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Protect What Matters with the Right Life Insurance

By: American Heritage09.12.19
A grandmother reading to her two granddaughters

It’s never an easy thing to think about, but it’s something you need to consider: If you were to die, who would provide for your loved ones?  

Unless you’ve built a large nest egg that your kids or other family members can inherit, having a life insurance policy may be key to keeping your loved ones financially protected if you pass away.   

You may put off this important financial step because it seems like a hassle. But the truth is, finding and getting the right policy is probably easier than you think, and there are options for every budget.

September is Life Insurance Awareness Month, and now is the perfect time to learn about the types of life insurance and see what’s best for you. But first, let’s start with the most important question:



Not everyone needs it, but many people do. Here are some key reasons you should consider life insurance:


Your Family Could Depend on It

According to the National Association of Insurance and Financial Advisors one in three households would immediately struggle to pay for their living expenses if the primary wage earner passed away. Mortgage bills, childcare costs, college tuition, and day-to-day expenses don’t go away just because the person paying for them has died. Having a plan to replace lost income is essential.


Death Is Expensive 

Funeral costs, unpaid debts, and other expenses can create a significant burden for a surviving spouse or other family members. The death benefit from a life insurance policy can help.   


It Can Be Part of Your Savings

Paying into a whole life insurance policy can be a valuable investment. This type of plan has a cash value that grows over time (more on this in a moment).


It’s One Less Thing to Worry About

Your family will appreciate that you took this step to safeguard them financially, and you’ll appreciate the peace of mind that comes from knowing they’ll be protected.



There are many types of life insurance and other plans for a wide variety of goals, but most people can find the coverage they need with one or more of these popular options.


1. Term Life Insurance

Term life insurance is one of the most affordable options and can provide substantial coverage for a specific length of time, such as 10 or 20 years. If you pass away while the coverage is in force, your named beneficiaries (such as your spouse and kids) will receive a cash payout in the amount you arranged. The limited term gives you more flexibility, and you may be able to convert this plan to whole life insurance later. 


2. Whole Life Insurance

In addition to paying a death benefit like term life insurance, whole life insurance also serves as a long-term investment with a cash value, which policyholders can use as savings and even collateral for a loan. Any unpaid loan amounts will simply come out of the death benefit.

As the name implies, this type of plan can cover you for your whole life. However, this long-term protection also makes it far more expensive than term insurance.


3. Accidental Death & Dismemberment (AD&D) Insurance

While life insurance covers most causes of death, there are other plans that apply to specific scenarios and can supplement your life insurance coverage. One smart option is AD&D insurance, which pays a cash benefit if you die in a covered accident and also covers certain serious injuries, such as loss of sight, hearing, or speech, or the loss of a hand. The benefit can be a valuable lifeline to help with medical bills or loss of income due to injury. 

Here at American Heritage, all our members can receive $1,000 in complimentary AD&D coverage from TruStage®, and it’s easy to sign up for additional low-cost coverage.



There are a lot of factors to consider, including:

  • How much coverage you need: This will depend on your number of dependents, how much you and your spouse each earn, your family’s lifestyle, and other financial responsibilities, such as caring for a loved one with special needs or protecting your small business.
  • Affordability: The cost of coverage can range from a few hundred dollars per year for a low-rate term life plan to thousands of dollars per year.
  • Eligibility: When providing coverage, life insurance companies are accepting a financial risk. In the eyes of insurers, some people are higher risk, based on factors like age, medical history, and lifestyle, which may affect their eligibility and rate. Fortunately, you can take advantage of TruStage’s Guaranteed Acceptance Whole Life Insurance – even if you’ve been denied for coverage in the past. You won’t have to answer health questions or receive a medical exam in order to enroll.   

No matter which plan or plans you choose, be sure to ask a lot of questions and read the fine print. An experienced financial advisor can offer valuable guidance and help you choose the options that best support your financial goals.



At American Heritage, we’re ready to support your long-term planning and the financial security of your loved ones with a great selection of discounted life insurance and AD&D coverage through our partnership with TruStage. Learn more and get started right now.

TruStage® AD&D Insurance is offered by TruStage Insurance Agency, LLC and underwritten by CMFG Life Insurance Company. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union.



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