Individual Life Insurance
Trust GEBA - To Help Provide Security for You and Your Family
GEBA is devoted to serving federal employees, like you, with comprehensive and customized insurance and financial solutions — including Professional Liability Insurance and GEBA’s Emergency Travel Plan. GEBA’s licensed investment advisors can help you find the coverage that best fits your needs – no charge consultation and no obligation. See the overview below and contact GEBA to discuss your situation.
Individual life coverage gives you greater flexibility
GEBA’s Group Term Life Insurance isn’t your only option. There are also two basic kinds of individual life insurance, as shown in the chart below:
| TERM | PERMANENT | ||
|---|---|---|---|
| Term Life | Whole Life | Universal life | |
| Premiums | Level premiums for term or policy | Guaranteed level premiums for live | Flexible premiums for life |
| Cash Value | No | Yes | Yes |
| Loans/Withdrawals | No | Yes* | Yes* |
| Coverage | Specific term is defined by the policy selected, generally 5 to 30 years | Life** | Life*** |
| Cash Value Investment Risk | None | Insurance company bears risk | Insured bears interest rate risk |
| Commonly Used For | Income Replacement | Income Replacement Supplemental Income Estate Planning Legacy Planning | Income Replacement Supplemental Income Estate Planning Legacy Planning |
** Provided all premium payments are made and loan indebtedness does not lapse the policy.
*** Cash value must be sufficient to pay monthly deductions or a guarantee needs to have been chosen at enrollment.
Whole Life Insurance
Whole Life Insurance covers you from the day you buy the policy until you die, generally with level premiums. A whole life policy accrues cash value on a tax-deferred basis that can increase the value of the death benefit. You can access any available cash value during your lifetime. Whole life insurance also can be a valuable tool in estate planning.
Learn more about Whole Life Insurance
Universal Life Insurance
Combines permanent life insurance protection and cash accumulation with the convenience of adjustable rates of interest, premiums, and payment schedules. Universal Life allows you to vary the amount of your coverage to reflect your life situation. Once your policy has accumulated sufficient cash value, you can adjust your premium payment or take cash withdrawals and loans. It is important to note, though, that loan withdrawals, benefit and premium adjustments, and the performance of the underlying portfolio can affect your premium or coverage later.
Learn more about Universal Life Insurance
Survivorship Life Insurance
Also called “second-to-die” life insurance, 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. Survivorship Life Insurance coverage is often used when a husband and wife wish to fund a legacy for children, grandchildren, charities or institutions they support because this type of insurance allows individuals to maximize the life insurance benefit.
Learn more about Survivorship Life Insurance
Financial planning services provided by the organization
your peers have trusted for 65 years.
How Can We Serve You Today? Our Knowledgeable Financial Advisors Can Help!
