Break Down Life Insurance Barriers by Focusing on the Member
How much coverage should I have?
Which type of coverage fits my needs?
Can I even afford coverage?

We frequently hear these questions from members when discussing life insurance. It’s not surprising, considering insurance ranks as one of the most complex industries in the United States. This notion is supported when we see the numbers; many Americans are underinsured and 43% have no life insurance coverage all.

So, what prevents them from purchasing coverage? According to LIMRA, the top barrier is price, with 65% reporting they haven’t purchased life insurance because it’s too expensive. Yet, four out of five consumers overestimate the cost of term insurance, with Millennials overestimating by 213% and Gen Xers by 119%.

To overcome these barriers, it’s important to focus on the member. Help members get started by using these member-centric strategies to simplify the process.

  1. Consider budget first. No matter how little, some coverage is better than none. By beginning with budget rather than coverage amount, members can realize that life insurance generally costs less than they think. Get started by using a budget-first calculator, such as the one on, designed to empower members to obtain a meaningful amount of coverage that works with their finances.
  2. Utilize an omni-channel approach. Whether through direct mail, digital ads, television commercials or point of sale (POS) materials, it’s crucial to reach members in the right place at the right time with messaging that speaks to them. Offering multiple touch points on different channels helps reinforce the value of being a credit union member, empower members to consider protection and remind them of the importance of life insurance.
  3. Education. Knowing the difference between term and whole life coverage – as well as Accidental Death and Dismemberment (AD&D) – is a great starting point. We want members to feel confident in their purchase and know it’s the right fit for their situation. Additional education on the potential uses of life insurance – such as covering burial costs, mortgage expenses or children’s education costs – can help emphasize that some coverage is better than none.

Hardworking families, like those of your members, deserve protection from unexpected financial hardship. The protection life insurance offers is one of the greatest gifts individuals can give their loved ones, so it shouldn’t be complicated.

To learn more about how you can help connect your members to TruStage insurance, visit

Chuck Sutton is a Director of Product Management for TruStage, CUNA Mutual Group's consumer brand. He can be reached at or 608.665.7139.

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