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Term Life Insurance For Armed Service Members

Term Life Insurance for Armed Service Members

There are many different bills that ensure surviving members of those who serve our country in the military will be taken care of with financial benefits. However, it is still a good idea to take out a separate policy to ensure that payments will be sufficient as some of the benefits only cover household goods, personal needs (the basics) and some funds are only allocated to hardship cases. All the bills are dependent on different criteria such as if the individual was killed in combat or was killed from an illness or accident incurred from a past service. Indeed, to fully protect your family financially, taking out a separate simple term life insurance would help supplement any military benefits you would receive.

Each military policy is different, and low cost service members’ group life insurance (SGLI) policies are quite common. However, some of the military group member policies have a limited face value of about $400,000.00. You do not want your family to come up short in the event of your untimely death. The average military family income is sometimes barely enough to cover the basic bills. Term life insurance would be the most cost effective way to build a financially secure future for your family.

Deceptive Sales Practices and “Red Flags”

Unfortunately, just as the elderly are a commonly targeted group for fraud, military personnel are also often victims of deception. Because of the various benefits and discounts often given to military personnel, many who serve do not question services that they are offered. After all, one of the key words in the military is “honor” and of course it is common practice not to question orders (unfortunately, that has a tendency to sometimes transfer to other areas of life). The following is a list of deceptive sales practices of which to be cognizant:

• Solicitation of insurance policies as “investment” or “savings” products sold as or with savings or investment products.

• Non-military personnel posing as financial counselors or advisors on veterans’ benefits.

• Non-military or former military personnel acting as investment advisors in a group or classroom.

• Pressure to rush through the application process, to complete an allotment form or to authorize withdrawal of funds from your bank account for the purchase of a life insurance policy.

• Agents selling on military bases without proper authorization from base solicitations officer or the Department of Defense. When in doubt it is always best to check credentials.

• Agents selling without a valid license from a state insurance department.

• Delays in receiving a copy of the contract.

When you feel any of those “red flags” go up, it is probably best to leave the situation. If purchasing a separate term life insurance policy is something you and your family are seriously considering, it is important to make sure you go with a carrier that is “A” rated. Your best bet is to find a reputable broker who can advise you properly. If you wish to add “war risks” onto your policy, make sure you are familiar with the regulations set forth by the carrier. Some stipulate that your benefits will only be paid if you purchase the policy before you are given orders of deployment.

Making Your Service Count

Members of the armed services can be deployed on short notice, leaving little time to address their personal or business affairs. Be sure that your spouse and children are covered and financially secure, because life as a member of the armed forces is met with great unpredictability. By ensuring your family is properly covered you will be sure to serve them as well as you have been serving your country.

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