Life Insurance Options for Service Members: What Parents Should Know

financial planning
Written By Hilari Luck

Every veteran knows that there can always be casualties in the line of duty. It’s the sacrifice we make; some of us make it back home, some of us don’t. This is why life insurance is of such importance in this line of work. Yes, a death benefit wouldn’t bring back a lost service member, but it would at least help make sure their loved ones are taken care of. As the parents of new service members, you should encourage your service member to get life insurance. But before giving them advice on what life insurance to choose, here are a few things you need to know about life insurance for military members. 

Regular Life Insurance vs Military-Specific Life Insurance Options

Although all life insurance provides some sort of financial safety net in the event of the loss of a service member, most civilian life insurance options are not designed to handle the level of risk involved in military life. This is where military life insurance comes in. 

Military life insurance options are typically designed to provide coverage specifically tailored to the unique needs of service members. They take into account the increased risks that come with deployment, combat zones, and hazardous duty, factors that may cause traditional civilian insurers to deny coverage or charge higher premiums. 

Choosing the Right Military-Specific Life Insurance Option for Your Service Member 

So, when thinking of life insurance for your service member, traditional civilian insurers aren’t the best choice. But what about military-specific insurers? Would any of those do? Well, no. Just as it is with traditional life insurance, not all military life insurers are made equal, and some would offer better coverage depending on your service member’s specific situation, goals, and stage of service.

The type of life insurance purchased depends on the needs of the service members. A service member who is single and just beginning their career typically has different needs from a married veteran looking to transition into civilian life. Because different insurers focus on different things, the service member who is looking for life insurance must make sure that their chosen military life insurance option meets their needs. It is important to note that it is not enough for your service member to simply choose just any military life insurance option. They need life insurance that best meets their needs and can help them achieve their goals. 

Factors to Consider When Choosing the Right Plan

Do you have a military service member in mind already? Here are a few factors to consider when choosing an ideal plan for your service member:

  • What’s your service member’s service status; are they on active duty, in reserve, or nearing retirement? Choose a plan that aligns with their current and future military trajectory. 

  • How much financial support would your service member’s loved ones need in the event of their passing? You’d want a plan that can meet these needs.

  • How much are the monthly premiums? Are they something your service member can conveniently handle? If so, then you just might have found yourself the perfect military life insurance for your service member.

Useful Resources

Hilari Luck
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