Life Insurance

SECU Life Insurance Company

Life is unpredictable and life insurance provides peace of mind that you and your family are financially protected if the unthinkable happens. To lessen the financial risks that compound the stress and pain of losing a loved one, people often purchase life insurance for themselves and other family members. State Employees’ Credit Union (SECU) offers simplified issue term and whole life insurance to members through its wholly-owned subsidiary SECU Life Insurance Company (SECU Life).

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Life Insurance FAQs


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. So if you have debt, a spouse, dependents, are thinking about getting married or 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 to some multiple of your annual salary 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 Life

Term Life is used primarily during your working years for temporary needs: replacing your income, paying off debt, funding child care and education. It’s typically the most affordable type of life insurance for protecting your family. Term Life is designed to last for a set period of time – usually 10, 15, 20, 25 or 30 years. You’re covered by a level benefit and monthly premium payment during the term selected with available coverage amounts of $25,000 to $250,000 (for ages 15-65).2

Whole Life

Whole Life is used to protect your family against permanent needs: funeral, medical bills, and final expenses. Whole Life is more expensive than Term Life, because it is designed to last your entire life. It offers a level benefit and monthly premium payment with available coverage amounts of $10,000 to $100,000 (for ages 0-69).

Ultimately, how much you need depends on your individual circumstances. If you have a young family who 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 rough guidelines 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*

$50,000

Married with No Dependents*

$100,000

Single or Married with Dependents

$250,000 or more
*If no immediate plans for children

Life insurance probably costs less than you think. Life insurance is affordable, but the average individual estimates life insurance costs three times more than it actually does4. 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 $250,000 are available.

Life Insurance Sample Premiums

Age
10 Year Level Term2
20 Year Level Term2
30 Year Level Term2
Whole Life3
Male $100,000
25
$12.17
$13.33
$15.50
$80.75
Male $100,000
35
$13.75
$19.42
$30.50
$116.83
Male$100,000
45
$27.17
$43.17
$75.92
$174.67
Female $100,000
25
$9.25
$9.50
$11.58
$68.58
Female $100,000
35
$11.67
$14.00
$22.50
$99.33
Female $100,000
45
$20.00
$32.67
$50.50
$145.25
SECU founded SECU Life in 2013 to provide simple, straightforward life insurance products to members with immediate needs. Although SECU offered life insurance through other carriers for years, we wanted to enhance your experience. With SECU Life, you can be approved in minutes, instead of days or weeks. All of 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 SECU’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 SECU way!

Visit your local branch or contact our 24/7 Member Services at (888) 732-8562 today - our simplified application process only takes about 20 minutes to complete. We look forward to helping you and your family secure your financial future!

Life insurance is underwritten by SECU Life Insurance Company, Raleigh, NC. 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.


1 The coverage amounts provided are for illustrative purposes only and do not constitute a recommendation. There are other factors you need to consider when determining your life insurance needs. This information is not intended to offer any tax, legal or financial advice.
2 The monthly rates listed are for standard class, non-nicotine use, unless otherwise noted. This is a level premium term 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-051815.
3 The monthly rates listed are for a level premium whole life insurance policy payable to age 100. Applications are subject to underwriting. Other amounts are available. Form SIWL-POL-051815
4  LIMRA. Consumers Overestimate Cost of Life Insurance By Nearly Three Times. 2012.