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.

Joint Life Insurance is one contract covering two lives for one premium.

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 — however the surviving spouse chooses.

Domestic partners qualify in many states. Check your state laws. You might be asked to provide proof of partnership status.¹

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.

Joint life policies come in more than one basic design:

Permanent- designed to last for life; more expensive at most ages but earns cash value

Term- designed to last a given period, such as 10-30 years, with no cash value accumulation²

Two other policy design distinctions exist:

First-to-Die: This pays a death benefit when the first spouse dies. It’s 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.

Second-to-Die: 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.

Determine If Joint Coverage Is Right for You

For instance, a First-to-Die Joint Life Insurance policy might be right for you two if:

  • You are a young, two-income family, with or without children.
  • Your family is on a tight budget.
  • You prefer the convenience of paying only one life insurance bill, rather than two.
  • You have a specific need you’re addressing, such as paying off a mortgage.
  • You’re both healthy, of similar age and don’t need different coverage levels or policy types.

Interested in Learning More About Joint Term Life Insurance for Military?

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’s TWO for ONE® Group Level Term Life Insurance.

USBA’s TWO for ONE policy offers these key policy features and advantages:

  • Dual coverage for one premium
  • Pays double if both spouses die in the same accident
  • No war exclusion
  • Survivor spouse exchange privilege without underwriting
  • Preferred rates for qualified applicants
  • Portable life insurance
  • 30-day satisfaction guarantee
  • Non-profit association founded by military
  • Underwritten by New York Life

To see if TWO for ONE is right for you, visit our website for more details or call a USBA Product Specialist at 877-297-9235.

1 “Life Insurance for Married Couples,” 6/22/23, Bankrate

2 “Term vs. Permanent Life Insurance,” 3/12/24, Policygenius

NOTE: If living outside the U.S. and not at APO/FPO address, must be U.S. citizen.

TWO for ONE® is a registered trademark of USBA.