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