Military Life Insurance

Military life insurance. For those in the military, it's often a difficult topic to address. But getting armed forces life insurance means you've taken steps to ensure that your military family can maintain their standard of living in the event of your own, or your military spouse's, death.

Your armed forces life insurance should be enough to replace your military net monthly income. In addition, it should pay off your family home and car, as well as any other large bills you may have. Consider covering future expenses for your children, such as college; you might buy enough armed forces life insurance to insure that all your children get a college education.

Some people only need term life insurance. Term life insurance gives you coverage for your life for periods of one year to 30 years. At your death, a term life policy pays your beneficiary the face value of the policy.

Some people choose whole or universal life insurance. Whole life insurance is actually a combination life insurance policy and investment. As you pay your premiums, you build cash value that you can later borrow against. It's something like a forced savings plan. Unfortunately, the interest income that the insurance company pays you on your premiums is very low. But you can also borrow against the cash value of your policy at low, fixed interest rates.

If your military money management already includes a savings and investment plan, you may not need to pay the extra monthly premiums that a whole life policy demands. With a term life policy, you may get more coverage for less, and still be assured that your family is adequately protected for life.