New Online Tools to Show Life Insurance Can Be Affordable
MADISON, Wis. – Life insurance can be more affordable than many Americans think – especially those who may be uninsured. That’s why CUNA Mutual Group has launched two new online tools: one is a budget-first calculator that shows users how much term or whole life coverage they can afford. The other is TruStage™ FastApply, a new way to apply for whole life insurance online. Both are available via trustage.com.
“We want to help credit unions and members think about life insurance in a different way,” said Susan Sachatello, senior vice president of TruStage, CUNA Mutual Group’s consumer brand. “Instead of just looking at coverage amounts, we consider members’ budgets and find payments that actually fit. We provide a meaningful amount of coverage that’s true to what they can afford.”
The new Web tools make it easy for users to find sensible premiums to fit their budgets and help protect their families, investments and loved ones. The tools also combat industry research that shows many Americans grossly overestimate life insurance costs.
Top Barrier: Cost
According to the LIMRA 2015 Insurance Barometer Study, 65 percent of Americans indicated cost was the top barrier that prevented them from purchasing life insurance, so many go unprotected.1 In addition, Generation X overestimates the cost of coverage by 119 percent, and Millennials by more than 200 percent.2
“Most Americans don’t have enough life insurance and many have none at all,” said Cathie Staton, senior vice president, Eglin Federal Credit Union in Fort Walton Beach, Fla. “The new life insurance calculator is a great tool that allows members to make adjustments to see how much term life or whole life insurance coverage they can afford based on their budget. Then they can complete the online application to make the purchase fast and easy.”
Additional research from LIMRA shows indecision may also play a factor in not purchasing coverage: In recent years, 22 percent of U.S. households seriously shopped for life insurance. More than 40 percent of those shoppers were prompted to shop because of significant life events such as getting married, buying a home, having or adopting a baby or experiencing the death of a relative or close friend. However, less than two-thirds of shoppers prompted by these events bought life insurance.3
According to Sachatello, the new Web tools were specifically designed to support more of today’s American families by reducing indecision and encouraging how easy it can be to apply for life insurance online.
TruStage FastApply is currently available to consumers and credit union members in 36 states with additional state availability coming later in the year. It allows visitors to complete an online whole life insurance application in five steps. Online visitors who need additional support can also use live video and text chat to access a licensed TruStage insurance agent at any time.
To learn more, attend CUNA Mutual Group’s Discovery Conference on Oct. 21, and visit the “Protect Members with TruStage” booth located in the conference’s Solutions Center. Registration for the event is free.
Protecting more than 16 million members, TruStage insurance products and programs include, auto, home, life, accidental death and dismemberment and health insurance. They’re available to credit union members across the U.S. and offer compelling and successful ways to build financial security for their families. Credit union members seeking more information can contact TruStage at 888.888.0375.
About CUNA Mutual Group
CUNA Mutual Group was founded in 1935 by credit union pioneers, and the company’s commitment to their vision continues today. CUNA Mutual Group offers insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage™-branded consumer insurance products; and investment and retirement services to help customers build financial security. For more information, go to www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.
TruStage Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, a member company of CUNA Mutual Group and other leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by credit unions.