Life InsuranceLife is unpredictable and life insurance provides peace of mind that you and your family are financially protected if the unthinkable happens. People often purchase life insurance for themselves and other family members to lessen the financial risks that can increase the stress and pain of losing a loved one.
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).
SECU Life products are available to North Carolina residents only.
Life Insurance FAQs
Most people get life insurance through a job, but employer-provided coverage often doesn’t meet your needs. The coverage amount is typically limited, and coverage usually ends when you leave the job (whether you change jobs, retire, stay home with kids or get laid off).
Term LifeTerm Life insurance is used primarily during your working years for temporary needs such as replacing your income, paying off debt or 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, with available coverage amounts of $50,000 to $250,000 (for ages 15-17 and 51-59) and $50,000 to $500,000 (for ages 18-50).2
Whole LifeWhole Life insurance 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 $5,000 to $50,000 (for ages 0-14) and $10,000 to $100,000 (for ages 15-69).3
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
Life Insurance Sample Premiums
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!
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 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-112021.
3 The monthly rates listed are for a level premium whole life insurance policy. Applications are subject to underwriting. Other amounts are available. Form SIWL-POL-112021.
4 LIMRA. "Consumers Overestimate Cost of Life Insurance By Nearly Three Times." 2012.