Veteran's Life Insurance Planning
Life insurance provides financial protection to the veteran’s family in the event of their death. It helps cover funeral expenses and can replace lost income, ensuring that the veteran’s loved ones are taken care of financially after their passing.
Supplement VA coverage
The Veterans Affairs (VA) provides Service members’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) to eligible veterans. However, these policies may not provide enough coverage for the veteran’s needs, so having additional life insurance can supplement that coverage and ensure all needs are met.
Personal life insurance policies allow veterans to choose the coverage amount and term length that best suits their needs. This allows for more tailor-fit protection for their specific situation.
Conversion of SGLI to VGLI
When transitioning from active duty to veteran status, a service member’s SGLI policy can be converted to VGLI. However, VGLI premiums may be higher, especially as the veteran ages. Having supplemental life insurance can help offset the increasing costs of VGLI.
It’s essential for veterans to get their own life insurance while they are still young and healthy, as this guarantees their insurability. Waiting until health issues arise can result in higher premiums or being denied coverage altogether.
Riders & Additional Benefits
Personal life insurance policies can also offer additional benefits and riders, such as accidental death benefits, inflation protection, and waiver of premiums in case of disability. These added provisions can further protect veterans and their families.
Life insurance can be an invaluable tool in estate planning, helping to offset taxes and other expenses associated with settling an estate, and preserving the value of assets intended for beneficiaries.
while veterans may be eligible for some life insurance coverage through the VA, it’s essential for them to explore and secure additional, personal life insurance to protect their families fully and ensure they have adequate financial protection in place. This provides peace of mind and protects the financial future of those they leave behind.