Life Insurance Awareness Month: Understanding the Benefits of Group Joint Life Insurance

This month, because it’s Life Insurance Awareness Month, we have shared important details about group Whole life insurance and group Term life insurance. Our goal is to ensure you feel confident about the decisions you make related to life insurance. However, as you evaluate your life insurance needs, you might want to consider one more option.

When you have a dual-income family, you may be wondering if you need two separate insurance policies with two separate premiums. As it turns out, you might not. It could be that group Joint Life Insurance coverage is just what you need.

Coverage for Both of You, for Just One Premium

As a USBA Member, you have access to TWO for ONE^® Group Level Term Life Insurance. This joint policy provides the same level of coverage for both you and your spouse, and you pay only one premium. The policy pays the benefit on whomever dies first. The surviving spouse can continue life insurance coverage at the same or lower level without going through the underwriting process, providing a hassle-free experience when it’s needed most.

The TWO for ONE^® policy offers one other unique and important benefit. If you and your spouse die within 15 days of each other as the result of the same accident, benefits are paid for both lives. That’s double the face amount of your coverage.

TWO for ONE Life Insurance Key Points:

• It’s ideal for a two-income family.
• $100,000 of coverage starting at $6.00 per month.¹
• Choose your coverage amount: $50,000 to $400,000 (in multiples of $50,000).
• Coverage age: 64 and younger.
• Continue your coverage after retirement or military separation.
• Get optional children’s coverage for $1.50 per unit. 
• Get optional AD&D coverage for $2.00 per month, per spouse.

Coverage for Your Kids

When you purchase TWO for ONE Group Level Term Life Insurance, you have the option to add Children’s Group Term Life Insurance, an optional rider designed to help protect your eligible children (unmarried children ages 14 days through 22 years) who are not eligible for USBA Membership on their own. Take a look at key coverage features:

• Monthly premiums start at $1.50 per unit.
• Each unit covers all of your eligible children.
• The older your children get, the more protection USBA Children’s Coverage provides.
• 30-Day Free Look.

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 TWO for ONE you own it and can take it with you, wherever you go.

For More Information

TWO for ONE Group Level Term Life Insurance offers you the opportunity to strengthen your family’s financial future by covering both you and your spouse for a single premium. Learn everything you need to know about USBA TWO for ONE Group Term Life Insurance and USBA Children’s Group Term Life, 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.

¹ Example premium for a couple, under the age of 31 with five years or less age difference, both of whom qualify for Preferred Rates. Rate based on older spouse’s attained age at issue. For more information see Policy Details.
TWO for ONE^® is a registered trademark of USBA.