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Who Needs Life  Insurance?


 Members of the armed services may consider their life insurance needs throughout their  military career. The need for life insurance will vary depending upon your age  and responsibilities. It is a very important part of financial planning. There are several  reasons to purchase life insurance. You may need to replace income that would be lost with the  death of a wage earner. You may want to make sure your dependents do not incur  significant debt if you die. Life insurance may allow them to keep assets  versus selling them to pay outstanding bills or taxes. However, it is important  to remember that most military servicemembers already receive the $400,000 of  life insurance coverage automatically, unless specific requests to opt out have  been submitted.
If you are a servicemember that has opted out of the SGLI plan or are  looking for additional life insurance above the $400,000 amount, you should  consider the following factors:

  • Medical expenses previous to death, burial costs and estate taxes in excess of amounts that would be covered by the military;
  • Support while surviving family members try to secure employment; and
  • Continued monthly bills and expenses, day-care costs, college tuition and retirement of surviving family members.
  • Whether a policy contains exclusions for death while performing military duties.

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