Life insurance includes policies that provide income sources to a persons family and/or to their dependents in the event that they are no longer a live and, thus are no longer able to take care of or provide for their family and/or their dependents. While purchasing a life insurance policy may seem scary and potentially pessimistic, it is an action that can provide great peace of mind for someone whose job is, inherently, one of the more dangerous ones. Companies such as the Armed Services Mutual Benefits Association (ASMBA) give military personnel a range of options when considering these policies.
Fortunately, there are many options for Military Life Insurance that range from private policies of over $400,000 to minimum policies of $50,000, which cost less than $5 per month. While purchasing a military life insurance policy may seem daunting, completing the process and knowing both your options and your final decision will hopefully give you much peace of mind.
As you start researching your military life insurance options, some questions that you should ask yourself while looking at these options include:
(1)How much life insurance do I need?
Unfortunately, there is no algorithm for the foolproof or the perfect amount of life insurance for one person. One of the most important factors that you should consider when purchasing military life insurance is how many people this life insurance would hypothetically be providing for. If you are the one person caring for the people who will receive this life insurance i.e. if you are the sole provider for your family and/or your dependents then you would probably want to purchase more life insurance than, say, someone who does not have anyone else relying on their income for survival.
(2)Should I purchase private life insurance?
If you do not believe that the SGLI, i.e. the Servicemembers Group Life Insurance, program will provide enough life insurance, than you may want to look into your options with respect to purchasing private life insurance. For people who believe that they will need a policy that is worth more than a $400,000 policy, private life insurance programs are oftentimes the best option. A simple internet search on these life insurance private options is a good place to start looking.
(3)If Im single, do I still need to purchase military life insurance?
If youre single and do not have any family members and/or dependents that are relying on your income should you die and no longer be able to provide for them, then you will obviously not need nearly as much life insurance as someone with substantial dependents. Remembering that military burials are free, it is still important to look at your life insurance options to decide whether a low policy or no policy is the right option for you. There are policies for as little as around $4.45 per month (i.e. around $51/year), and these policies provide enough money to pay off most debts and cover standard expenses.
No matter what you decide to do about your military life insurance policy, it is a good step to be researching your options and thinking through what policy would best fit your lifestyle and your family and/or dependents.