The life you lead is as unique as you are. Likewise, buying life insurance is not a one-size-fits-all process. The policy type and amount of coverage you need should be custom-fit to your family and situation — and regularly reassessed. To help you get started, here are the top 3 things to consider when purchasing life insurance.
1) Life insurance is essential for your family’s financial security
Beginning the conversation around life insurance can be difficult, as no one wants to plan for their own passing. Still, purchasing life insurance is one of the most important decisions you will make. It’s a dependable way to provide for your loved ones even after you’re gone. The right policy will help ensure that your family is taken care of financially in the event of the unexpected. This includes funds to coverage rent or mortgages, pay for utilities, finance your children’s education, continue to pay off existing debt, and more.
2) Having the right amount of coverage is important
Choosing the right coverage amount depends on several factors, such as your age as well as your current and future financial obligations. When purchasing a policy, you’ll want to consider what the death benefit will be used for. That will help you determine how much to buy. AAFMAA’s Life Insurance Calculator helps you determine the right amount of coverage for you based on your liabilities and assets. Additionally, AAFMAA’s expert Membership Coordinators are available at 866-709-1722 to talk you through your coverage needs.
3) You should regularly review your policy information
Keep in mind, the life insurance you purchase today might not be right for you in the future. Set a reminder to review your policy every year to ensure it remains adequate to cover your current expenses. You’ll also want to review your contact and beneficiary information regularly to ensure the quick and easy payout of your policy. You can easily update your contact in the AAFMAA Member Center or using our downloadable Beneficiary Designation Form.
Have any questions? AAFMAA Policy Services is available to assist you in updating your policy information. Just call 800-336-4538 or email [email protected]. We appreciate the confidence you place in AAFMAA for your insurance protection.