Life insurance is a simple calculation that gets distorted through unscrupulous insurance salespeople and society’s perception. People often buy into “sophisticated” insurance plans that are simply poor investments.
Life insurance should be to replace one’s income. Not a “Hey, I deserve something just because somebody died.” About 10 times a person’s annual income is a good rule. A person making 50k and is responsible for a family or others that depend on that income, should have about 500k in term life insurance. (I'm not getting into the different types of policies, do your homework as if it were a brake upgrade for your car
) That amount invested wisely should bring about 50k annually. The military death benefits are not set up to be the sole replacement of income and should not be considered as such. Every military member that has a spouse and/or kids should have some additional insurance.
Let’s remember, we have a voluntary military. By joining it, one agrees to the environment they could be subjected to. I had a
very clear understanding of that prior to signing the dotted line, IYKWIM!
BTW,
Mike I think of you and your family often these days.
