Life Insurance Awareness Month: Why Group Whole Life Insurance Might Be Right for You

Life Insurance Awareness Month: Why Group Whole Life Insurance Might Be Right for You



September is Life Insurance Awareness Month. With the kids back in school and the start of Fall just a couple of weeks away, it’s the perfect time to evaluate your current life insurance needs and make any necessary updates to your coverage. If you’re like many people, you understand that life insurance is crucial to your family’s long-term financial security, but you may feel like you could use a brief refresher to brush up on the details.

That’s why we’re going to cover some of the basics of three different types of life insurance this month, starting with group Whole life.

Permanent Lifetime Coverage that Builds Cash Value

Whole life is a type of permanent insurance that offers lifelong protection and allows the policyholder to accumulate cash value. In contrast to Term life insurance, a Whole life insurance policy doesn’t have a certain period of time, or specified “term” of years of coverage, it remains in force as long as you continue to pay your premiums.

It’s a smart choice for someone who needs coverage for an extended period of time.

Whole life insurance policies have the potential to build cash value over time as well as pay a death benefit to your beneficiary. The cash value grows while the policy is in force. The insured may use the policy as collateral or borrow against it. Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

Considerations for Whole Life Insurance:

  • Do I want lifelong financial protection?
  • Do I want premiums to remain constant or stable over my lifetime?
  • Do I want the ability to accumulate cash value?
  • Do I want to be able to borrow against accumulated cash?

Individual vs. Group Life Insurance

You might be wondering about the difference between individual and group life insurance. Individual life insurance is a life insurance policy that covers you as an individual. You pay for the policy and own it. Group life insurance is life insurance for which a single contract covers a group of people. Usually, the policy owner is an employer or organization, such as USBA. Because the insurance risk is spread across more people, group rates are usually lower than those for individual coverage.

Typically, employer-paid group life insurance isn’t portable. In most cases, when you leave a company, you lose the coverage. It stays behind with the job. However, with USBA group life insurance, such as USBA’s Group Whole Life Insurance you own it and can take it with you, wherever you go.

Coverage for Your Kids

Group Whole life is not just for adults. Beginning a life insurance policy today helps protect your child’s ability to be covered by life insurance in the future. No matter what age they turn, what occupation they choose, or whatever health conditions occur, their coverage cannot be cancelled provided the premiums are paid when due.

You might think your children don’t need life insurance coverage, but there are definite advantages to setting up their policies now.

  • Once issued, policies such as USBA’s Children’s Group Whole Life Insurance are guaranteed for your child’s lifetime, provided premiums are paid when due.1
  • The premium on the policy you set up today remains the same, throughout your child’s life. Guaranteed.
  • Over time, your child’s policy will accumulate a cash value.

The best time to start life insurance for your child is when they are young and in good health. 

Here’s a quick overview of USBA’s Children’s Group Whole Life Insurance features:

  • $5,000 of coverage starts at $1.60 per month.2
  • You can select your coverage amount from $5,000 to $25,000 (in $1,000 increments).3
  • Eligibility ages: 1 year through 17 years.

For More Information

USBA Group Whole Life Insurance offers you the opportunity for permanent coverage at guaranteed rates that can help you strengthen your family’s financial future.1 Learn everything you need to know about USBA Group Whole Life Insurance and USBA Children’s Group Whole Life Insurance, along with details on how to apply for coverage.

We can also help you get an estimate of how much life insurance you need by looking at what fits your budget and what fits your future financial needs. The USBA Life Insurance Coverage Estimator lets you look at both scenarios easily.

All guarantees are backed by the claims-paying ability of the issuer.
Monthly rate: $5,000 guaranteed lifetime coverage for 1-year old dependent child female.
Note: There is an aggregate maximum per child of $25,000 of Life Insurance under all USBA Group Life Policies. $25,000 aggregate maximum includes all child coverage under Group Policies G-5393-0 and G-5393-2.

USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.

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