A lot of credit unions partner with TruSage to offer life insurance to their members. All of them provide a free minimum coverage policy like you mentioned with options for better paid policies.
I have x3 different free policies with x3 different credit unions. All through their TruSage partnership.
If nothing else, my cremation costs will be fully covered with the free policies so my family isn't out of pocket anything. 😉
@Drifter73 wrote:
If nothing else, my cremation costs will be fully covered with the free policies so my family isn't out of pocket anything. 😉
I think I'm one "free" TrueSage policy away from having both my cremation and space burial costs covered!😀
I think AOD provides a Life Ins policy for me for a few thousand dollars. I get email offers to increase the coverage for additional cost all the time. I just stick with the free ins. If I die, will it be easy for my wife to collect? I have no idea.
;
;
;
;
;
;
;
;
I was more concerned about some hidden fees, gotchas, etc., where I'll end up oweing some money on these things down the line. Or worse, whoever gets to deal with my estate later. That whole "no such thing as a free lunch" thing...
If for some reason it ended up not being collectible in the future...well...nothing ventured, nothing lost. I already have a considerable amount of coverage through other plans, so I wouldn't be relying on these things as the sole source of disposal cost coverage. But if someone really wants to give me more money for nothing...who am I to say no? 
@urbex wrote:I was more concerned about some hidden fees, gotchas, etc., where I'll end up oweing some money on these things down the line. Or worse, whoever gets to deal with my estate later. That whole "no such thing as a free lunch" thing...
If for some reason it ended up not being collectible in the future...well...nothing ventured, nothing lost. I already have a considerable amount of coverage through other plans, so I wouldn't be relying on these things as the sole source of disposal cost coverage. But if someone really wants to give me more money for nothing...who am I to say no?
Sometimes life insurance is free because employers or something just get an incredibly good deal by insuring people in bulk.
If you get some coverage out of it, figure that you agreed that they would too. Even Walmart does this. For their business, it makes sense. They have over 1.4 million US employees. Covering them with like 20 units of life insurance for the term being while they're employed is relatively cheap because they can go to the insurance company with that kind of buying power. The bulk of people working at Walmart are like 20-30 years old, so there's not a ton of risk that any particular employee will die, on average. Even if they pay out 40-50% of the insurance to the surviving heir of the decedent, Walmart will still turn a fairly good profit from their employees dying.
It's a bit morbid, but they are paying the premiums and there's substantial coverage (the last year's pay) for the beneficiary named by the worker.
Maybe the credit union is getting some sort of bulk deal. It probably helps drive the cost down if they agree to spam you about getting more units, but I doubt it's "bogus".
If you have someone offering you any life insurance for free, you should grab it because the life insurance industry is pretty dirty. When you buy a coverage option for yourself, they come at you with some low price and then by the time you answer a million health questions and take a physical, they either increase the actual price massively or won't insure you at all.
I looked into it and the only thing I may be able to get is $50,000 or less in guaranteed issue, and even then almost nobody will sell that to someone under 50, so I'll be waiting a bit.
So the objective is to try not to die and leave my spouse with nothing to bury me until I'm at least 50.