

Types of Permanent Insurance

Whole or Ordinary Life

This use to be the most common type of permanent insurance. It is life insurance that is kept in force for a person's whole life as long as the fixed, scheduled premiums are maintained. All Whole Life policies build up cash values. Most Whole Life policies are guaranteed as long as the scheduled premiums are maintained. The variable in some whole life policies is the annual dividend which could vary depending on the investment performance and other business criteria of the insurance company. If the company is doing well and the policies are not experiencing a higher mortality than projected, values are paid back to the policyholder in the form of dividends.

Universal Life or Adjustable Life

  • This type of permanent insurance allows you to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums set by the insurance company and by the IRS. You also can reduce or increase the amount of the death benefit as your needs change. (To increase the death benefit, you usually will be required to furnish satisfactory evidence of good health.)
  • While this arrangement may sound very arbitrary, in practice the premium can be selected based on your needs and desires. For example, the premium can be calculated based on the current interest rates and expenses of the insurance company that will yield enough money at some point in time (such as retirement) for some specific purpose (for example to keep the policy in force without any more premiums being paid).
  • The interest earnings credited to the cash value account will vary with the investment performance of the insurance company and will usually will not fall below the company’s published minimum.

Variable Life

  • This type of permanent policy provides death benefits and cash values that vary with the performance of an underlying portfolio of investments held in a separate account. You can choose to allocate your premiums among a variety of investments allowed in the policy which offer varying degrees of risk. You will receive a prospectus in conjunction with the sale of a variable product.
  • The cash value of a variable life policy is not guaranteed, but will rise and fall with the value of the underlying investments.

Call Wescom at 1-888-4WESCOM (1-888-493-7266), extension 1080 to learn more about how we can help you with your Life Insurance needs.

TERMS LIFE INSURANCE ADVANTAGES & DISADVANTAGES

Term Life Insurance Advantages & Disadvantages

Advantages

  • Initially, premiums are lower than those for Permanent Life Insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
  • It's good for covering specific needs that will disappear in time, such as mortgages, car loans, and other obligations.
  • 20- and 30-year products can provide coverage as long as most people might need life insurance.

Disadvantages

  • Premiums for succeeding terms of coverage increase as you grow older, after the term selected expires.
  • Coverage may terminate at the end of the term or may become too expensive to continue.
  • Generally, the policy doesn't offer cash value or paid-up insurance.

TYPES OF TERM LIFE INSURANCE

Types of Term Life Insurance

Level term products are the most popular plans purchased today. The level term can be from 10 years to 30 years. The premium and death benefit are designed to stay level during the term of the contract.

Term Life premiums can be either guaranteed or not guaranteed. When purchasing a level term life insurance policy, be sure you are aware of the guaranteed premium period.

Once you have been approved, you must make the first payment to put the policy in force. The insurance company is obligated to keep the policy in force as long as you keep paying the premiums. You are not obligated to pay, but once you stop paying, the policy will lapse after a short grace period.

If you need insurance beyond the term of the policy, the premium rates increase and you will probably have to provide evidence of insurability at that time.

Call for a Term Life Quote

Call Wescom at 1-888-4WESCOM (1-888-493-7266), extension 1080 to learn more about how we can help you with your Life Insurance needs.

UNIVERSAL LIFE QUOTE REQUEST

Universal Life Quote Request

Fill out this secure form to get your free, no-obligation quote for Universal Life Insurance from Wescom Insurance Services. If you have any questions as you're filling out the form, please feel free to call Wescom Insurance Services at 1-888-4WESCOM (1-888-493-7266), ext. 1080, Monday through Friday from 8:30 a.m. to 5 p.m. PST.

This is not an application for insurance. An application will be sent to you if coverage is desired.

All information provided on this information sheet is confidential and will be used solely for the purpose of developing a quote for you.


DISCLOSURES

Insurance services offered through Wescom Credit Union, CA Ins Lic #0D64850.

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