Military Benefit Association offers members an attractive package of group life insurance and other benefits. MBA is a non-profit organization of active duty, National Guard and Reserve military personnel, military retirees and veterans, federal civilian employees and their spouses.
Military Life Insurance
MILITARY INSURANCE PLANS
Tips to Choose Your Military Life Insurance
Getting military life insurance need not be a tough task.
Choosing military life insurance starts by determining the right amount of life insurance coverage you need - an amount to adequately replace your military net monthly income - and then, finding right insurance provider.
Here are a few tips to keep in mind when comparing military life insurance plans:
- Life insurance is a big decision; don't rush into it. On the other hand, don't avoid it; life insurance is important protection for your military family.
- When you purchase your military life policy, make your check payable to the insurance company and not to the agent.
- After you have purchased your military life insurance policy, you may have a 10-day "free-look" period in which you can change your mind. Make certain all your questions are answered to your satisfaction.
- If an agent or company contacts you and wants you to cancel your current policy to buy a new one, contact your original agent or company before making any decisions. Canceling your policy could be very costly.
- Term life insurance policies can provide military families with the most coverage for the smallest premium and are especially appropriate for young families. See our section on Term vs. Whole Life insurance to compare.
- Periodically review your life insurance plan, particularly before a military deployment or any time your financial responsibilities undergo a significant change.
- Discuss and agree on your insurance plans with your spouse
You can design your life insurance policy so that it can also pay off your family home, car, or other large bills at the time of your death. You can even consider choosing life insurance to cover future expenses such as college; the right life insurance policy can ensure that all your children get a college education, even if you can't be there to provide the income needed.
Every military family has different needs, and the choice is yours - but you don't have to make it alone. If you need to, work with a financial planner or advisor to help you make this important decision, for the life of your family.
Related Articles:
