Insurance

INSURANCE PLANNING

Insurance planning helps us prepare and plan for life’s unexpected events.

An unexpected life event could drastically change your financial plans for yourself or your family.

For example, the unexpected death or disability of a family member could have considerable long-term financial effects. Another example would be you or a spouse needing care in an assisted living or nursing home in retirement. These events disrupt your goals and plans for the future.

Insurance planning allows us to strategically plan for how these situations would be dealt with should they arise.

We can transfer the financial burden of life’s unexpected events through insurance planning, allowing your family to stay focused on what matters most, taking care of each other without the added stress of a financial burden.

At OUCU Investment Services, available through LPL Financial LLC (“LPL”), we help you identify these potential risks and calculate the right amount and type of insurance to manage these risks. We can access many Insurance carriers to implement these risk strategies for you.

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Term Life Insurance

Term policies are generally the most affordable, providing maximum coverage for the lowest price. The coverage, however, ends after a specific period of time. Depending on the provider and policy you select, you may have the option later to convert to a permanent policy should your needs change. Term policies might be appropriate for those who want to protect assets for a defined period of time (e.g., while you are paying down a mortgage) when cost is a factor or if you want to supplement a permanent policy for a period of time.

Permanent Life Insurance

Whole Life, Universal Life, and Variable Universal Life are permanent life insurance policies. These policies are intended to last until you die, at which time there is a payout to a designated beneficiary. Specific policies may accumulate cash value and include benefits in addition to the death benefit. Permanent insurance might be appropriate for those who want to create a legacy, leave tax-free money to beneficiaries, or build tax-deferred savings via the cash value.

Long Term Care Insurance

Many of us consider a costly long-term care situation a considerable unprotected risk. Such an occurrence can adversely affect even the best-thought-out retirement plans. Over 70% of Americans over 65 will need a form of long-term care services and support during their lives. OUCU Investment Services, available through LPL Financial LLC (“LPL”), offers long-term care insurance to help protect you and your family.

We offer members a no-obligation review of long-term care insurance solutions, including newer ways to pay for your care. Even if you already have a long-term care policy, reviewing your benefits can be beneficial and will help you to rest easy knowing you have the most updated plan. 

*2015 Medicare and You, National Medicare Handbook, Centers for Medicare and Medicaid Services,
September 2014.

Life Insurance Policy Reviews

Carrying the right amount of life insurance is important, and the amount is likely to fluctuate at different stages in your life. A life insurance check-up can help determine whether your coverage and needs are aligned. If you have had a life-changing event recently, or if it has been a while since you have reviewed your policies, our LPL representatives can help. We offer insurance policy reviews to members at no cost.

Insurance products and services are offered through LPL Financial LLC (“LPL”). Products offered through LPL are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk, including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your advisor.