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:
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 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.
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.
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.
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
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.
Tools & Advice
Planning for Long-Term Care
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The Ins and Outs of Military Life Insurance
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.