MADISON, Wis. – Noting that life insurance can be more affordable than many Americans think, especially for those who may be uninsured, CUNA Mutual Group has launched two new online tools.
The first is a budget-first calculator that shows users how much term or whole life coverage they can afford, while the second 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, in a released statement. “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.”
CUNA Mutual said 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:
CUNA Mutual listed a LIMRA 2015 Insurance Barometer Study that found 65% of Americans indicated cost was the top barrier that prevented them from purchasing life insurance, so many go unprotected. In addition, Generation X overestimates the cost of coverage by 119%, and Millennials by more than 200%.
According to Sachatello, the new web tools were specifically designed to support more of today’s American families by reducing indecision and sharing 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.