Frequently Asked Questions

• Why should I consider buying life insurance?

  Life insurance means you’re preparing your loved ones for the unexpected-a thoughtful and appreciated gesture.

  • It’s designed to help safeguard growing financial commitments like day-to-day expenses, a mortgage, debt payments, and even aspirational promises like college costs for your kids.
  • It can help your family cover financial expenses.
  • It can provide a way to leave money to charity.
    Whole life policies build some cash value you can borrow against in the future. Any outstanding loan balance is subtracted from the payment your beneficiary receives.
• What are the main differences between term and whole life insurance?

  Term life insurance

  • Can provide affordable, high-coverage protection for a specific period of time (or term).
  • Pays a benefit if you die during the term.
  • Could have benefits and premiums that change over time, depending on the specific policy.

  Whole life insurance

  • Offers coverage you can never outlive.
  • Has rates that remain the same throughout your lifetime.
  • Can provide a future source of money prior to your death, building cash value over time.
  • Allows for loans (which incur interest) against the value, with unpaid amounts decreasing the death benefit.

  Guaranteed acceptance whole life

  • Offers all the benefits of whole life (limited in the first two years)
  • Guarantees your acceptance, with no health questions or medical exam, regardless of your health.
  • Provides instant coverage with your first payment.
• How much life insurance do I need?

  As a starting point, you may consider spending 1% of your annual pre-tax pay on life insurance. This rule of thumb can not only help make coverage an affordable reality, it can also mean the difference between some breathing room for your family and an immediate financial hardship.

  Of course, everyone’s needs are different so you may need more or less insurance for your situation. A TruStage Representative can help you determine an amount that makes sense for you.

  For additional questions regarding Life Insurance, please visit the TruStage website to chat with a representative or call 1(888) 858-7649.