Dubbed Term Life Events Option, the proposition will allow term life insurance policyholders to raise their coverage by $100,000 without additional underwriting following a qualifying life event such as marriage, the birth of a child or a home purchase.
USAA policyholders aged between 18 and 35 years will be eligible for this option, as the firm estimates that over 20% of its members in that age group have children, get married or purchase homes every year.
The additional coverage option can be utilised once within the first ten years of the policy, with the average additional cost during the level premium period ranging from $8 to $25 monthly.
USAA Life Insurance Company executive director, Greg Riede,l said: "This new benefit combines the coverage and insurability our members need with the option for additional coverage when they need it most, at a cost that can fit into their budgets.
"For some of our millennial members, this could mean the difference between protection that fits their needs and inadequate coverage that can potentially be devastating to their family’s finances."
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