Life insurance is even more vital for soldiers whose family relies on their financial support.
Life insurance may be an afterthought for much of the general public, but for many young soldiers in the battlefields abroad, it’s a vital tool to help protect the financial security of a soldiers’ family and loved ones.
In a recent statement, defense secretary Robert Gates has warned that the U.S. public needs to see evidence that efforts to make a strategic breakthrough in Afghanistan are working if both countries are to continue to suffer the losses of young soldiers. According to Gates “the public expects to see us moving in the right direction.” We could no longer be expected to “tolerate the perception of a stalemate where we are losing young men.”
Stanley McChrystal, former U.S. commander of NATO forces is, however, said to be confident that there will soon be “sufficient progress” to “validate the strategy.” Belying this aspiration is a recent operation to clear insurgents from Marjah and parts of Helmand – both UK and US sources agree this has not gone according to plan, and soldiers on these battlefields may face a higher risk of death on the lines.
Military Personnel Risky for Most Life Insurance Companies
Soldiers at the front line such as those in Afghanistan and in other war zones operate in an environment whereby fatalities occur daily. Their bravery in light of their hazardous occupation cannot be overstated. From the point of view of life insurance companies, however, they are often too big a risk to insure. Many will not provide life insurance for soldiers who are on active duty.
This graph uses data collected from the Associated Press and Department of Defense to illustrate the growth in soldier deaths in Afghanistan. A soldier's life is at risk, and although most soldiers receive basic life insurance, it may be a good idea to purchase supplemental coverage.
Government Steps in to Provide Life Insurance for Military
This is why the U.S. government provides SGLI – Servicemembers Group Life Insurance – an affordable form of life insurance cover for servicemen and women. Up to $400,000 is provided through this program, in the event of death whilst on active service. There are also commercial life insurers, operating as partners to the US government, who can offer discounts for military personnel. Of course, many members of the armed forces sometimes decide to take out additional life insurance with them. You can request a life plan quote here to see which additional coverage options are available to you.
It’s a great time to protect your family’s finances with life insurance. Start here >>
photo credit: The National Guard