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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