Truist Bank Insurance Explains Life Insurance Options for All

At Truist Bank Insurance, they understand that life insurance is a vital part of any financial plan.

Term life insurance is a straightforward option that provides coverage for a set period, typically ranging from 10 to 30 years.

This type of insurance is ideal for individuals with temporary financial responsibilities, such as paying off a mortgage or raising a family.

Whole life insurance, on the other hand, offers lifetime coverage and a cash value component that grows over time.

This can be a good choice for those who want to build wealth and leave a legacy for their loved ones.

Universal life insurance combines a death benefit with a savings component, allowing policyholders to adjust their premiums and death benefit as needed.

Variable life insurance offers a death benefit and a cash value component that can be invested in various assets, such as stocks or mutual funds.

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Truist Bank offers a range of life insurance options to fit different needs and budgets.

Term life insurance is available with coverage periods ranging from 10 to 30 years, allowing you to choose the length of time you need protection.

You can also opt for permanent life insurance, which provides lifetime coverage and a cash value component that can grow over time.

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Term life insurance is a great option to consider for financial protection. You can get basic Term Life Insurance coverage equal to your Benefits Annual Rate (BAR) at no cost to you, up to a maximum of $1,000,000.

If you want more coverage, you can choose an additional one to eight times your benefits base salary in supplemental Term Life Insurance coverage. This means you can increase your coverage significantly.

Combined basic and supplemental life insurance cannot exceed $4,000,000. This is the maximum coverage available.

You can increase your coverage at the rate of one level per year during annual benefits enrollment, provided you're actively employed. This gives you flexibility to adjust your coverage as needed.

If you cancel or decrease your coverage, you'll be limited to one level of increase during next year's annual benefits enrollment. This is a good thing to keep in mind if you're considering making changes to your coverage.

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Dependent life insurance allows you to elect coverage for your spouse/domestic partner and/or dependent children.

You can choose coverage for your spouse in $10,000 increments up to $300,000 or 50% of your combined basic and supplemental life insurance, whichever is less.

Dependent life insurance premiums are paid on an after-tax basis, so the benefits received from the program aren't taxable to you.

You are the beneficiary of all dependent life insurance coverage.

Your dependent children are eligible from birth until the end of the month in which they reach age 26.

If you elect dependent life insurance coverage for your domestic partner or spouse greater than $100,000, you'll need to provide evidence of good health and insurability to The Hartford insurance carrier before coverage greater than $100,000 can become effective.

You can select coverage levels of $7,500, $10,000, or $15,000 for eligible dependent children.

As a trusted partner in financial security, Truist Bank offers a range of insurance options to safeguard your assets.

Truist Bank's insurance services are designed to provide comprehensive protection for your home, auto, and other valuable possessions, with customizable coverage options to fit your unique needs.

With Truist Bank, you can enjoy discounts on your insurance premiums by bundling multiple policies, such as home and auto insurance, under one umbrella.

Truist Bank's insurance experts will work closely with you to assess your risk factors and develop a tailored insurance plan that meets your financial goals.

By partnering with Truist Bank, you can potentially save money on your insurance premiums and enjoy greater peace of mind knowing your assets are protected.

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