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Whole Life Or Term You Decide

Whole life or term insurance, which is right for me?

When making a decision on life insurance, you want coverage that fits your needs and your income. You also want the protection from a reliable company, one that has a long history of dependable service to the military community.

There are two basic types of life insurance: term insurance and permanent insurance. Term insurance provides coverage for a specified time period (the term) and generally has lower premiums. It does not build up cash value that you can use in the future. With most term policies, you will have to medically qualify for a new policy after the initial term expires. SGLI is an example of term insurance, which service members can have for a specified term—the length of time that they are in the military. Other term insurance is available, is actually less expensive than SGLI, and will continue even after you leave the military.

Permanent insurance provides a death benefit throughout the entire life of the insured. Most permanent insurance policies have a cash value provision that builds the longer you have the policy. Many policies also have provisions in which you can borrow funds from the policy or use the policy to cover qualified long term care expenses.

I want to thank you from the bottom of my heart. I am deployed to Southern Afghanistan currently, and know it was difficult to get the information your company needed. Thank you for working with my wife in my absence. I want to assure you I am healthy as a horse, but the insurance policy gives me a tremendous sense of peace of mind. This is a dangerous place, and I am concentrating on my mission, but for me to know my family will be OK financially allows me to focus on my job because everything will be OK if something happens to me. Thanks, and God Bless. Hooah!


Raleigh Jones

Member since 2006

A combination of both types of insurance will provide a solid insurance plan. Permanent life insurance will protect you for an entire life, while term insurance will help replace lost income during the time of your family’s greatest financial need.

It makes good sense to ask a life insurance professional to help you decide. AAFMAA’s Membership Coordinators can review your needs and suggest a life insurance plan that is best for you.

AAFMAA is a non-profit, member-focused association that has served the American Armed Forces since 1879. Its insurance experts do not work on commission, but provide no-pressure, objective assessments of what is in the best interest of you and your family. To discuss your life insurance needs, call AAFMAA at 1-877-398-2263 or get more information from our website: