Life Insurance for Military Members
In general, a life insurance plan provides extensive security for family members and loved ones in the case of death. When it comes to choosing the right life insurance policy for a military member’s unique situation and needs, there are certain risks that need to be accounted for.
At the end of 2017 in America, there were over 1.3 million women and men serving in the various programs of the U.S. military service. These individuals work hard to protect our country, but how often do we stop to think about protecting their loved ones? The following guide to life insurance for military members will help these individuals and their loved ones navigate the process of finding suitable life insurance with ease.
Types of Risks Faced by Military Members
Unlike civilians, active and deployed military members face unique risks due to their line of work and situations they may find themselves in. These unique risks are often included in extensive life insurance policies specifically designed for military members and include acts of war, acts of terrorism, and the status of the military deployment.
Choosing the Right Type of Life Insurance Policy for Military Members
Whether you’re seeking life insurance for military personnel or life insurance for veterans, the type of policy you choose is often for the benefit of their loved ones due to the increased risk of financial hardship. It’s critical that military members work closely with a life insurance provider who specializes in finding life insurance policies designed for the unique needs of military members and their loved ones.
When choosing the right kind of life insurance, it’s vital that you know the difference between term and permanent life insurance. Term insurance is temporary and usually has a lower premium, often ranging in policy coverage times between 10, 20, or 30 years. Permanent insurance often has a higher premium, but will last for the entirety of a life. Additionally, permanent insurance will grow in cash value that can be withdrawn on an as-needed basis.
In America, all military members should be allowed access to the above types of life insurance policies. These are often provided through government aid organizations, the Department of Veteran Affairs, or best-in-class insurance brokerages. Military members, whether active members, reserve members, or veterans, put their lives at risk to protect the lives of their loved ones and fellow Americans.
At The Wallace Group, we’re dedicated to helping American military members find and secure the life insurance policy that best suits their unique needs. If you or a loved one is a military member interested in attaining life insurance for military personnel, give us a call today, and we’ll walk through the entire process with you.Get Your Quote