Insurance is important in protecting your health,
assets, and your family. The Investment Department at
North Island Credit Union makes available insurance products
to cover any need you may have, including:
Life, Long Term Care, Home/Auto and Other Insurance.
| Life Insurance Term Life Variable Universal Life Auto | Group Term Life Whole Life Long-Term Care Homeowner's |
People have different reasons for taking advantage of the protection life insurance offers. As a result, coverage comes in many shapes and sizes.
The answers to a few insightful questions will help determine which program best fits your needs: What are the reasons that I need life insurance? How much do I need? How long do I need the coverage? How much can I afford to spend on life insurance?
If you don't know the answers to some of these questions, don't worry—we can help.
The first step you must take when obtaining insurance is to determine how much you need. Print and complete a helpful worksheet that will provide a clear and simple estimate of your personal insurance needs by clicking here (requires the free Adobe Acrobat Reader).
Group Term Life Insurance Up To $150,000
North Island is proud to announce its affiliation with Monumental Life Insurance Company to provide Island members with Group Term Life Insurance. If you discover your insurance need is for $150,000 or less, our Group Term Life Insurance plan is the simplest and most convenient option for you.
Monumental Life is a respected and trusted provider of life insurance products at competitive rates. Their Group Term Life Insurance is designed to provide coverage in the amounts $50,000, $100,000, or $150,000. Minimal qualifications make it easy for credit union members and their spouses to obtain coverage. Monthly premiums are deducted automatically from your Island savings or checking account.
For more information or to receive a quote on our Group Term Life Insurance, click here.
Term Insurance
In the event you need more than $150,000, or you have other considerations that may not make our Group Term Life Insurance product the best option, our Term Insurance product should meet your needs. It is also important to consider your affordability options. If your funds are limited, you may want to use our low cost Term Insurance option. If you prefer to build-up cash accumulation, then a permanent plan may be the best course of action.
Term insurance is purchased for a certain "term" or period of time. Premiums may be guaranteed to remain the same for the term chosen—usually 5, 10,15, 20, or 30 years. At death, the beneficiary receives the face amount of policy coverage, free of income taxes, and the proceeds can be used for paying off a mortgage, covering a child's college tuition, or for one's final expenses. The length of time until a milestone event (mortgage payoff, child reaches college age, etc.) determines the term you will choose to insure.
Once the term ends, the insurance ends. There is no cash value accumulation and no benefits are paid unless the insured dies during the specified term. As a result, term insurance is typically less expensive than other types.
Whole Life
Whole life insurance is also called "permanent" protection. The policy guarantees coverage for an indefinite number of years, until the insured's death. In addition, whole life insurance may provide a cash value inside the policy—a portion of each premium you pay goes into an account that accumulates dividends and may be borrowed from or passed on to your heirs, in addition to the policy's death benefits. Whole life insurance is typically more expensive than term, but it is guaranteed and accumulates cash value. These guarantees are based on the claims paying ability of the issuer.
Variable Universal Life
For specific information on Variable Universal Life (VUL), please contact an LPL Financial Advisor or email us here.
Appropriate life insurance is essential to meeting your future financial obligations. An LPL Financial Advisor can review your current policies' benefits and costs and make recommendations from a wide selection of non-proprietary top rated carriers.
For more information on any of these life insurance programs, contact an LPL Financial Advisor or email us here.
According to statistics published in the Wall Street Journal, more than half of all women and a third of all men who survive to age 65 will spend time in a nursing home. That's not a pleasant statistic, but protecting yourself right now may be the best way to help ensure that it will not be an unpleasant experience.
For help with this complex issue, North Island Credit Union has turned to Long Term Care Associates, Inc. Dedicated to helping our members with long term care insurance, they are one of the nation's premier independent marketers of long term care insurance, offering policies underwritten by some of the country's strongest insurers. With our long-term care insurance options, you can:
- Maintain your financial independence and personal dignity
- Control when and where you receive care, and the quality of that care
- Help alleviate any burden on your family
- Help protect your assets for your spouse and heirs
- Select options that work best for you — benefits can be matched to your specific goals
To get more information, click here or contact them at 800/704-9233
You trust North Island Credit Union to provide you and your family with quality products and services to meet your financial needs. We've joined with a dedicated team of insurance professionals to bring you MEMBERS Auto and Homeowners Insurance.
Many people believe their U.S. auto insurance will cover them while driving in Mexico.
However, Mexican law does not recognize auto insurance underwritten by non-Mexican insurance companies.
To be protected, people driving into Mexico must obtain a separate certificate of insurance underwritten by a Mexican insurance company.
North Island Credit Union has partnered with Bonita West Mexico Insurance Services, Inc. to offer members and non-members this important insurance. For more information, request a quote, or to purchase Mexican auto insurance online, click here.
