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The Importance of Life Insurance Protection for Military Families

Life insurance is a way to protect your loved ones financially after you die and your income stops. Military families have special circumstances to consider while deciding on life insurance protection.

Military members should consider buying life insurance if any one of the following is true:

  • You are married and your spouse depends on your income
  • You have children
  • You have an aging parent or disabled relative who depends on you for support
  • Your retirement savings and pension won’t be enough for your spouse to live on
  • You have a large estate and expect to owe estate taxes
  • You own a business, especially if you have a partner
  • You have a substantial joint financial obligation such as a personal loan for which another person would be legally responsible after your death In all of these cases, the proceeds from a life insurance policy can help your loved ones continue to manage financially during the difficult weeks, months, and years after your death. The proceeds can also be used to meet funeral and other final expenses, which can run into thousands of dollars.

If you’re still unsure about whether you should buy life insurance, a good question to ask yourself is: If I died today with no life insurance, would my family need to make substantial financial sacrifices and give up the lifestyle to which they’ve become accustomed in order to meet their financial obligations (e.g., car payments, mortgage, college tuition)?

Will I receive life insurance proceeds if my spouse died during a war?

If your spouse died during an act of war while in the military, such as an invasion, insurrection, revolution, military coup or terrorism, it’s important to determine ahead of time if the life insurance coverage you’ve purchased will still pay a death benefit. Many life insurance policies contain a “War Exclusion Clause” or a “War Clause” that WILL NOT pay a death benefit if your spouse died during a war. However, NONE of the life insurance policies AFBN offers contain a war exclusion clause, which means if your spouse were to die during a war, a death benefit WILL BE paid.

If you need life insurance, don’t delay

Once you decide you need life insurance, don’t put off buying it. Although no one wants to think about and plan for his or her own death, you don’t want to make the mistake of waiting until it’s too late.

Periodically review your coverage

Once you purchase a life insurance policy, make sure to periodically review your coverage–especially when you have a significant life event (e.g., birth of a child, death of a family member)–and make sure that it adequately meets your insurance needs. The most common mistake that people make is to be underinsured. For example, if a portion of your life insurance proceeds are to be earmarked for your child’s college education, the more children you have, the more life insurance you’ll need. But it’s also possible to be overinsured, and that’s a mistake, too–the extra money you spend on premiums could be used for other things. If you need help reviewing your coverage, contact an AFBN Service Center today.


For more information on how AFBN can help you, contact your nearest service center location.

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