Family Life Insurance Permanent & Term Policy

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Protect What Matters Most

Life Insurance For Veterans & Military Families

Why You Need It

Give your loved ones the stability they deserve.

For most military personnel and veterans, talking about life insurance can be uncomfortable. But not talking about it is almost guaranteed to leave you unprepared. In the event of a tragedy, life insurance can help your family maintain the standard of living they’re accustomed to. And having the right coverage can help you relax, knowing they’ll be taken care of if that time ever comes.

Choosing Life Insurance

Different needs call for different solutions.

Your First Command Financial Advisor will thoroughly assess your family’s needs, assets and any coverage already in place — including existing coverage through your Servicemembers’ Group Life Insurance (SGLI). Then, if any gaps exist, your Advisor will propose a solution.

Term vs. Perm:

Temporary (Term Life) Insurance

Term life insurance is a cost-effective option that provides coverage for a set number of years. It can be used to cover temporary needs, like paying for a child’s college tuition or making mortgage payments.

Permanent Insurance

Permanent insurance offers lifetime protection. Consider this type of insurance to cover permanent needs, like final expenses or providing income to your spouse in the event of your death.

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Insuring Your Children

Give them the gift they’ll never outgrow.

More and more, financially savvy parents and grandparents are purchasing permanent life insurance for their little ones, giving them a head start on a lifetime of financial security.

Permanent (whole life) insurance for a child can offer a number of benefits:

A lifetime of protection

A permanent policy can be purchased as early as a child’s first year. As long as premiums are paid on schedule the insurance will be in place when the child reaches adulthood, allowing them to provide financial protection for their own family.

Guaranteed insurability

Once a policy has been issued and as long as premiums are paid, coverage cannot be cancelled by the insurer — even if the child develops a medical condition that would otherwise prevent coverage. And with guaranteed options to purchase additional insurance, coverage can be increased to meet future needs with no medical exam or other evidence of insurability required.

Locked-in rates

Health conditions can significantly raise the cost of coverage. By purchasing permanent insurance for a child, you can lock in low rates for the life of the policy.

A foundation for financial security

Permanent insurance accumulates cash value that can help meet a critical financial need, if necessary.1

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Practical Benefits

Proceeds of a life insurance policy are typically used to:

  • Pay final expenses, like burial costs.
  • Provide income for survivors.
  • Pay off loans or credit card debts.
  • Settle unpaid medical bills.
  • Pay off a home mortgage.
  • Provide for a child’s education.
  • Cover estate administration fees.
  • Settle estate taxes.

Common Life Insurance Questions

The only accurate way to assess how much life insurance you need is to carefully assess the needs of your dependents in the event of your death. A knowledgeable Financial Advisor can guide you in compiling a list of survivor needs, assign a dollar value to each of them and help you determine what assets or benefits you already have in place to meet them. Then, if there’s a shortfall, they can recommend an appropriate life insurance strategy for addressing it.
If no one depends on you financially, you probably don’t need life insurance. But if you anticipate that you will have a spouse or family at some point in the future, it might still be a good financial decision to secure coverage now. Why? Because life insurance is cheapest when you’re young and in good health. Best of all, you don’t necessarily have to buy all of the life insurance you will need in the future immediately. For a very small additional amount, you can include a provision in your policy that allows you to purchase additional coverage in the future if you need it.
SGLI is a term policy that only covers you while you are in the military. A Financial Advisor can counsel you on your life insurance needs and ensure there are no gaps in your coverage.
Having a military pension can potentially decrease the amount of insurance that you and your spouse will require. If you opted into Survivors Benefits Plan, your surviving spouse will be eligible to receive a portion of your pension at a cost.
Yes, if you added an Option to Purchase Additional Insurance (OPAI) rider when you purchased your whole life policy. This feature enables you to purchase additional insurance when you reach specified ages in the future, at the standard premium rates for the option age and your gender. Without this rider any increase in coverage would require underwriting, and you would need to answer questions related to health.

  1. Cash value of permanent insurance may increase annually as long as premiums are paid. Cash value may be accessed through policy loans, which accrue interest at the current rate. Loans will decrease the death benefit and cash value. This is a description of representative services and coverage, not a statement of contract. Provisions differ by state — see policy for details.