Military couples looking to replace SGLI when separating or looking to supplement their SGLI coverage have a unique opportunity to purchase one life insurance policy covering both spouses rather than two individual policies.<\/p>\n\n\n\n
<\/span>Joint Life Insurance is one contract covering two lives for one premium.\n<\/span><\/em><\/p>\n\n\n\n Like an individual life insurance policy, a joint policy helps ensure that your family is financially protected if one or both of you die prematurely. Proceeds can be used for funeral expenses, debt repayment, day-to-day living expenses \u2014 however the surviving spouse chooses.<\/p>\n\n\n\n Domestic partners qualify in many states. Check your state laws. You might be asked to provide proof of partnership status.\u00b9<\/p>\n\n\n\n Be aware that in case of divorce, a joint policy may terminate rather than split into two benefits. Policies differ in how they treat that situation.<\/p>\n\n\n\n Joint life policies come in more than one basic design:<\/b><\/p>\n\n\n\n Permanent<\/b><\/u>– <\/b>designed to last for life; more expensive at most ages but earns cash value<\/p>\n\n\n\n Term<\/b><\/u>–<\/b> designed to last a given period, such as 10-30 years, with no cash value accumulation\u00b2<\/p>\n\n\n\n Two other policy design distinctions exist:<\/b><\/p>\n\n\n\n First-to-Die<\/b><\/u>: <\/b>This pays a death benefit when the first spouse dies. It\u2019s typically used for income replacement as the surviving spouse beneficiary collects the insurance benefit tax-free; it can help pay off a mortgage, fund child education expenses. The survivor may need their own policy afterwards, and many insurance companies allow you to exchange for a new policy without underwriting.<\/p>\n\n\n\n Second-to-Die<\/b><\/u>:<\/b> Also known as survivorship, this pays a benefit after both spouses have passed away. The intent is to create a financial legacy for children or other beneficiaries in the future. The surviving spouse continues to pay premiums to maintain coverage for the beneficiaries.<\/p>\n\n\n\n Determine If Joint Coverage Is Right for You<\/b><\/p>\n\n\n\n For instance, a First-to-Die Joint Life Insurance policy might be right for you two if:<\/p>\n\n\n\n Interested in Learning More About Joint Term Life Insurance for Military?<\/b><\/p>\n\n\n\n The best life insurance for married couples who are serving or have served depends on your individual circumstances. If you think a first-to-die joint term life insurance policy might be right for you, consider USBA\u2019s TWO for ONE\u00ae Group Level Term Life Insurance<\/a>.<\/p>\n\n\n\n USBA\u2019s TWO for ONE policy offers these key policy features and advantages:<\/p>\n\n\n\n