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In This Article, I’m Going To Talk About The Importance Of Buying Life Insurance For Your Military Spouse
You’re either a service member or you are a military spouse. You’re interested in buying life insurance on your military spouse. You recognize that this is important to do because of the inherent limitations of what the service member group life insurance plan offers you.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Today’s Topic Overview:
- Term Life Insurance
- Case Study Examples
- Whole Life Insurance
- Stories From The Field
- Universal Life Insurance
- How To Choose Life Insurance For Your Military Spouse?
- How Much Life Insurance Should A Military Spouse Purchase?
- Exam Or No Exam
- Next Steps
Term Life Insurance
The downside to term life insurance is that it is temporary coverage. Term life insurance won’t necessarily last the entirety of your life.
You can outlive the term of the coverage. I’ve seen many people over the years diligently paying for their life insurance every single month. But then they find that they have outlived the length of time in which the term insurance is effective.
Term insurance coverage is available in different increments. 10, 20 and 30-year policies are the most common. If you live beyond your chosen term then your plan either goes up in price or cancels out entirely.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Is your need for life insurance temporary or permanent? The best thing that you can do to help yourself answer that question is give us a call at BuyLifeInsuranceForBurial.com. We will help you identify what type of life insurance would be the most appropriate according to your needs.
If you would like to find out what you might qualify for or what your monthly life insurance premium might be, give us a call at (888) 626-0439 or send us a request using our message system.
You will be under no obligation to buy anything from us and can speak to an expert in the field to get a personalized quote.
Case study examples
High Blood Pressure Concern
A young man in the military recently got in touch with us because he had gotten married. He and his wife had discussed what would happen should, heaven forbid, should he lose his life while in service or otherwise.
His wife was aware she would not be able to keep up with their financial commitments on her limited income hey had decided it would be wise to get life insurance to ensure their financial obligations would be taken care of.
The husband confided that he was concerned about the coverage he would qualify for because he had high blood pressure and had to take medication to prevent health complications. I assured him Buy Life Insurance for Burial regularly works with clients that have high blood pressure and a diverse range of other health issues.
His fears were alleviated when I came back to him with an affordable quote for quality, first day coverage. He thanked me for my attention to his concerns and filled out an application the same day.
Because we have access to a number of providers, we have access to some of the best deals available on life insurance today. Regardless of your concerns, get in touch to see what we can do for you and your family to give you peace of mind in knowing you have life insurance in place.
Coverage for Active Duty Mom
The birth of your first child always puts the future in perspective, especially when it comes to providing for your child. A woman recently gave us a call to say she was concerned about not having life insurance in place. She had recently had a child and was going to be on active duty in a few months time.
She was concerned because she had applied for life insurance through her local car insurance agent and had been declined. She wasn’t sure why she had been declined, as she was in good health, but wondered if there was anything we could offer that she would qualify for.
We were able to shop a number of companies to offer this young woman a great deal. She qualified for first day full coverage and was grateful that she could have peace of mind in knowing her child would be financially cared for should anything happen to her.
While we can’t promise coverage to every applicant, we do our best to find quality life insurance to everyone who contacts us. Because we have access to a number of providers, chances are you will qualify for some kind of coverage and be able to save money on your premium due to our access to great rates.
Whole Life Insurance
Whole life insurance is the opposite of term insurance. It’s known as permanent life insurance.
In whole life insurance, the rate never increases. It cannot be canceled due to age or health. Whole life coverage starts from the first day.
Many people buy whole life insurance to solve permanent problems. For example, to fund burial expenses. We all are going to die one day. You might as well have coverage to pay for it. You might not have the money set aside in savings.
Whole life insurance can be used as a permanent income replacement plan.
This is more typical for older married people who have differences in their retirement incomes. If one spouse passes away, the surviving spouse may lose the deceased spouse’s pension. They would need some sort of life insurance plan to accommodate this.
Stories from the field
Early on in my career, I met an older couple in their early 60’s. They both had retired and the husband had adequate life insurance, but it occurred to him that he did not have life insurance coverage on his wife, who was disabled.
Both the husband and the wife were in fairly good health otherwise, but they were on a tight budget and had little savings other than their retirement.
The husband was concerned that if something happened to his wife he wouldn’t be able to afford the funeral and burial costs.
Though it’s not something we like to think about, this man was wise in his decision to contact Buy Life Insurance for Burial for a free quote. He recognized the need for coverage on his wife, despite not wanting to think about her death.
The good news is we were able to get first day full coverage on his wife despite her disability. I didn’t hear back from this client until about three years later when unfortunately I got the news that his wife had passed away after a long fight with cancer.
The husband was thankful that the insurance coverage that allowed the funeral home to go ahead with the funeral and burial. I was aware that without this financial support, this client would have been put in a very difficult financial position. Funeral costs can be very expensive, and without proper savings in place they can easily cause a lot of stress and debt.
I remember him telling me something that always stuck with me. He said, “Thank you so much for this help. I really appreciate everything that you did.” It was one of those incidents early in my career that has always stuck with me.
The death of a loved one isn’t something we want to think about, but it’s so important to make the decision to get life insurance. Without it, many people would struggle to pay the cost of burial or cremation.
And like this client, it can give peace of mind in knowing that you don’t have to worry about those expenses when your loved one dies when life insurance is in place.
Cons Of Whole Life Insurance
Whole life insurance costs more than comparative term life insurance. Why? Because you’re purchasing a life insurance plan for your military spouse that will never go away. The life insurance company is required to pay the death benefit regardless of when death occurs.
With term life insurance, companies understand that many of these people will outlive their coverage. Often, they only collect money. They never have to pay it out because the insured outlives the term.
This is not the case with whole life insurance. They have to pay the death benefit out because it’s a permanent plan.
The price is the main drawback of whole life insurance. Sometimes whole life insurance can be 5 to 10x more in premium than term life insurance.
A lot of it depends on your age, your health, and other factors. You can check out a list below to see the different price points for whole life insurance and compare it with term insurance.
If you like what you ahve read so far and want to find out more about what kind of life insurance might be best for your particular situation and budget, get in touch by sending us a message or calling (888) 626-0439.
It takes 10 minutes or less to get a free, no obligation quote.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Universal Life Insurance
Universal life insurance is a hybrid of term and whole life insurance. Universal life insurance can be custom tailored. You can design a universal life insurance policy to last a specific length of time. It works whether you need it for temporary or permanent reasons.
With Universal life insurance, you also have the ability to scale the premiums up or down depending on what you’re able to afford. They are adjustable if your fortunes change. There may come times where you find it difficult to pay for the premiums.
The concept of Universal Life is to provide flexibility for the insured. However, you need to ask yourself if this want you want. Universal Life Insurance plans are more complicated compared to other coverage. They have a lot more moving parts and it’s important to get a custom design.
Look at how to fund one in such a way that you can make sure that your plan is designed appropriately. There are many cases where they are not. They can cause problems with price points later in their lives.
There was recently a news article in the Wall Street Journal. It talked about seniors with universal life plans reaching their sixties and seventies. These seniors found themselves having dramatic price increases in their universal life plans.
In the original design of their universal life plans, the premiums were too low to support a long-term design of the product. These people diligently paid those premiums for decades. In the end, many of them lost their coverage because they can’t afford it now.
Make sure that you talk with an agent like us here at BuyLifeInsuranceForBurial.com. We can help you. The universal life plan does have its definite place and we provide an appropriate design. We show you how those plans work and help you out with an eye to the future.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
How to choose the right insurance for your military spouse
There are life insurance coverage options that military spouses should be wary of. Here I will make my best recommendations to help you in your process of choosing a life insurance coverage for military spouses.
First, completely avoid the coverage options that you may see on TV or get through the mail. You’ve seen mailers from Globe Life Insurance, AARP, Colonial Penn. The problems with these plans are that they usually have some inadequacy in coverage or price.
It’s not a good idea as far as supplemental coverage goes. Take, for example, Globe Life Insurance. This is the company that offers $20,000 of coverage for $1. While this offer may seem appealing, there are problems attached to these plans.
First, while it may start cheap, the coverage goes up dramatically in price in five-year increments. Second, when you reach 80, the plan is designed to cancel in many circumstances. The chances (or risk) of outliving it may not seem problematic to you if you’re in your thirties, forties or fifties.
But here’s the best thing to do. Talk to an insurance broker about shopping different kinds of term insurance plans. Plans that are similar to Globe Life Insurance, but offer much more coverage for the same price.
Globe Life Insurance
With Globe Life Insurance you’re only getting offered club life insurance products. With an insurance broker like us here at BuyLifeInsuranceForBurial.com, we shop the most competitive carriers.
We make sure that we attempt to provide you with the best coverage according to your goal. We do our job in the great interest of our client. We maximize their coverage and minimize the premium.
You have probably seen Colonial Penn. They offer their coverage at $9.99 a unit. The biggest drawback with them is that there’s a mandatory two-year wait on natural death coverage.
Say your military spouse died a natural death within those two years. The policy would only refund the premiums that you paid in, plus an additional 7% interest.
Nobody knows when they’re going to die. It’s unlikely, if you’re younger, that this will happen, but we just don’t know.
There are countless people who are diagnosed with cancer. They become terminally ill and die quickly. A client of mine had a son who died within two weeks of finding out he had pancreatic cancer.
These things happen. You cannot discount reality. You want life insurance. You’re eligible for it. Attempt to qualify for life insurance that maximizes the advantages to you and your family.
If your health is in good shape, stay away from Alex Trebek endorsed Colonial Penn life insurance. Work with someone like us at BuyLifeInsuranceForBurial.com. We can shop the most competitive carriers. We give you a better chance of getting first-day full coverage.
Top 7 reasons people buy term insurance
1.Term Insurance is affordable
If money is a concern, term insurance is one of the most affordable types of insurance you can get. Unlike whole or guaranteed insurance, term insurance has a reasonable premium that fits into most people’s budgets.
Keep in mind most financial gurus recommend ten times your annual earnings as a starting point for replacing your income in an effective manner.
Though your family may be ok financially in the short term, funding your retirement ensures they will be financially secure for the long term as well.
6.Pure insurance need
How much life insurance should a military spouse purchase?
There are different metrics, rules, and formulas to determine how much life insurance a military spouse should buy. I like to keep it very simple. There are three different routes to go.
The 10x Income Rule
Whatever your income is, multiply it by 10. That should give you a good starting point for life insurance coverage.
The amount that you arrive at should be enough to pay for a variety of things. It should be enough to extend your lifestyle into the future for enough time to adjust without dramatically changing things.
A Large Amount Of Coverage
A large amount of coverage is enough to help you offset any bills, pay off your mortgage, self-fund college for your children. It will also pay for help in case you need it to take care of some of the matters that your spouse was helping with.
Determine Your Budget
This is also very down to earth and realistic. Figure out what you can reasonably afford; say $50 a month. Then, find a broker that can shop different major companies. They’ll figure out which will give you the best value of coverage for $50 a month.
It all depends on your budget. We all know what we can or can’t spend. We want to plan accordingly.
No matter who I’m talking to about life insurance, I am passionate about making sure that what’s offered is fair and affordable.
Something that’s going to stick around for a very long time. We don’t want to lose coverage on a military spouse because we spent too much to begin with. That’s a waste of money.
Exam Or No Exam
Should you, or should you not, take an exam as a military spouse applying for life insurance coverage? A lot of it comes down to the personal preferences of the person getting the coverage. You might be a little wary of needles. Nervous about having blood drawn, urine tested or having a physical exam.
If that’s the case, that’s fine. There’s a lot of plans out there with what’s called ‘non-medical’ applications for life insurance. You don’t have to do an exam.
You fill out an application and send it to the home office. They do their underwriting by pulling medical records and prescription history. This determines your level of insurability. It’s very simplified and straight to the point.
The drawback to non-medical coverage is that you will pay a higher price. Insurance companies reward somebody who takes an exam with a better price.
They’ve got more up to date information about your health status. Medical records can show older information that isn’t necessarily up to date.
Many insurance companies require you to be in the US to take an exam. If you live on a military base outside the United States, it may be that the only option available to you is a non-medical policy.
My recommendation would be to take out this plan anyway. Why? Because you need some kind of cover on the books regardless. You can always come back home and take the exam. Re-apply with a new policy for lower policy rates.
My twin girls Emily and Eva thank you for reading, and hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!
We encourage you to buy life insurance now. Your health status may change tomorrow. You may then have no more options.
You’d have to pay an exorbitant amount of money, or worse, go out with any coverage whatsoever.
If you’re interested in qualifying for life insurance as a military spouse, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote.I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.
I hope you have found this information useful in your research on life insurance for military spouses. We are here to help with any additional questions you might have and to provide a free, no obligation quote.
You’ll speak to one of our friendly representatives who can let you know what your monthly premium might look like and what type of insurance might be best for your situation. Simply call (888) 626-0439 or send us a message using our contact box found on this page.
Thanks for stopping by!