Additional life insurance? - Ask Rich / Money 101

fitmommyof4 · 04-13-2009, 10:38 PM

Can you tell me if we should get additional life insurance on DH. He is deploying in less than a month. I forget now where I heard of the idea, but someone was telling me it is a good idea. If he were to come home and get out of the military then would it be hard for him to get life insurance if he didn't already have it? Right now he plans on staying in and retiring, but anything could happen in Iraq and if he decided to get out I just wonder how hard getting insured would be.

NicoleW · 04-13-2009, 10:41 PM

I don't know very much about Life Insurance, but from when I have purchase it on myself, it asked what kind of dangerous things you do (in the work place, etc). I would think that it would be easier once he is OUT of the military, because then, theoretically, his job would be less dangerous. But honestly, I dunno.

It would be good to get it before he goes though, because as you said...you never know....but I was just addressing which way would be easier to get it...

NicoleW · 04-13-2009, 10:42 PM

Oh, and I would think the best thing to do is call an insurance company and just ask them. They would know better than someone who doesn't deal with insurance very often would.

mrs.bsquared · 04-13-2009, 10:43 PM

my dh is also deploying soon and we are going ahead and getting the additional life insurance through usaa. i think it is a good investment for the 12 months that they are over there. you just never know and i want to make sure that the kids and i are taken care of.

fitmommyof4 · 04-13-2009, 10:59 PM

See I figure if I call an insurance company they are going to say yes get it because they want to sell us the insurance.. lol

I was thinking DH would be more of a liablity if he got injured or came home w/ PTSD or something like that. Then he might be harder to get life insurance on if he is diagnosed w/ something like that. He would be seen as a higher risk then. I hope i am explaining that right.

NicoleW · 04-13-2009, 11:03 PM

Originally Posted by fitmommyof4

See I figure if I call an insurance company they are going to say yes get it because they want to sell us the insurance.. lol

I was thinking DH would be more of a liablity if he got injured or came home w/ PTSD or something like that. Then he might be harder to get life insurance on if he is diagnosed w/ something like that. He would be seen as a higher risk then. I hope i am explaining that right.

Yeah, I honestly don't know...that's just what I would think since he would be in a warzone...but that's JMO.

ProudArmyWifeD · 04-14-2009, 07:19 AM

You should determine how much life insurance you need by how much you are dependent on that person (your DH in this case) for support.

For instance, I see you have a lot of children and they are young. Especially if you are a SAHM and depend solely on your DH for support, you need to make sure you are going to be well taken care of.

You'll need money for a home, to pay off debts and to support you while you transition and possibly go back to school for a new career or look for a job in your career field. Your kids will need money for school. The last thing you need while grieving is to have to worry about money problems.

Most likely, if you just carry the military life insurance, you would be left struggling should anything happen. There are quite a few good companies that offer insurance to military with no war clause. Military Benefit Association is one of them and AAFMAA is another.

So yes, my suggestion would be to get more insurance. Earlier is better than later.

mossey2000 · 04-14-2009, 07:26 AM

You can get insurance through USAA. We do.

Mak327 · 04-14-2009, 07:37 AM

I would think it would be the opposite. On any insurance App, it is required that you have listed any job or current activity that puts you in danger. Most even have an exclusion for war, so it would be a more expensive premium if you bought it now than after he was out, I think, assuming of course, he isn't injured over there. Injury always rates you up. It couldn't hurt to look in to some pricing if you plan to buy it eventually and just see.

I need to look in to this, I have an insurance license and don't really know which way it would go, I can just assume how it would. I'm not an underwriter.

Navgirl · 04-14-2009, 11:32 PM

Originally Posted by Mak327

I would think it would be the opposite. On any insurance App, it is required that you have listed any job or current activity that puts you in danger. Most even have an exclusion for war, so it would be a more expensive premium if you bought it now than after he was out, I think, assuming of course, he isn't injured over there. Injury always rates you up. It couldn't hurt to look in to some pricing if you plan to buy it eventually and just see.

I need to look in to this, I have an insurance license and don't really know which way it would go, I can just assume how it would. I'm not an underwriter.

That was what I was going to say so be sure to look for that. I would assume USAA would be different since they cater to the military. I will have to look that up!
ETA: yes USAA has no "no war clause"
https://www.usaa.com/inet/ent_utils/...itary_benefits

04-13-2009, 10:38 PM	#1 (permalink)
fitmommyof4 Senior Member Join Date: May 2008 Location: Fort Polk, LA/Iraq Posts: 1,977 Classifieds: (0) Activity: 65% Longevity: 25%	Additional life insurance? Can you tell me if we should get additional life insurance on DH. He is deploying in less than a month. I forget now where I heard of the idea, but someone was telling me it is a good idea. If he were to come home and get out of the military then would it be hard for him to get life insurance if he didn't already have it? Right now he plans on staying in and retiring, but anything could happen in Iraq and if he decided to get out I just wonder how hard getting insured would be. __________________ Trish

04-13-2009, 10:41 PM	#2 (permalink)
NicoleW New Member Join Date: Mar 2009 Location: DS Alaska/CL Colorado/DH Deployed Posts: 1,253 Classifieds: (0) Activity: 1% Longevity: 11%	I don't know very much about Life Insurance, but from when I have purchase it on myself, it asked what kind of dangerous things you do (in the work place, etc). I would think that it would be easier once he is OUT of the military, because then, theoretically, his job would be less dangerous. But honestly, I dunno. It would be good to get it before he goes though, because as you said...you never know....but I was just addressing which way would be easier to get it... __________________ One True Love

04-13-2009, 10:42 PM	#3 (permalink)
NicoleW New Member Join Date: Mar 2009 Location: DS Alaska/CL Colorado/DH Deployed Posts: 1,253 Classifieds: (0) Activity: 1% Longevity: 11%	Oh, and I would think the best thing to do is call an insurance company and just ask them. They would know better than someone who doesn't deal with insurance very often would. __________________ One True Love

04-13-2009, 10:43 PM	#4 (permalink)
mrs.bsquared Surviving Our First Deployment Join Date: Nov 2008 Location: Me/Ft.Lewis/Lacey,WA Him/ A-stan Posts: 1,342 Classifieds: (0) Activity: 1% Longevity: 17%	my dh is also deploying soon and we are going ahead and getting the additional life insurance through usaa. i think it is a good investment for the 12 months that they are over there. you just never know and i want to make sure that the kids and i are taken care of. __________________ Wife to an army tanker ~Mommy to 2 great kids and a wild furbaby.

04-13-2009, 10:59 PM	#5 (permalink)
fitmommyof4 Senior Member Join Date: May 2008 Location: Fort Polk, LA/Iraq Posts: 1,977 Classifieds: (0) Activity: 65% Longevity: 25%	See I figure if I call an insurance company they are going to say yes get it because they want to sell us the insurance.. lol I was thinking DH would be more of a liablity if he got injured or came home w/ PTSD or something like that. Then he might be harder to get life insurance on if he is diagnosed w/ something like that. He would be seen as a higher risk then. I hope i am explaining that right. __________________ Trish

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04-14-2009, 07:19 AM	#7 (permalink)
ProudArmyWifeD Senior Member Join Date: Jan 2008 Location: Neither here nor there Posts: 2,688 Classifieds: (0) Activity: 43% Longevity: 31%	You should determine how much life insurance you need by how much you are dependent on that person (your DH in this case) for support. For instance, I see you have a lot of children and they are young. Especially if you are a SAHM and depend solely on your DH for support, you need to make sure you are going to be well taken care of. You'll need money for a home, to pay off debts and to support you while you transition and possibly go back to school for a new career or look for a job in your career field. Your kids will need money for school. The last thing you need while grieving is to have to worry about money problems. Most likely, if you just carry the military life insurance, you would be left struggling should anything happen. There are quite a few good companies that offer insurance to military with no war clause. Military Benefit Association is one of them and AAFMAA is another. So yes, my suggestion would be to get more insurance. Earlier is better than later. __________________

04-14-2009, 07:26 AM	#8 (permalink)
mossey2000 I'm from the south and sometimes I have a big mouth Join Date: Nov 2005 Location: Gulfport Posts: 9,687 Classifieds: (1) Activity: 40% Longevity: 67%	You can get insurance through USAA. We do. __________________ Heather Mom to Ethan and Elijah Proud Seabee Wife! I can describe life in three words: It goes on. Robert Frost.

04-14-2009, 07:37 AM	#9 (permalink)
Mak327 Senior Member Join Date: Jun 2007 Location: Roswell, GA Posts: 3,087 Classifieds: (1) Activity: 0% Longevity: 41%	I would think it would be the opposite. On any insurance App, it is required that you have listed any job or current activity that puts you in danger. Most even have an exclusion for war, so it would be a more expensive premium if you bought it now than after he was out, I think, assuming of course, he isn't injured over there. Injury always rates you up. It couldn't hurt to look in to some pricing if you plan to buy it eventually and just see. I need to look in to this, I have an insurance license and don't really know which way it would go, I can just assume how it would. I'm not an underwriter. __________________