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Life Insurance

Options You Need; Savings You’ll Enjoy Throughout your Life.

Wherever life may take you, we offer the best coverage options from the top providers in the industry to bring you quality rates on group and custom plans.

Protect Your Family’s Future

Life insurance is an important part of any financial plan. It can help you provide security for the people you love when you can no longer be there. You may already have the Federal Employee Group Life Insurance (FEGLI) — or some other life insurance policy. But it might be time to think about reviewing your insurance needs.

 

Coverage options you need Benefits Savings You'll Enjoy Along the Way
Why do you need life insurance?

Why Do I Need Life Insurance?

Life insurance provides a payment to your heirs in the event of your death. Your loved ones can use that payment:
  • To pay burial costs and estate taxes.
  • To pay debts such as your mortgage, loans and credit cards, and health care expenses.
  • To help replace your income.
  • To help pay other people to do things you currently do, such as caring for children or parents.
  • To provide money for college for your children or additional retirement income for your spouse.
  • Life insurance payments are usually free of income tax, which can make them a powerful tool for estate planning. The amount and the type of life insurance you need depend on many factors, including your age, financial and family situation, health, and more.

What are the Types of Life Insurance?

GEBA offers a range of life insurance plans to meet different financial needs. The two main types of insurance are Term and Permanent. Each provides options that make sense for certain financial situations, so it’s important to talk with a GEBA representative to determine which makes sense for you and your family.

TERM policies are offered for a specific number of years, they pay a benefit only if you die during the term, and usually offer lower premiums.

Since the term is limited (usually 5-30 years), the premiums are often much lower for these policies. A Term policy can make sense to cover kids’ college tuition, or paying off a mortgage. Then, later in life, when you no longer have these needs, you may not need the coverage.

Group Term Life Insurance – GEBA offers a Group Term policy* which entitles GEBA members to exclusive, predetermined premium rates. Coverage is available up to $600,000 for members, up to $300,000 for spousal coverage and $20,000 in coverage for dependent children (up to age 26). LEARN MORE >

$50k Guaranteed Life Insurance – This is a Group Term Life policy that provides $50,000 in immediate coverage with no medical questions, no physical. LEARN MORE >

Individual Term Life – Individual term plans offer more flexibility than the Group plan. Higher coverage amounts are available, and they can be an option if you cannot qualify for group life insurance for health or other reasons. LEARN MORE >

PERMANENT plans cover you for your entire life and usually offer a savings component.

Most permanent policies allow you to accumulate cash on a tax-deferred basis. Permanent life insurance is often used for tax and legacy planning as well as for funding trusts for special needs children. The premiums depend on your age and health when you buy the coverage.

Whole Life – A whole life insurance policy accrues cash value on a tax-deferred basis, creating a kind of automatic savings. Some policies also pay dividends1, which can increase the value of your benefit. Usually, you can take some of the cash value of your policy in the form of a loan2. LEARN MORE >

Universal Life – Universal life insurance combines permanent life insurance protection and cash accumulation with the convenience of adjustable rates of interest, premiums, and payment schedules. LEARN MORE >

Survivorship Life – Also called “second-to-die” life insurance, it covers two people under a single policy and pays the benefit upon the death of the second person. Usually, the premiums are less than they would be for two separate policies with the same coverage amount. LEARN MORE >

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Life Insurance Plan Comparison

TERM

Benefits paid only if you die before the end of the term.

GROUP TERM LIFE
Premiums
• Predetermined rates exclusively for GEBA members
• Premiums increase with age

No Cash Value

No Loans/Withdrawals

Coverage
Set term length
Coverage decreases at 65 and terminates at age 80

Cash Value
No Investment Risk

Commonly Used For
Income Replacement

INDIVIDUAL TERM LIFE Premiums • Predetermined rates exclusively for GEBA members • Premiums increase with age

Cash Value No

Loans/Withdrawals No

Coverage Specific term defined by policy selected, generally 5 to 30 years

Cash Value Investment Risk None

Commonly Used For Income Replacement

PERMANENT

Creates a tax-free or tax-deferred benefit for you and your family.

Individual Life Policies

WHOLE LIFE
Premiums
• Predetermined rates exclusively for GEBA members
• Premiums increase with age

Cash Value
Yes

Loans/Withdrawals
Yes 1

Coverage
Life 2

Cash Value Investment Risk
Insurance company bears risk

Commonly Used For
Income Replacement
Supplemental Income
Estate Planning
Legacy Planning

UNIVERSAL LIFE

Premiums
• Predetermined rates exclusively for GEBA members
• Premiums increase with age

Cash Value
Yes

Loans/Withdrawals
Yes 1

Coverage
Life 3

Cash Value Investment Risk
Insured bears interest rate risk

Commonly Used For
Income Replacement
Supplemental Income
Estate Planning
Legacy Planning

1 – Loans and withdrawals will decrease the cash value and death benefit.
2 – Provided all premium payments are made and loan indebtedness does not lapse the policy.
3 – Cash value must be sufficient to pay monthly deductions or a guarantee needs to have been chosen at enrollment.

How Much Life Insurance Is Enough?

That depends on your personal and financial situation. GEBA licensed Insurance and Financial Consultants can work with you to determine the appropriate coverage level.

We will help you explore questions such as:

  • How would your family pay your burial expenses, and would they have enough money to pay any taxes due on your estate?
  • How much of your family’s income do you provide? If you died, how much of that income could they make up or do without?
  • Do you have children? If so, how old are they? If you died, would they be able to go to college or to have the other life experiences that you had planned for them?
  • Do you want to leave a legacy for your children and grandchildren or for charities that you support?
  • How do you expect inflation to affect your family’s future needs?

New York Life

*Group Term Life Insurance plan underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy form GMR.

Life insurance protects families