Unlike whole life, which covers you for the rest of your life, term life lasts a certain number of years - usually 10, 20 or 30 - or until you reach a certain age - say 80 years old. If you pass away during that time, your loved ones get the money. However, once the term you selected comes to an end, so does your coverage.

TruStage Insurance Agency is part of the CUNA Mutual Group, whose policies are underwritten by CMFG Life Insurance Company. CMFG has been around for more than 80 years and is headquartered in Madison, Wisconsin.

The whole life insurance coverage amounts available from TruStage will vary by age. Quotes are available online. The rate will never increase and the death benefit is also guaranteed. But there is a 30-day waiting period after the purchase before coverage begins.

The policy usually builds cash value over time - see more about that below. The cash benefit paid by life insurance is almost never counted as taxable income, meaning your chosen beneficiary (the person or people whom you choose to receive the life insurance money) will pay no taxes on it.

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.

Term life insurance is usually the most affordable option when you want life insurance to cover financial obligations that are temporary. If you've got specific debts to cover, like a mortgage or a child's college education, term life insurance can provide the financial safety net you need while you need it.

TruStage reports that it currently provides coverage to 20 million policyholders. Its underwriter, CMFG Life Insurance Company, is also huge in terms of financial size. A.M. Best places the carrier in the $2 billion or greater financial size category.

Life insurance covers the insured person's life. So if you pass away while your policy is active, your beneficiaries can use the payout to cover whatever they choose - medical bills, funeral costs, education, loans, day-to-day costs, and even savings.

Depending on the type of life insurance policy you are purchasing, and a number of other factors, a life insurance application can be completely filled out and approved within 24 hours or could take a few weeks or even months.

Guaranteed issue life insurance is a small whole life insurance policy with no health qualifications. Guaranteed issue life insurance does not pay death benefits during the first two or three years the policy is in force, but it does return the policy's premiums plus 10% interest if the insured dies during this period.

So, the face value of a $10,000 policy is $10,000. This is usually the same amount as the death benefit. Cash Value: For most whole life insurance policies, when you pay your premiums some of that money goes into an investment account. The money in this account is the cash value of that life insurance policy.

The average annual interest rate of a whole life insurance policy is 1.5% according to Consumer Reports. How much is a $50,000 whole life insurance policy? A 30-year-old in good health can pay around $57 per month for a $50,000 whole life policy, but it depends on your age and health.