Find Affordable Life Insurance for Your Military Family

Financial advisors suggest having seven to ten times your annual income. For example, if you’re an E-7 with a salary of around $58,000 you’ll want to make sure you have between $406,000 and $580,000 of coverage. 

In addition, there are several other things to consider when choosing the right life insurance. Here are some factors that can directly affect how much life insurance you will need to prevent financial woes for your family: 

• Home ownership – How much do you still owe on your mortgage?  If you don’t own a home, will your SGLI be enough to cover all  your financial obligations as well as at least 12 months of rent for your family? 

• Number of dependents – Whether you have one child or several, your needs will change based on how many members of your family count on you for financial support. 

• Spouse – Do you have a spouse? Is he or she employed full-time, or do they work hard at home raising your family? Their financial situation will also be a factor when deciding what kind of policy you need. 

• Current finances – Car payments, credit card debt, existing installment loans, etc. should also be considered when deciding on the right life insurance policy. 

• Location – Living in Minneapolis, for example, is 62% less expensive than living in San Francisco. Factor in where your family lives and the cost of living in that area.