Life insurance is a critical component of a comprehensive financial plan, especially for military veterans who have dedicated their lives to serving their country. Many active-duty service members believe that their death benefits from the military will provide sufficient coverage for their families in case of their death, but that’s often not the case. Here are some reasons why veteran military service members should consider getting life insurance, even while still on active duty.
Increased Financial Protection for Loved Ones
Service members are often away from home for extended periods, putting their families at risk of financial hardship in case of their death. Life insurance provides financial support for families in the event of a tragedy and can help with expenses such as funeral costs, mortgage payments, and everyday living expenses. With life insurance in place, veterans can ensure that their loved ones are taken care of and protected financially, even in their absence.
Coverage Outside of Military Benefits
While military death benefits can provide some financial support, they may not be enough to cover all expenses and provide long-term financial security for a veteran’s family. Life insurance can complement military benefits and provide additional financial protection for a family. It’s important to note that military death benefits are taxable, while life insurance benefits are tax-free.
Access to Coverage at a Younger Age
It’s common for veterans to face health issues after their military service, which can make it difficult to secure life insurance coverage later in life. By getting life insurance while still on active duty, veterans can take advantage of their younger age and good health, making it easier to secure coverage and lock in lower premiums.
Many life insurance providers offer coverage specifically for active-duty service members, which can be more affordable than coverage for civilians. These policies often include unique benefits, such as coverage for service-related injuries, making them a good option for veterans.
In conclusion, life insurance is a crucial component of a financial plan for veterans, especially those who are still on active duty. It provides financial protection for families, complements military benefits, allows for access to coverage at a younger age, and can be more affordable for veterans. By securing life insurance coverage, veterans can ensure that their loved ones are protected, even in their absence. Reach out to our veteran coverage specialists at Heroes Financial Group today to protect those who matter to you most.