Military Services & Armed Forces Life Insurance

Individuals who work in the Army, Navy, RAF, or other branch of military service are generally considered to have a higher occupational risk than those who sit behind a desk.

Since the day to day risk is so much higher for these individuals, it is important for them to seek proper life insurance coverage to ensure their family will be protected and cared for financially if and when they pass away. While the military does offer some death benefits, it may be wise to take up and additional policy for added coverage.

What is Life Insurance?

military life insurance photoLife insurance is a program provided by an insurance company that offers beneficiaries financial support when the policyholder passes away. The policyholder pays monthly payments, called “premiums,” into the policy to ensure the company will continue to cover him or herself as well as his or her family.

When the policyholder passes away, beneficiaries will be able to claim the funds available through the life insurance policy and use that money to pay final expenses, settle remaining debts, and continue to be financially secure.

There are a number of different types of life insurance policies, all with their own set of advantages and disadvantages. Policy seekers will be able to choose from policies that offer terms ranging from lifetime to a few months.

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They will also be able to choose from policies that offer large lump sum amounts and smaller ones depending on their preferences and needs. It is always important to evaluate what you need and want in a life insurance policy and compare different options to find the best deal.

Doesn’t the Military Offer Life Insurance Benefits?

Military branches will offer a form of life insurance known as “death in service.” Should a military member pass away while enlisted in the armed forces, the military will present his or her family with a benefits package.

service personnel life quotesIt is important, however, to research what benefits are included in the package and determine whether or not they will be enough to support your family. Should the “death in service” benefits fall short, you may consider taking up an additional policy as a supplement.

If the “death in service” benefits are enough to support your family, you may still wish to take up an additional life insurance policy. The military benefits offered will only cover you and loved ones while you are still enlisted in the service – should you leave or retire, those benefits will not go with you.

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Having a life insurance policy that overlaps “death in service” benefits and extends past your military term will help to ensure your family will be financial covered in any given situation.

Comparing Life Insurance Policies

In order to choose the best possible life insurance policy for you and your family, there are many things that should be taken into consideration. First, and most important, is determining the amount of life insurance your family will need to cover expenses when you pass away.

Make sure to take into account that the family will no longer be receiving your income and consider household bills, childcare expenses, and any emergency funds they may need. Once you know how much financial support is required, you can more easily compare policies to find the best fit and the best deal.