This is a sponsored blog post by USAA. All opinions are 100% from Wives of the Armed Forces.
As military spouses we spend a heartbreaking amount of time thinking and talking about the risk of our significant other’s military service. It’s certainly not a fun conversation to have, but it is a necessary one with the inherent risk of the job.
But, that’s usually where the conversation stops. We acknowledge the risk of their job and establish contingencies for the nightmare “what if” scenarios, and are so emotionally exhausted from that we forget about ourselves.
We miss out on a very important continued part of that conversation – What if something happened to me? What support would my military family have if the unthinkable became a reality?
As milsos, we work so hard to protect our loved ones every single day of our lives, why wouldn’t we want that protection to extend beyond it?
Life insurance is that protection. It’s the benefit that allows them the emotional space to grieve instead of worrying about how to afford housing, food or childcare.
Why should I get life insurance?
The assumption that the breadwinner of the family is the only person that needs life insurance is old news. Take a minute and think through the economic impact you have on your family. Whether you work at home, work from home or work outside of the home, your contributions as a military significant other are just that…significant. That’s why you should consider life insurance, and THIS article beautifully walks you through what you need to consider when it comes down to it.
When should I get life insurance?
Yesterday. Only slightly kidding! The earlier you can get your life insurance plan set up, the better. It locks you in at more affordable rates and of course, protects your loved ones the longest.
What kind of coverage do I need?
There are two broad categories of life insurance: permanent and term insurance.
- Term life insurance is generally used for foundational, temporary needs.
- Permanent life insurance is intended to be a possibility for the rest of your life.
Typically matching the type of coverage with the reason for the coverage will help you figure out the best type of policy and the best news is? You don’t have to figure this out on your own! You can calculate your coverage needs today using USAA’s Life Insurance Calculator HERE.
How much does life insurance typically cost?
Most people overestimate the cost of life insurance and the first thing you need to know about shopping for life insurance is where that bottom dollar amount will be at. Life insurance premiums are the amount you’ll pay for coverage, and those premiums are dependent on a variety of things: age, health, occupation, type of coverage, etc.
In most cases, permanent life insurance is more expensive than term life insurance, which makes sense to us because permanent insurance lasts a lifetime where term is only for a short season.
Now let’s get down to the nitty gritty, term life insurance averages about $170 per year and most of the time that rate will stay fixed for the entire “term” you set up the coverage for.
Permanent life insurance is more nuanced because most permanent life insurance policies have a cash value component. Which means it not only has a death benefit but also a living benefit that you can leverage in a variety of ways while you’re alive, if you choose. You can learn more about using the cash value of your coverage HERE.
How quickly can I get this set up?
It’s possible to get term coverage within minutes if you qualify by filling out THIS application.
Permanent coverage has a more involved process, but fortunately for technology and support representatives from USAA, it’s still extremely simple. You can get started HERE today.
