As a member of the military, you’ve dedicated your career to protecting and serving others. What’s more, you’ve accepted the risks that often accompany your trade. But have you thought about what would happen to your loved ones if something tragic—whether it was in the line of duty or not—suddenly took you away. How long could your family make ends meet without your income to support them?
You know how important protection can be.
While you may have helmets and armor to protect you, life insurance may be the only financial safeguard your family has in case you pass away. That’s because life insurance pays a death benefit that your loved ones can use to fund your children’s education, retire a mortgage, or to help meet day-to-day expenses. What’s more, permanent life insurance policies offer living benefits—such as cash value accumulation—that you can use to pay for unexpected repairs or medical expenses.1
Do you have enough coverage, and is it the right kind?
Even if you have life insurance through the military, it may not be enough to meet your family’s current and future needs. There’s also a good chance that your coverage will expire if you leave the service or are no longer on active duty. To find out if your loved ones are adequately protected, ask yourself some basic questions:
- How much is your monthly household income?
- What are your total monthly expenses?
- How much do you have in available savings?
- Do you foresee any significant financial obligations in the future: college, wedding, car purchase?
- How much life insurance do you currently have?
If you find that your current level of coverage won’t meet all of your family’s needs, now may be the best time do something about it. Since life insurance premiums are based partially on age, you will generally pay less for coverage when you act sooner. Of course, there are lots of policies to choose from, so you may want to work with a life insurance professional to make sure you get the right coverage for the right price. That way, you can help make sure that your family’s future is as securely protected as our nation’s.
This educational, third-party article is provided as a courtesy by H. Ryan Denney, Financial Services Professional, New York Life Insurance Company & NYLIFE Securities, LLC. To learn more about the information or topics discussed, please contact Ryan Denney at firstname.lastname@example.org or (615) 410-5294.
1The cash value in a permanent life insurance policy is accessed through policy loans, which accrue interest and decrease the death benefit and cash value.