Life insurance is designed to protect the ones you love from a financial burden after you pass away. You often need life insurance when someone depends on you. If you have debt, a spouse, dependents, or are thinking about starting or growing a family, you may have a need for life insurance.
Many people get life insurance through a job, but employer-provided coverage often doesn’t meet your needs. The coverage amount is typically limited, and coverage usually ends when you leave the job (whether you change jobs, retire, stay home with kids or get laid off).
SECU Life offers two standard types of life insurance – level premium Term Life and level premium Whole Life.
Term LifeHow much coverage you need depends on your individual circumstances. If you have a young family that depends on your income, a larger term policy several times your salary to replace that income might meet your needs. If you are a stay-at-home parent, a term policy to provide for childcare and other work you do may be appropriate. If you have no dependents or debt (and no plans to take on debt), then a smaller whole life insurance policy to cover final expenses (funeral, medical bills, etc.) might be right for you.
Below are some general estimates to help you get started.1 Your unique situation and comfort-level may dictate a higher or lower level of coverage:
Single with No Dependents* |
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$50,000 |
Married with No Dependents* |
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$100,000 |
Single or Married with Dependents |
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$250,000 or more |
*If no immediate plans for children
Life insurance probably costs less than you think. The average individual estimates life insurance costs three times more than it actually does.4 No matter your budget, there is probably a life insurance policy that you can afford. We’ve included some sample premiums below, but encourage you to visit your local branch, contact our 24/7 Member Services at (888) 732-8562, or request a quote online. Coverage amounts between $10,000 and $500,000 are available.
Age | 10 Year Level Term2 |
20 Year Level Term2 |
30 Year Level Term2 |
Whole Life3 |
---|---|---|---|---|
25 | $8.25 | $9.33 | $11.58 | $80.75 |
35 | $9.58 | $12.83 | $21.17 | $116.83 |
45 | $18.50 | $31.33 | $57.50 | $174.67 |
Age | 10 Year Level Term2 |
20 Year Level Term2 |
30 Year Level Term2 |
Whole Life3 |
---|---|---|---|---|
25 | $6.33 | $7.17 | $8.75 | $68.58 |
35 | $7.92 | $9.92 | $15.42 | $99.33 |
45 | $13.58 | $22.92 | $37.17 | $145.25 |
SECU founded SECU Life in 2013 to provide simple, straightforward life insurance products to members with immediate needs. With SECU Life, you can be approved in minutes, instead of days or weeks. Our insurance representatives are salaried employees who are not compensated by commissions or incentives, so you can rest assured their advice is in your best interest.
SECU Life builds on the credit union’s long-established history of “People Helping People” and member-focused service. We know our members have unmet life insurance needs and we want to meet those needs the credit union way!
Life insurance is offered through SECU Life Insurance Company. SECU Life Insurance Company is a wholly-owned subsidiary of State Employees’ Credit Union. Life insurance is not guaranteed by a deposit of, or an obligation of any credit union and is not insured by NCUA, or any other federal government agency. Insurance Representatives are licensed to sell in North Carolina only.