Protect Yourself And Your Family Through PrimeWay
When you’re looking for affordable life insurance with significant value, PrimeWay Federal Credit Union offers multiple policies through MemberCONNECT Life Insurance. With different features for different priorities, PrimeWay Federal Credit Union can connect you with the policy that best fits your life goals.
Members can choose from four types of policies: Term Life, Whole Life, Universal Life and Variable Universal Life. They can use proceeds from benefits to help fund retirement, create an estate or fund a business buy-out, among many other options.
Here’s a quick look at each policy.
This is the least expensive form of life insurance, and typically it doesn’t build cash value over time. Members use this policy to meet payment obligation such as the mortgage and higher education.
Within the Term Life category, there are two types of policies available:
Underwritten: Applicant must meet certain requirements, such as passing a physical exam, before policy is issued.
Guaranteed Issue: The applicant’s health is not a factor, but age limits and a waiting period may apply. Rates are generally higher than Underwritten policies.
This policy features fixed premiums and fixed benefits while building cash value over time. Members find Whole Life policies a good fit for long-term obligations.
A single policy with significant flexibility, Universal Life policyholders determine what portion of each premium will fund death benefits and cash-value benefits that are tied to changes in interest rates. This policy can be tailored to fit a member’s individual needs.
Variable Universal Life
This policy provides coverage plus the greatest wealth-building potential. Members choose their investment options to create portfolios that parallel their personal goals as they go through various stages of life:
- Build a college fund for children
- Provide financial security and tax-deferred cash for young couples
- Insurance coverage and tax-deferred retirement income in later years
- Use as retirement savings or tax-free benefits for heirs
We can help you get started with a life insurance policy to cover your needs. Contact us today to find out more.