If you are a member of the military, Army, Navy, or RAF, chances are your current occupation is riskier than the normal 9-to-5 desk job.
Since being in the military poses an increased risk to your health and life, it is essential to ensure you have the proper life insurance coverage so your loved ones will be cared for in the unfortunate event you are no longer around.
Service life insurance is an excellent option for military personnel and their families. Here is what you should know to choose the right policy.
Life Insurance Defined
Life insurance provides financial support for family members when the policyholder passes away.
Depending on the policy options chosen, the policyholder pays a monthly premium to keep his or her coverage current.
Upon death, the policyholder’s beneficiaries can make a claim and have the insurance company grant them a lump sum of cash.
Click To Compare QuotesThis money can help to pay final expenses and lingering debt and keep the family financially stable after the holder’s passing.
Different types of life insurance offer various features. You can choose from policies that are only for a limited amount of time or will cover your entire life.
Policies also vary in the amount of funds they offer beneficiaries, how much the policyholder will pay monthly to keep up coverage, and if funds can be withdrawn from the policy before the holder passes away.
Your needs and preferences will often determine the type of policy right for you, so do your research.
Should You Consider Armed Forces Life Cover?
The military offers what is known as “death in service” benefits—a package that the military gives to families of military members who pass away while serving.
However, it is important to read up on the coverage provided through your specific branch to find out exactly what benefits your family will receive.
If the amount the policy offers is not enough to cover final expenses and debts and keep the family financially secure, you may want to consider purchasing an additional supplemental policy.
Another reason you may want to consider taking up a life insurance policy is to keep your family protected if and when you leave the military.
Click To Compare QuotesOnce a member has left, the “death in service” benefits no longer apply, leaving your family without financial support should you pass away after your service ends.
Even though your chosen career may make life insurance more expensive, you can secure a refund for higher premiums through the Service Risks Insurance Premium Refunds scheme.
Comparing Armed Forces Life Cover
It is important to know how much your family will need to make ends meet should you pass away in order to compare policies and determine the best option.
Consider all your bills, expenses for children under 18, and emergency funds.
Keep in mind that they will no longer have your income to live on, so the insurance money will need to cover that as well.
Some insurance companies will exclude military members since they are at higher risk – when comparing policies, make sure you are looking at insurance companies that do not exclude military members.