Life Insurance
Since 2013, as a wholly-owned life insurance company, SECU Life has offered simple, straightforward life insurance products to residents of North Carolina. If you have (or plan to have) assets or dependents, a life insurance policy can help provide financial security for your loved ones.
Plan for the uncertainties of tomorrow
Life insurance provides peace of mind that your family is financially protected after you pass away. SECU Life builds on the Credit Union’s history of "People Helping People®" and member-focused service.
No medical exams
SECU Life does not require a medical exam to obtain coverage.
Trusted, unbiased guidance
SECU Life insurance specialists provide the same member-focused service you've become accustomed to at SECU.
Simplified process
A simplified process means that, if approved, you can obtain coverage today.
Straightforward options to fit your needs
SECU Life offers two standard life insurance products: Term Life and Whole Life. Each product provides level coverage and level premiums.
Term Life
Term Life Insurance is designed to meet temporary needs, such as replacing income, paying off debt, childcare expenses, and education. Term Life is generally the most cost-effective way to obtain life insurance.
| Best for | Anyone with debt, dependents, or other temporary needs. |
| Policy length | Choose 10, 15, 20, 25, or 30 years. |
| Cost | See sample premiums below. Get a quote online or contact an insurance specialist at (855) 732-8467. |
| Eligibility | Individuals between ages 15 and 59. |
| Maximum death benefit | $500,000 for ages 18-50. $250,000 for ages 15-17 and 51-59. |
| Does it build cash value? | No. |
Whole Life
Whole Life Insurance is designed to meet permanent needs, such as leaving an inheritance or paying final expenses related to funeral costs and medical bills.
| Best for | Anyone wanting to leave an inheritance or cover final expenses and other permanent needs. |
| Policy length | Coverage for the insured’s lifetime. |
| Cost | See sample premiums below. Get a quote online or contact an insurance specialist at (855) 732-8467. |
| Eligibility | Individuals between ages 0 and 69. |
| Maximum death benefit | $100,000 for ages 15-69. $50,000 for ages 0-14. |
| Does it build cash value? | Yes. |
Life insurance sample premiums
Table figures reflect monthly premiums for $100,000 of coverage.
| Male Age | 10 Year Level Term1 |
20 Year Level Term1 |
30 Year Level Term1 |
Whole Life2 |
|---|---|---|---|---|
| 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 |
| Female Age | 10 Year Level Term1 |
20 Year Level Term1 |
30 Year Level Term1 |
Whole Life2 |
|---|---|---|---|---|
| 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 |
Annuities
If you want to save more for retirement or need guaranteed3 retirement income, annuities can help you meet your goals. SECU Life Insurance Company offers simplified deferred and immediate annuities. Both annuity products are fixed, meaning interest rates are predetermined4 and payouts do not vary with market fluctuations.
Is an annuity right for you? Contact an insurance specialist at (855) 732-8467 to discuss your options.
Group Term Life Insurance for kids & teens
FAT CAT® and Zard® Account holders receive $1,000 of Group Term Life Insurance at no cost.5 Coverage can be increased to $10,000 for $18 per year by a parent or legal guardian on the child’s behalf. This additional coverage must be purchased within 30 days of account opening.
Learn more
Prepare for life’s unknowns
Speak to an SECU trust representative about the Estate Planning Essentials Program.
Learn more
Life Insurance FAQs
Do you have to live in North Carolina to be eligible to apply for SECU Life Insurance?
Yes, all applicants must be North Carolina residents.
How much life insurance coverage do I need?
How much coverage you need depends on your individual circumstances. If you have a young family that depends on your income, a Term Life policy several times your salary to replace that income might meet your needs. If you are a stay-at-home parent, a Term Life 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 policy to cover final expenses (funeral, medical bills, etc.) might be right for you. Your unique situation and comfort level may dictate a higher or lower level of coverage. Contact an insurance specialist at (855) 732-8467 to discuss which option(s) may be best for you.
Is there a waiting period for life insurance?
No, SECU Life policies do not require a waiting period before coverage is effective. Coverage begins after we receive a signed, approved application and the initial premium.
Can I make changes to my existing life insurance policy?
Yes, you can make certain changes to your existing policy, including changing beneficiaries, updating payment information, and decreasing coverage. To increase coverage or change the type of coverage, you would need to reapply.
Will my life insurance premium change?
The premium stays the same during the level term (10, 15, 20, 25 or 30 years) of a Term Life policy and for the life of a Whole Life policy.
Can I purchase both Term and Whole Life Insurance?
Yes, members will commonly purchase both a larger Term Life policy for temporary needs like income replacement and debt payoff plus a smaller Whole Life policy for their longer-term needs like final expenses.
What is required to file a life insurance claim?
Processing claims is SECU Life’s top priority, as there is nothing more important than helping grieving loved ones access policy benefits quickly and easily. To process a life insurance claim, we require a completed claim form, a copy of the death certificate, and a photo ID of the beneficiary. To obtain a claim form, call SECU Life at (855) 732-8467 or visit a local branch.
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.
1 The monthly rates listed are for standard class, non-nicotine use, unless otherwise noted. This is a level premium Term Life policy with a level death benefit renewable to age 90. Premiums will increase annually after the initial term period. Applications are subject to underwriting. Other amounts available. Form SITL-POL-112021.
2 The monthly rates listed are for a level premium Whole Life policy. Applications are subject to underwriting. Other amounts are available. Form SIWL-POL-112021.
3 All guarantees are subject to the claims paying ability and financial strength of SECU Life Insurance Company.
4 Interest rates are subject to change daily. The initial interest rate will be guaranteed for the guarantee period. Afterwards, interest rates are subject to change annually, but not below the minimum guaranteed interest rate on the contract.
5 FAT CAT and Zard Group Term Life Insurance is provided by SECU Life Insurance Company. SECU Life Insurance Company is a wholly-owned subsidiary of State Employees’ Credit Union. Life insurance is not guaranteed by, or an obligation of, any credit union and is not insured by NCUA. Insurance representatives are licensed to sell in North Carolina only.
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