Term Life Insurance Articles
How Being A War Veteran Affects Term Life Insurance
2010-08-24
Term life insurance can be a very dependable type of policy to purchase, and it's a great way to protect your beneficiaries financially after your death. Many ex-members of the military buy term life insurance, including war veterans, as part of a long-term financial plan. Those who purchase war veteran insurance often wonder whether their veteran status affects insurance premiums, and whether to tell an insurance company about their military service in the first place.
A term life insurance policy usually doesn't have any sort of special war veteran insurance program, although many insurance companies do offer special insurance for active members of the military. If you're in good health and you won't be called back to duty, being a war veteran will probably not have much of an impact on the cost of your term life insurance policy. Your current age, address, general health and marital status will have a far greater effect on the cost of your term life insurance, as these factors have more of a direct impact on mortality rates for war veterans. Insurance companies may raise rates slightly for veterans, but in general, they're looking for any factors that could have a major effect on the chances of the policyholder's death-being a veteran simply doesn't have as much of an impact as some of these other insurance criteria.
However, if there's a possibility that you'll be called back to service, or if you're still in active service, your term life insurance rates may change quite drastically. Term life insurance companies often charge more for members of the military, especially during times of war, due to the high risk factors involved. Unfortunately, this pricing strategy applies to veterans in the same way as it applies to any other active-duty soldiers. It may be necessary to find special term life insurance with "acts of war" coverage. Read a policy carefully when buying term life insurance coverage during times of war. This is the best way to make sure that your policy will pay out on a claim after your death.
Regardless of whether a war veteran is actively serving or not, he or she can get a term life insurance policy down to reasonable premiums by staying in good health and by looking at a number of options before beginning a policy. Think carefully about the amount of coverage that you purchase, and stay in contact with a good life insurance agent. Ask your agent about term life insurance discounts, and don't worry that mentioning your war veteran status will raise your premiums. Veterans deserve great insurance rates, and finding premiums should only take some research.
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Term life insurance can be a very dependable type of policy to purchase, and it's a great way to protect your beneficiaries financially after your death. Many ex-members of the military buy term life insurance, including war veterans, as part of a long-term financial plan. Those who purchase war veteran insurance often wonder whether their veteran status affects insurance premiums, and whether to tell an insurance company about their military service in the first place.
A term life insurance policy usually doesn't have any sort of special war veteran insurance program, although many insurance companies do offer special insurance for active members of the military. If you're in good health and you won't be called back to duty, being a war veteran will probably not have much of an impact on the cost of your term life insurance policy. Your current age, address, general health and marital status will have a far greater effect on the cost of your term life insurance, as these factors have more of a direct impact on mortality rates for war veterans. Insurance companies may raise rates slightly for veterans, but in general, they're looking for any factors that could have a major effect on the chances of the policyholder's death-being a veteran simply doesn't have as much of an impact as some of these other insurance criteria.
However, if there's a possibility that you'll be called back to service, or if you're still in active service, your term life insurance rates may change quite drastically. Term life insurance companies often charge more for members of the military, especially during times of war, due to the high risk factors involved. Unfortunately, this pricing strategy applies to veterans in the same way as it applies to any other active-duty soldiers. It may be necessary to find special term life insurance with "acts of war" coverage. Read a policy carefully when buying term life insurance coverage during times of war. This is the best way to make sure that your policy will pay out on a claim after your death.
Regardless of whether a war veteran is actively serving or not, he or she can get a term life insurance policy down to reasonable premiums by staying in good health and by looking at a number of options before beginning a policy. Think carefully about the amount of coverage that you purchase, and stay in contact with a good life insurance agent. Ask your agent about term life insurance discounts, and don't worry that mentioning your war veteran status will raise your premiums. Veterans deserve great insurance rates, and finding premiums should only take some research.
