Military Retirement: Thinking About Insurance Needs



When you first begin preparing for retirement from the military, the most important thing is to begin, the sooner the better, especially when it comes to getting set up for veteran's life insurance.

Still, you might not yet be convinced that life insurance is a necessary expense. That may be true in some situations. You may also be convinced that you’ve got time to wait before obtaining coverage. Protect your family with life insurance. Here’s how to begin.

It may seem like a daunting task, but let’s simply break down the work into these six simple, manageable steps.

  1. Determine need
  2. Get a quote
  3. Complete and Sign Application
  4. Medical Exam
  5. Under Review
  6. Decision Reached

Determine Need
We’ve broken this first step into two parts. Whenever you start looking at finances, saving, and budgeting, it’s a good idea to break down long-term and short-term expenses. Considering veteran's life insurance is no different. Remember, answering the following with detail will help get you best idea at what type of coverage your dependents would need.

Short-term Considerations:

  • What immediate financial needs will your dependents have? (monthly mortgage payments, car notes)
  • How long will it take before your inheritors receive property?
  • Do you have other substantial debts or taxes that will be due?

Long-term Considerations:

  • How many individuals depend on your financial earnings?
  • Will your beneficiaries have other benefits that help support them like social security, etc.?
  • How much money is required for living expenses?
  • What length of time would be required before your dependents are financially independent?

Planning for the future means added security for your loved ones.

Get a Quote and Compare Prices
What’s the first thing you normally do when considering a purchase? Which one of the following?:

  1. Get out your newest credit card to ensure that the balance is high enough.
  2. Forget about it; you can live without anything . . . even a new (or any, for that matter) hair brush.
  3. Look online at reputable companies pricing for the object of desire or call around.

Hopefully, you wouldn’t simply get out your newest credit card to make sure the balance is high enough. No! You do a little shopping around. No matter who you are, no matter what size budget you have, the first reasonable step when approaching a purchase is cost and value added benefits comparisons.

Think about the most recent purchases you've made and how a little price comparison went into effect. When you purchased a gallon of milk, did you mentally record how much the local drugstore charges in comparison with the local supermarket chain? How about your granddaughter’s fifth birthday . . . if you’re savvy enough on the computer, you checked out the cost to purchase her a nice present locally at the toy store. Then you checked virtual stores to see how their price with shipping compared and if you’re a real bargain finder, you checked again at another major website.

Wouldn’t it make sense then to call around checking on life insurance plans cost?

Sure, it takes a little bit of time or legwork, initially. The savings however, might be worth the hour or so you worked investigating the different offers, varying plans, costs and value-added benefits.

This step is simple, though admittedly, it can be time consuming. Get quotes from reputable companies. This can be done online, over the phone or in an office depending on the availability in your area.

Complete and Sign an Application
You’ll need to complete an application and sign it before a final decision can be reached by the insurance company. Again, you may be able to complete an application online, over the phone with the assistance of an agency representative or in-person.

Medical Review
Prior to being offered veteran's life insurance coverage, the company will request or require a medical review.

Under Review
You'll have to wait up to two weeks, but often less time to receive a formal response. Then you should be insured.

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