Are you searching for a top-rated life insurance provider? TIAA Life Insurance stands out as one of the best companies to consider when buying life insurance. 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 older.
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 of TIAA Life Insurance
Just like every other life insurance company, this insurer 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.
Advantages:
- They are financially fit.
- Outstanding customer service.
- Educator-focused.
Disadvantages:
- Poor information available online.
- No new policies available since 2019.
- They do not offer whole life insurance.
These benefits and downsides are most times considered by customers before life insurance is purchased.
TIAA Life Insurance Plans
After 2019, no new policies were made available. TIAA has been maintaining 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 to 20 years. If the policyholder is deceased before that time, a death benefit will be paid out to their beneficiaries.
Universal Life Insurance
TIAA offers two types of universal life insurance, available to both individual and joint policyholders. A survivorship option is also available for those who wish to include their spouse or business in the policy. Below are the two forms of universal life insurance that TIAA offers.
Intelligent Life Survivorship Universal Life Insurance:
This type of permanent life insurance policy enables you to build cash value that accumulates interest over time.
Intelligent Life Survivorship Universal Life Insurance:
Similar to an intelligent life universal life insurance policy, this plan offers flexible premiums and builds cash value. However, instead of covering just one individual, it provides coverage for two policyholders.
Variable Universal Life Insurance:
This policy enables policyholders to invest their earnings in the insurance market through its Intelligent Life Variable Universal Life (VUL) insurance plan.
Intelligent Life VUL:
Intelligent life VUL is one of the policies TIAA offers from its flexible premiums. In addition, it allows policyholders to select from different investment options to grow death benefits and accumulate cash value.
TIAA Life Insurance Income Replacement
TIAA life coverage offers its Salary Shield. This is a monthly income replacement benefit for policyholder beneficiaries. It has a monthly income benefit that ranges between $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 and sometimes until the policyholder turns 65.
TIAA Life Insurance Available Riders
Few policies are perfect just as they are, life insurance riders can be a big help in customizing insurance coverage to your actual needs. Riders can be added to your life insurance policy to offer extra protection and enhance your coverage. Some of the available riders offered by TIAA Life Insurance include:
- Enhanced policy split rider.
- Estate transfer protection rider.
- Level cost of insurance endorsement.
- Overloan protection endorsement.
- Waiver of monthly charges rider.
- Charitable giving benefit rider.
- Estate protection rider.
- Last survivor policy split option.
- Living choices benefits.
- Policy split rider.
Policyholders are allowed to select from any of the above riders and purchase them as an add-on to their life policy coverage. however, before TIAA issues policies and riders, they consider some factors to determine if the policyholder is eligible for it and to issue premiums. Some of these factors include age, gender, health, and medical record.
