Life Insurance for Veterans

Government Life Insurance Options
Veterans of our nation’s wars have a variety of options when it comes to life insurance. Most veterans and retired military personnel opt for government life insurance offered through the Department of Veterans’ Affairs. Veterans may purchase up to $400,000 dollars in benefits. However, you must apply for VLGI within one year and 120 days of leaving military service. If you fail to complete the application within this time period, you will no longer be eligible.
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Other Life Insurance Options for Veterans
If you are a veteran and you do not have VGLI or are no longer eligible, you may want to consider purchasing a policy through a private life insurer. A private insurance company may be able to offer you better customer service and more flexibility when it comes to your plan. Through a private insurer, you can turn your life insurance plan into an investment opportunity by purchasing a universal or variable life policy. With more flexibility, you can more easily plan for your future needs and those of your family.

Group Life Insurance

As a business owner, you need to have the best interests of your employees in mind when creating a comprehensive benefits package. Group life insurance plans are just one component of the package that can offer your employees so much at just a small cost to you.
Your role as an employer is to research a variety of insurance carriers to find the one with the best plans for your employee’s needs. Some of the more prominent companies include CIGNA, Aetna, and Minnesota Life Insurance.
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Group Life Insurance For the Employee
The following overview is compiled from information about Minnesota Life Insurance’s group life plans. Generally, group term life insurance is similar from one company to the next, with:
• Guaranteed coverage amounts - either a fixed amount or based on salary
• Basic coverage requires no health questionnaire or medical exam
• Beyond the basic coverage, health questions and medical exam will be necessary
• Rates are based on the group of employees, not per individual
• Less paperwork is involved because insurance is designed for groups
• Payment is made through electronic transfer or payroll deduction
• Coverage can often be converted to an individual policy when employee leaves the company
Group life insurance policies provide the traditional offerings of term and permanent coverage, with most companies providing a basic level at no cost to the employee. Employees have the option of purchasing supplemental insurance in addition to the basic policy at their own cost. Additionally, any changes in family status (marriage, divorce, birth, adoption, etc.) provide an opportunity to update your policy. Note that increases in coverage often require evidence of insurability (including health questionnaire and medical exam).
Other types of policies include:
• Group Universal Life Insurance - provides coverage and builds cash value
• Variable Group Universal Life Insurance - provides flexible investment options
Group Life Insurance For the Employer
From your perspective as an employer, you can offer group life insurance to your employees at a minimal cost to you.
While both term and permanent life insurance policies are available, most employers choose to offer term policies that provide coverage for employees for the duration that they work for the company.
Cost of Group Life Insurance
Since there are no medical exams required for basic coverage, there is only a determination of risk based on age, sex and salaries of your employees. Risk factors are averaged to calculate the premium.
Contact an insurance agent or broker for more details and an estimate of policy costs.

Senior Life Insurance

Many people find themselves entering retirement without life insurance. You may not have had the financial needs before to get a policy, didn’t think you previously needed one, or were covered under a life insurance policy by your employer. If you are embarking on retirement, or already enjoying it, a senior life insurance policy should be considered for protecting your family.
The main goal of life insurance is to replace your lost income for your family after your death. If you are retired, there may be no income to replace, and no dependents to offer protection for, but there are still a number of reasons to consider an insurance plan.
Seniors request a life insurance quote!
Benefits of Senior Life Insurance
Life insurance at any stage of your life is a good bet, but more insurance carriers are developing specialized policies for the particular needs of seniors. Consider a policy during your senior years for:
• Funeral costs
• Outstanding debts
• Financial security for your spouse
• Taking a loan against the policy for travel or to otherwise enjoy your golden years
• Estate planning to cover estate taxes
• Cash gifts for a favorite charity
Senior Life InSurance Drawbacks
Not all life insurance companies have a specialized policy just for seniors. Make sure you research other available options, including term life and permanent life insurance plans. A policy does not have to be geared towards seniors to meet your needs. If cost is your number one consideration, you should pursue the low premiums and excellent coverage provided with a term life insurance policy.
Get a free quote today – enter basic information to receive life insurance rates from multiple insurance carriers.

Child Life Insurance

One of your major objectives in obtaining a life insurance plan for yourself is to provide for your family financially in the event of your death. You may have also considered purchasing a policy for your child(ren). While you want to protect your child in every way possible, research your options and the necessity of a child life insurance policy before making a decision.
Since the main goal of life insurance is to provide for the insured’s lost income when he or she dies, the need for child life insurance is largely disputed. After all, most children do not earn income to provide for their dependents. Conversely, many argue that for some families, there is the need to have coverage in the event of a child’s death for funeral, burial and medical costs.
Request a child life insurance quote!
Available Child Life Insurance Plans
There are a number of life insurance plans available for children, including Gerber’s Grow-Up Plan and Globe Young American Plan. Both are designed for young children, providing:
Grow-Up Plan
• full coverage (available as $5,000, $10,000, $15,000, $20,000, $25,000, or $30,000)
• low premiums that are fixed for the life of the policy
• coverage amount doubles at age 21, at the same low rate
• builds cash value provided premiums are paid
• additional coverage can be purchased at age 21
Young American Plan:
• $1 pays first 3 months of premium for $5,000, $10,000, $15,000, $20,000 or $25,000 coverage
• whole life insurance policy for your child’s entire lifetime
• rates based on child’s age; premium is fixed for life
• short online application to obtain policy, with no physical exam requirement
• no waiting period for coverage to begin
Child Life Insurance Policy Alternatives
Rather than purchasing a policy specifically for your child, you could choose to add a “child death benefit” rider to your own life insurance policy. This is attractive because it typically costs only $5 more per month and provides coverage of $10,000 for each child.
This type of rider also dictates that once the child (or children) is an adult, the $10,000 coverage can be converted to their own policy.
Your best protection for your child is to make sure that you have adequate life insurance protection – review the types of life insurance for more details. If you are looking for a policy with low rates, consider the protection from a term life insurance policy. Get a free quote today and compare rates.