Nearly half of Americans say they need — or need more — life insurance, according to recent data, with 72% admitting they overestimated the cost.
The 2024 Insurance Barometer Study cites respondents’ top reasons for not having more coverage as concerns about cost and having other financial priorities. But an expert from the Uniformed Services Benefit Association® (USBA®) says financial security is the exact justification for securing life insurance.
“Having a life insurance policy is one of the best ways to protect your loved ones from financial worries and hardships if something were to happen to the insured family member,” explained Pam Oyler, senior director of business development for USBA.
Unfortunately, she adds, there can be a lot of confusion relating to life insurance options for military families.
“People assume it costs too much to get life insurance,” Oyler said, adding that statistics show women have more of a gap in purchasing life insurance than men.
One option that is ideal for many families is the USBA TWO for ONE® Group Level Term Life Insurance*, which provides coverage for both husband and wife — with only a single premium amount.
“Joint Life Insurance … is a unique opportunity to purchase one life insurance policy covering both spouses, rather than two individual policies,” Oyler said.
It’s an offering that can be especially convenient for spouses who are both healthy (which may qualify them for preferred rates), approximately the same age, and looking for the same coverage amounts and policy types. Even better, paying one policy premium for two lives may have a lower premium than having two separate life insurance policies.
Here’s how it works: The TWO for ONE policy pays a benefit regardless of which spouse dies first. Then, when the dual coverage ends, the surviving spouse can continue his or her life insurance coverage at the same or lower benefit amount without going through underwriting, which is hassle-free for the surviving spouse.
Another feature of joint coverage is that if both spouses were to die within 15 days of each other because of the same accident, benefits are then paid for both lives — so, double the face amount of coverage.
The USBA TWO for ONE Group Level Term Life Insurance policy is available in coverage amounts of $50,000 to $400,000, with optional riders for AD&D and children’s coverage at very low premiums. Additionally, USBA’s life insurance policy products pay a benefit in the case of a combat-related death, which not all insurance companies do.
Regardless of health, the TWO for ONE policy always allows the insured to convert to an individual policy. Early termination occurs if there is a divorce, either of the insureds dies, or if one of the insureds requests a voluntary termination.
Oyler said that even if insured individuals decide to retire, or leave military or federal employment, they can retain their USBA coverage.
“The TWO for ONE policy remains in force and goes where you go,” she explained, with no increase in premium or decrease in coverage simply because you leave the service.”
For Oyler and her team at USBA, the TWO for ONE Group Level Term Life Insurance policy is a welcome addition to an already-impressive line of comprehensive products; each one offering reassurance and stability.
“Having a life insurance policy in place gives you, as the insured, comfort and security,” Oyler said, “knowing that you are still taking care of your family even when you are no longer there.”
To learn more, visit here.
*Issued by New York Life Insurance Company, New York, NY, under Group Policies G-5393-1 & G-5393-0 (Policy Form GMR)
