Searching for the top life insurance provider? Consider TIAA Life Insurance, a leading contender for your life insurance needs. This is a life insurance company that offers flexible, secure life insurance terms and rates, along with better saving and investment processes, to policyholders as they age.
TIAA Life Insurance is one of the biggest life insurance companies in the United States. This insurer offers and maintains different life insurance products, like variable universal and universal life insurance. They offer a wide range of life insurance options to meet the life insurance needs of their customers. This write-up contains all the insights you need to know about this life insurance company.
Advantages and Disadvantages
Just like every other life insurance company, this one has its benefits and downsides. Being knowledgeable about TIAA life insurance benefits and downsides helps you make better decisions on whether or not they are right for you, as well as the best policy to get under them. However, the following are the advantages and disadvantages of TIAA life insurance:
Advantages:
- They are financially fit.
- Outstanding customer service.
- Educator-focused.
Disadvantages:
- Poor information is available online.
- No new policies have been available since 2019.
- They do not offer whole-life insurance.
These benefits and downsides are most often considered by customers before life insurance is purchased.
TIAA Life Insurance Plans
After 2019, no new policies were made available. TIAA has been maintaining the insurance they had since 2020. These insurance plans they maintain include different types of life insurance policies, term life, and repayment plans. Below are the types of life insurance TIAA life insurance offers.
Term Life Insurance
Some TIAA customers hold term life insurance policies, which are kept as a short-term coverage type. This policy has an expiration date lasting between 10 and 20 years. If the policyholder is deceased before that time, a death benefit will be paid out to their beneficiaries.
Universal Life Insurance
There are two forms of universal life insurance that TIAA offers. These forms are available for both single and dual policyholders, with a survivorship option if they ever want to include their spouse or business in their life insurance policy. Below are the two forms of universal life insurance that TIAA offers.
- Intelligent Life Survivorship Universal Life Insurance:
This is a type of permanent life insurance policy that allows you to accumulate a cash value that gains interest over time.
- Intelligent Life Survivorship Universal Life Insurance:
This is similar to an intelligent life universal life insurance policy; this policy offers flexible premiums and also assembles cash value. Instead of one person, this policy covers two policyholders.
- Variable Universal Life Insurance:
This policy allows policyholders to invest earnings in the insurance market through its intelligent Life VUL insurance policy.
- Intelligent Life VUL:
Intelligent Life VUL is one of the policies TIAA offers with its flexible premiums. It allows policyholders to select from different investment options to grow death benefits and accumulate cash value.
TIAA Life Insurance Income Replacement
TIAA life insurance offers a salary shield. This is a monthly income replacement benefit for policyholder beneficiaries. It has a monthly income benefit that ranges from $1,000 to $7,000. Beneficiaries of existing life insurance plans have the option to access a large additional death benefit to cover additional costs like funeral costs and mortgage repayment. However, this plan only lasts for about 30 years, sometimes until the policyholder turns 65.
TIAA Life Insurance is available to Riders
Few policies are perfect just as they are, but life insurance riders can be a big help in customizing insurance coverage to your actual needs. Riders can be bought as an add-on to our life insurance coverage to provide additional protection for your life insurance policy. Some of the TIAAlife insurance options available to riders are:
- Enhanced policy split riders.
- Estate transfer protection rider.
- Also, level cost of insurance endorsement.
- Overloan protection endorsement.
- Waiver of monthly charges.
- Charitable giving benefit rider.
- Estate protection rider.
- The last survivor policy split option.
- Living choices benefit.
- Policy split rider.
Policyholders are allowed to select from any of the above riders and purchase them as an add-on to their life insurance policy coverage. However, before TIAA issues policies and riders, they consider some factors to determine if the policyholder is eligible for them and to issue premiums. Some of these factors include age, gender, health, and medical records.