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LIFE INSURANCE 101

Life Insurance 101

The need for life insurance depends on each individual life situation. If loved ones are financially dependent on you, then buying life insurance coverage can absolutely be worth it. Even if you don’t have financial dependents yet, life insurance can be a valuable solution for making death easier on a family (at least financially.) There are two voluntary life insurance options offered through your employer: Term Life Insurance and Permanent Life Insurance. Below is an overview of differences.

Term Life and Permanent Life work best used in conjunction with one another. Term Life can protect your family in your younger working years and Permanent Life can protect your family in your retirement years.

Contact Campus Benefits for assistance with claims.

Email: mybenefits@campusbenefits.com

Call 1-866-433-7661, option 5

TERM LIFE INSURANCE: Term Life insurance is illustrated on the bell curve below. The term life offered is a group policy which allows you to get more benefit for less premium.

  • Term life insurance is for the unexpected death

  • Includes an Accidental Death & Dismemberment Benefit

  • Term life insurance is flexible and allows changes to your benefit amount each year depending on life changes. For example, as you get married and have children the need for term insurance often increases. As you near retirement, the need for term life insurance often decreases.

  • Coverage is portable at retirement or if you leave the employer (premium will change)

  • Premiums are based on age and increase as you get older

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PERMANENT LIFE INSURANCE: Permanent Life Insurance is illustrated above along the bottom of the graph with a straight blue arrow.

  • Permanent life insurance offers a stable premium along the lifetime of the policy

  • Permanent life offers a level premium and is meant to take into retirement

  • Permanent life is an issue age policy is based on the age when the policy is issued

  • This is an individual plan you can take with you regardless of where you work

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