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Why You Need Life Insurance

Servicemember facing away from camera


Life insurance is a relatively low-cost way to ensure that your family will have financial security if you should die prematurely. You need life insurance because it provides peace of mind — not just for you, but for your whole family.

“Needing life insurance is like needing a parachute,” those in the insurance world have said. “If it is not there the first time, chances are you will not be needing it again.” The same can be said about life insurance, literally. Death is not a pleasant topic, but we all know we will not live forever. Yet, life insurance is not usually at the forefront of people’s minds.

There are many events in military life — joining the service, deployment, marriage, buying a house, having a baby, and more — when you should think about your current life insurance coverage and evaluate your family’s protection for the future.

The Office of Financial Readiness (FINRED) offers many useful tools to assist you with financial independence goals, including a downloadable list for a “Life Cycle Approach to Insurance Needs.”

You may ask yourself, “Why do you have life insurance in the first place?” Like most people, you have it to provide financial security for those in your life who would be financially burdened by your loss. In addition, you may find the various tax advantages of certain life insurance — tax-deferred growth of cash value on whole life policies and tax-free death benefits in general — make it a sound part of your comprehensive financial plan. Ultimately, life insurance gives you peace of mind knowing that whatever happens, you have protected your family and their future financial security.

The next question you may ask is “Should I have life insurance?” If anyone depends on you financially — whether that’s through outside income or a family contribution such as managing your household or childcare — then the answer is yes, you and your family need life insurance. Your unexpected loss while in your income-earning years would mean that not only would your loved ones need to pay your outstanding debts and other final expenses, but they would also have to make up for your lost income to maintain the same standard of living. As you get older and these responsibilities reduce, you will want to have permanent coverage for your final expenses or you may consider using it as a convenient way to pass wealth to your heirs, tax-free.

Chances are, if you do not have life insurance or if you are not sure you have enough, it’s time to explore the options available to you. You can start by using our life insurance calculator to help you determine just how much coverage you need. If you have questions or want to discuss the options with one an insurance expert, call us at 1-877-368-2263. When you are ready, you can quickly and easily apply online and start the process to fully protect your family.