Tuesday, 5 July 2016

Life Insurance for those in the Military

Unlike many of us that would need to actively purchase a life insurance, military personnel naturally enjoy a well-planned out life insurance policy. These usually include death gratuity, financial counselling, bereavement support, and a lifelong survivor benefits. All these are out in place to ensure the family and relations of military personnel are well taken care of after their death.

In the case where a death occurs for personnel in the US, the beneficiaries are allowed to choose between two options; claim a lump sum or 36 equal monthly installments. According to reports, many beneficiaries opt for the lump sum payment. This allows them to quickly move on past the grieving stage and look more towards the future.

Death gratuity is also included in the package and the military have systems in place to ensure that payment is claimed smoothly. Using the military as a good example, life insurance is surely a better way to care for love ones even while you are not alive. For military personnel, the premiums are taken from their salary in such a way that it doesn’t necessarily affect them. 

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