Trans World Assurance Recommends that Military Members Complete a Life ... PR Web (press release)
27.08.11
San Mateo, CA (PRWEB) August 27, 2011
When military members research their insurance options, they can encounter conflicting information in the media, on military bases, among many chains of command, in financial training and from military support services like Family Support and Readiness Centers. In general, there seems to be two conflicting perspectives about what coverage military members need.
One perspective promotes the Servicemembers Group Life Insurance (SGLI) as the only necessary option. When members join the military, they are automatically enrolled in the SGLI for the maximum amount of coverage and premiums are automatically deducted from their military pay. From this perspective, many outlets view SGLI as the only life insurance that members need and insurance from private insurers is often criticized.
In a recent CNN article entitled "Report: Private firms still selling unsuitable insurance to troops," CNN Senior Producer Charles Keyes discusses a new report by the Inspector General. The report describes the state of life insurance sales to military personnel five years after new laws were instituted to restrict the ability of private insurers to sell insurance in the military market. According to the article, the Inspector General found that insurance agents persuaded personnel "to buy insurance they may not need or be able to afford." The article recognizes that "All military personnel are automatically enrolled in a life insurance policy administered by the Veterans Administration from their first day of training or active duty."
Source:
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“The data is clear,” says Jack Dolan, spokesperson for the American Council of Life Insurers (ACLI: 33.26 ,+0.08 ,+0.24%), a trade group. “Americans are underinsured and they're not buying coverage in amounts that equal their needs.”
An August 2010 report by LIMRA, an insurance research organization, revealed that ownership of individual life insurance has fallen to a 50-year low in the United States: 30 percent of households (35 million) have no life insurance coverage at all.
But ditching an inappropriate policy after paying premiums for several years is a terrible waste of money. We asked a variety of insurance experts to tell us the biggest mistakes people commonly make when shopping for life insurance.
Mistake: Grossly underestimating a family’s life insurance need and the “value of human life.” Marvin Feldman, president and CEO of the nonprofit Life and Health Insurance Foundation for Education (LIFE: 50.21 ,+0.03 ,+0.06%), says that people often substantially underestimate the amount of life insurance they should buy. There are numerous online calculators to help, including calculators from the LIFE Foundation and Insure.com’s life insurance calculator.
Mistake: Undervaluing a non-working spouse. In addition to underestimating the cost of replacing the income of a working spouse, life insurance buyers often neglect to place correct value on a non-working spouse. Feldman says it takes about $117,000 a year to replace that person, and “most people don’t understand the impact of what a stay-at-home spouse saves a family.”
