Life Insurance: Regions Bank's Offerings And Your Options

Regions Bank offers a range of financial services to its customers, including various insurance products. One of the insurance options available is life insurance, which can provide financial security and peace of mind for individuals and their families. The bank offers both basic and optional life insurance plans, with benefits-eligible associates receiving a basic life benefit of up to $1,000,000 at no cost. Additionally, Regions Investment Services provides affordable life insurance with guaranteed rates and simple application processes, including term life insurance for 10 or 20 years. The bank also offers a Life Visa Credit Card to help customers manage finances and unexpected life events, with a 0% introductory Annual Percentage Rate for 15 months.

Regions Investment Services: quick and easy application process, affordable rates, and children's coverage

Regions Investment Services offers a quick and easy application process for life insurance coverage. The application process is simple and requires no medical exam, only a few health questions. In a matter of minutes, you can apply online for coverage of up to $150,000.

The service also offers affordable rates that are guaranteed to never increase. The rates are based on age and tobacco use, with lower rates for non-tobacco users. Regions Investment Services provides a range of coverage options, including term life insurance for 10 or 20 years, as well as whole life insurance. Term life insurance is a more affordable option that serves as a financial safety net for those with dependents, while whole life insurance offers lifelong coverage and can be useful for estate planning.

One of the standout features of Regions Investment Services is the availability of children's coverage for only $1.50 per month. This coverage can be elected as part of the optional life insurance offered to associates, which also includes coverage for spouses. The minimum amount of coverage for a spouse is $25,000, and the maximum is $200,000, with rates based on age, the amount of coverage, and tobacco use.

With Regions Investment Services, you can protect your loved ones and give them peace of mind. The service provides the flexibility to choose the right amount and type of coverage to meet your specific needs. Whether you're looking for short-term or lifelong coverage, the application process is straightforward and efficient, ensuring you get the financial security you need.

Basic and Optional Life Insurance: benefits-eligible associates can get a basic life benefit of up to $1,000,000 at no cost

Regions Bank offers life insurance to its benefits-eligible associates. This includes a basic life benefit of up to $1,000,000 at no cost to the associate. This basic life insurance provides financial security for the associate and their family. The amount of coverage provided is either two times the benefits-eligible compensation (BEC) or $1,000,000, whichever is lesser. This means that if an associate's BEC-based coverage amount is more than $1,000,000, they will receive the lesser amount of $1,000,000 as their basic life benefit.

Associates also have the option to elect additional coverage for themselves, their spouse, and/or their children. This optional life insurance coverage is available in multiples of the associate's BEC, ranging from one to five times, up to the maximum benefit. When opting for increased coverage, the associate will receive a notification to submit evidence of insurability. The rates for this optional coverage are based on age and tobacco use, with lower rates offered to non-tobacco users who haven't used any tobacco products or e-cigarettes in the previous 12 months.

For spouses, the minimum coverage amount is $25,000, while the maximum is $200,000. The cost of spousal coverage is determined by age, the requested amount of coverage, and tobacco use. Children can be covered for up to $12,500 each. It is important to note that if an associate's spouse or child is also a Regions associate, purchasing life insurance for them as a dependent is not permitted.

By offering these comprehensive benefits, Regions Bank demonstrates its commitment to meeting the needs of its associates and promoting their health, financial security, and overall wellbeing.

Whole Life Insurance: lifelong coverage with tax benefits and accruing value over time

Regions Bank offers life insurance to its customers, but what about whole life insurance? How does it work, and is it worth considering?

Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the insured person's life. It combines an investment account, known as the "cash value", with a life insurance product. This means that, as long as the benefits are paid, whole life insurance plans do not expire and the benefit is paid to beneficiaries upon the death of the policyholder.

Whole life insurance has two main components: the death benefit and the cash value. The death benefit is the amount paid out to beneficiaries upon the death of the insured. The cash value is a savings component that earns interest over time, which the policyholder can withdraw from or borrow against. This cash value is what makes whole life insurance unique, as it accrues value over time and can be utilised by the policyholder.

Whole life insurance offers lifelong coverage, which is especially useful for individuals with long-term financial obligations or those who want to provide an inheritance for loved ones. It also provides tax benefits, as the cash value grows tax-deferred, and the death benefit is usually tax-free. Additionally, the policyholder can access the cash value during their lifetime, providing a financial safety net.

Whole life insurance tends to be significantly more expensive than term life insurance due to the lifelong coverage and the accumulation of cash value. The premiums are typically fixed and cannot be adjusted, which may be a disadvantage if financial circumstances change. The cash value of a whole life policy may also grow at a slower rate compared to other investment options, and any outstanding loans or withdrawals from the cash value will reduce the death benefit.

Whole life insurance can be a valuable option for individuals who require lifelong coverage, want to build an investment over time, or have long-term financial obligations. However, it is essential to carefully consider the costs and weigh them against the benefits, as the high premiums may be a significant financial commitment.

Term Life Insurance: coverage for a certain period, often chosen as a financial safety net

Regions Bank offers term life insurance as well as whole life insurance. Term life insurance is coverage for a certain period of time, typically 10, 20, or 30 years. This type of insurance is often chosen by those who want to provide a financial safety net for their loved ones for a specific period, such as during their working years or until their children become adults.

Term life insurance provides peace of mind and financial protection for your family in the event of your death. It is a cost-effective way to ensure your loved ones can cover expenses such as funeral costs, mortgage payments, childcare, college tuition, or everyday expenses. The death benefit is paid to your beneficiaries tax-free, and the payments remain the same throughout the policy's term.

With Regions Investment Services, you can apply for term life insurance quickly and easily. There is no medical exam required, and you can get immediate coverage upon approval. The rates are affordable and guaranteed to never increase. You can choose a coverage amount of up to $150,000, and children's coverage is available for a low cost.

Compared to whole life insurance, term life insurance is a more affordable option as it does not accumulate value over time. Term life insurance premiums are based on age, health, and life expectancy, and the coverage lasts for a specified period. On the other hand, whole life insurance provides lifelong coverage and can be a useful tool for estate planning due to its tax benefits.

Life Visa Credit Card: introductory interest rates to help manage finances and unexpected life events

Regions Bank offers a range of benefits to its associates, including comprehensive health and financial benefits. Among these benefits is the Life Visa Credit Card, which provides a longer introductory interest rate to help cardholders manage their finances and navigate unexpected life events.

Life Visa Credit Card:

The Life Visa Credit Card from Regions Bank offers a 0% introductory Annual Percentage Rate (APR) for 15 months on purchases and balance transfers. This introductory rate can help cardholders manage their finances and provide some relief during unexpected events or financial difficulties.

• 0% intro APR for 15 months on purchases and balance transfers that post within 60 days of account opening.
• After the introductory period, a variable APR of 17.24% - 27.24% based on creditworthiness.
• 30.24% variable APR for cash advances.
• $10 balance transfer fee or 4% of the transferred amount, whichever is greater.
• $10 cash advance fee or 4% of the cash advance amount, whichever is greater.
• A late payment fee of up to $39 may apply.
• No foreign transaction fees.
• Regions LockIt® allows cardholders to customize how, when, and where their credit card can be used.
• Alerts to verify card activity and protect against unauthorized transactions.
• Visa Zero Liability Policy ensures cardholders are not responsible for unauthorized transactions made with their Visa credit card.
• Earn cash back with Regions Offers.
• Travel and Emergency Assistance, Auto Rental Collision Damage Waiver, and Extended Warranty Protection are included.

The Life Visa Credit Card can be a valuable tool for Regions Bank customers who are looking for a way to manage their finances effectively and prepare for unexpected life events. With its introductory interest rate and various features, this credit card can provide financial flexibility and security.

In addition to the Life Visa Credit Card, Regions Bank also offers life insurance products, including term life insurance and whole life insurance, to provide financial security for its customers and their families.

Frequently asked questions