The IEEE Member Group Insurance Program is expanding its life insurance program portfolio with a new final expense option for members. Not everyone needs a large life insurance policy, but most people want a way to make sure their family isn’t left covering funeral costs or a stack of medical bills. That’s what IEEE members told us, and we listened, building this coverage specifically for that need. It’s a meaningful addition for the IEEE
community, whose members have been asking for exactly this kind of coverage.
Coverage That Meets You Where You Are
Members wanted more choice in the life insurance program, especially a policy designed for older members who may have been turned away from traditional coverage because of theirThe age or health history. In addition to the term life insurance policies already available, the
IEEE Member Group Insurance Program set out to offer coverage that reflects where members are in their lives.
Some members are still early in their careers and want one of the term life insurance options focused on income replacement and long-term financial planning. Others are further along and focused on a much more specific goal: making sure a financial burden doesn’t fall to the people they leave behind. Group Whole Life Insurance was created for that second group, rounding out the portfolio with an option specifically designed to help cover final expenses.
Introducing Group Whole Life Insurance
The IEEE Member Group Insurance Program is pleased to introduce Group Whole Life Insurance, a new final expense policy available to eligible members and their spouse or domestic partner between the ages of 45 and 85. Group Whole Life Insurance is designed to be simple to qualify for and easy to understand.
Acceptance is guaranteed. There are no medical exams and no health questions, so a past health condition or a prior denial from another insurance company doesn’t stand in the way. Members and spouses can each apply for up to $35,000 in coverage, in increments of $2,500, with spouse coverage capped at 100% of the member’s amount.
Premiums are level for life, and the policy builds guaranteed cash value that stays with it for as long as the coverage is in force… value members can put to use if a need ever arises. As with most guaranteed acceptance coverages, it includes a two-year graded benefit period, with the full benefit payable for any covered cause after that.
This coverage is also built to work alongside anything else a member may already have, including other IEEE-sponsored life insurance coverages. It doesn’t replace existing coverage. It adds a layer specifically for final expenses.
A Cost Many Families Underestimate
Final expenses add up faster than most people expect. The median cost of an adult funeral with viewing and burial in the United States is now $8,300, according to the National Funeral Directors Association. That figure doesn’t include any outstanding medical bills, credit card balances, or the smaller amounts that tend to show up in the weeks after a loss.
For many families, these expenses arrive with little warning. Yet women remain more likely to be uninsured or underinsured. As LIMRA reports, “In 2024, just 46% of women said they had coverage, compared with 57% of men.” Behind that gap are families who may be left without enough support to cover final expenses or adjust to the loss of the income, care, and stability their loved one provided.
Coverage needs are personal and often change over time. Some families may need support replacing income or maintaining their way of life, while others may be more concerned about funeral costs and other final expenses. Understanding these different needs helps explain why the right type and amount of coverage can look different for every family.
See If You Qualify
If you’ve been waiting for final expense coverage that doesn’t require a medical exam, now is a good time to take a look. You can check your rate and apply entirely online, at your own pace. Visit the Group Whole Life Insurance page to learn more.
This coverage includes a graded benefit: death from natural causes during the first two years of coverage pays only a portion of the benefit amount. Full benefits are paid for accidental death from the first day of coverage. Please refer to the Certificate of Insurance for complete details, exclusions, and limitations.
This information was written as a supplement to the marketing of life insurance products. Members are advised to consult an independent tax advisor about their own particular circumstances.
Coverage may not be available in all states. For full details including features, costs, eligibility, renewability, limitations and exclusions, visit ieeeinsurance.com.
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