Life Insurance for Veterans
Life Insurance for Veterans’
Life Insurance provides service members the opportunity to continue their coverage once they leave the armed services.
In order to become eligible for Life Insurance, you must apply within one year and 120 days of:
- Release from training or active duty
- Separation, retirement, or release from the Ready Reserves or the National Guard
- Assignment to the Temporary Disability Retirement List
- Placement to the Individual Ready Reserves of any branch of service or the Inactive National Guard
To learn more about life insurance, read our blog posts by clicking here.
Understanding Veterans’ Life Insurance
Veterans’ Life Insurance premiums do not differ based on gender or smoker status, rather they are strictly based on age. Additionally, policyholders are given the choice in how they want to pay their premium: monthly, quarterly, semiannually, or annually.
Some premiums do not have membership fees and there is no waiting period between the time in which the policyholder’s coverage begins and when a claim is able to be paid.
Disadvantages
Typically, rates for Life Insurance are affordable for younger veterans. Since the only determining factor for premiums is age, these costs can become expensive as you continue to age. Additionally, if premiums are only term life insurance, they do not accumulate a cash value.
Advantages of Life Insurance Policies
Veterans’ are given the freedom to purchase either a whole life policy or a term life policy. To learn more about life insurance click here to read our blog.
Contact an Advisor at National Educational Services today!
Life insurance policies are very important, but they can be very complicated. Contact an advisor at National Educational Services today to learn more about your individualized options.
