The first step is to determine how much cash and income your dependents will need if you die. Instead of relying on your monthly income, your family will receive an insurance benefit upon your death. It is then up to the beneficiary of your policy to decide how to use that money. If you have younger children, a mortgage or both, you may want to have a higher death benefit to make sure your family can meet its financial obligations should you die. The beneficiary of your policy can decide to use the money from the death benefit to pay monthly bills, or to pay off the mortgage. You can speak to a CUIA representative for guidance or you can click into the quote and apply tool above to view the calculator and get a general idea of how much life insurance coverage you and your family need.

Term insurance provides protection for a specified period of time. Terms of one, five, 10 or 20 years or up to the age of 65 are available. This type of policy only pays a benefit if you die during the policy term. Term insurance doesn't build cash value. If you stop paying your premium, the insurance expires. This insurance is generally less expensive than other types of life insurance.

Permanent life insurance is designed to provide protection for the entire life of the policyholder, assuming the premiums are paid on time. Permanent life insurance includes a death benefit and a financial component that will accumulate cash over the life of the policy. With permanent life insurance, part of the premium you pay goes toward building cash value. Therefore, the premiums are generally higher than term life insurance.

What are the types of permanent life insurance?

• Whole life — Premium remains constant throughout the life of the policyholder. Non-participating and participating are two forms of whole life. Participating whole life pays a dividend based on the profits earned by the insurance company. Typically, premiums of participating whole life insurance are higher than non-participating.
• Universal life — Universal life is more flexible than whole life insurance. This type of insurance invests a portion of your premiums into bonds or mortgages. The policyholder can increase or decrease the amount of the premium used toward the death benefit or the cash value.
• Variable life — Variable life insurance is similar to universal life insurance, but the policyholder has a wider selection of investment options, including the stock market. This can yield a high rate of return in a favorable market. However, in a poor-performing market, the death benefit and cash value of the policy may decrease.

Note: As with all investment decisions, consult with a trusted financial advisor before making a purchase.

Check with your trusted CUIA insurance advisor to see if a policy is in force with the agency.

In addition to that, you can use the NAIC Life Policy Locator to assist with locating life insurance policies and annuity contracts of a deceased family member or close relationship. For information on how to complete the request form, please see the Frequently Asked Questions.

When a request is received, the NAIC will:
• Ask participating companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased that you entered.
• Ask participating companies that have policy information to respond to you, as the requestor, if you are the designated beneficiary or are authorized to receive information.