When we’re young, we think we’re going to live forever. Well, maybe not forever, but we sure don’t expect to think about things like life insurance. When you factor in deployments and everything else that comes with the average military lifestyle, life insurance becomes more of a reality. Take me for example. I’m a military spouse and the thought alone of thinking about what would happen if my spouse died unexpectedly, is a reality that I face today. Aside from the emotional impact which can be devastating in itself, if your spouse was the primary bread winner for the family, there can be serious, financial impacts.
Let’s consider a family with two incomes; most families need that income to make it. What if you’re a stay at home parent and completely dependent upon your spouses’ income? What would I do without them? you may ask yourself. How would I provide for myself and the rest of my family? or How will the bills get paid? If money is tight, you might be really concerned. In order to protect both you and your family, you should consider (and buy) the best life insurance you can afford.
AAFMAA (American Armed Forces Mutual Aid Association), established in 1879, has been protecting military families with low-cost life insurance and Survivor Assistance Services for over 135 years. With coverage available up to $1Million, they offer less expensive rates than SGLI and a Survivor Benefits Team that cares for each and every survivor personally. AAFMAA welcomes all military families. While many families depend on SGLI (Servicemembers’ Group Life Insurance) as their only insurance coverage, it’s not always the best choice to meet your needs. Is it the right coverage? The right amount for you and your family? In many cases, it isn’t. Consider the cost of housing, childcare, replacing your spouse’s income for everyday expenses. These are just a few things to consider.
How Much Life Insurance Do I Need?
SGLI maxes out at $400,000 for the service member and $100,000 for the military spouse. The cost for the service member is $26/month (plus $1 for TSGLI coverage- a Traumatic Injury Protection). The cost for the spouse varies by age. For $400,000 of AAFMAA’s Level Term I coverage the monthly cost is only $19/month. We don’t offer Traumatic Injury Protection, so we don’t recommend that service members decline the SGLI altogether, but you can reduce your SGLI coverage to the minimum of $50,000 coverage ($3.25/month) and still be covered by the TSGLI.
How you Can Increase Your Coverage & Reduce Costs
All without Canceling SGLI
You have the ability to make the best decision because AAFMAA offers a variety of options and amounts to choose from. I’d urge anyone who is married and especially those with children to purchase life insurance today. You can make a quick call and talk to a Membership Coordinator today to get started or simply just to ask questions. 1-877-398-2263. All the representatives are salaried employees and don’t work on commission, so you don’t need to fear being sold a product that isn’t right for you. Your family deserves it and you’ll feel better once you do. Please visit us today at AFMAA to learn more.
