Life Insurance for Military Spouses: A Personal Perspective

Since 1959, USBA has been committed to serving those who serve our nation. We help protect military personnel, federal employees, National Guard and Reserve members, and veterans’ financial futures by offering life insurance, health insurance supplements, and other products. But did you know that all of our offerings are also available to the families of our members?

There is no question that active-duty service members should have life insurance, but what about their spouses? Military service members often work long hours and may be away for weeks or months at a time. Spouses are relied upon to maintain the household in their absence — and while that may not always have a dollar value, it is important to consider what it would be worth should anything happen to the spouse.

We asked USBA’s own Victoria Diamond, Vice President & CFO, for her perspective on life insurance for military spouses. She shared her personal experience of considering and purchasing life insurance as a military spouse.

A little over 20 years ago, I found myself wondering, “Do I need life insurance?” I was a new military spouse and stay-at-home mom to our first child. We lived in the middle of Kansas, miles away from either of our families. My husband had already gone through his first deployment. I found myself thinking about how I was prepared if the worst were to happen to him, but was he prepared if something ever happened to me?

As an Army Field Artillery Lieutenant, my husband worked long days and was in the field training two weeks a month. He depended upon me to care for our family and household. I did not have an income that would need to be replaced, but there was value in what I provided for our family. I cooked, cleaned, organized our house, and took care of our son — along with so many other things every day.

Those services would need to be provided if I wasn’t able to handle them, and my husband wouldn’t be able to take on those tasks. It was important to consider what that was worth and the cost to replace it. He would need to pay for childcare and other services and keep our household running. I knew I needed to make a plan to help him should he need it.

Part of that plan was a life insurance policy. I evaluated available options that would fit our needs and our budget. To better understand life insurance, I met with financial planners around our kitchen table to learn about the different options, such as whole life insurance and term life insurance products, and the pros and cons of each of them.

Whole life insurance would be more of an investment because it builds cash value and protects me for my whole life. Term insurance is less expensive at any given age for the same insurance amount but does not build cash value and would only protect me for a specific length of time. Since the premium for whole life stays the same as long as the coverage is in force (for my whole life if I choose to keep paying for it), that premium is higher at first than the same amount of term life insurance.

I gave it considerable thought and remember thinking how I would prefer whole life, but what really made sense at the time was term life insurance. We needed something that would provide a larger payout with a premium that would fit into our budget. So, I chose term life insurance.

I purchased my first term life insurance policy at the age of 23 and was immediately comforted by the fact I was providing financial security for my family. My husband would now have financial help that he may not even anticipate needing if something were to happen to me.

And with the term life insurance I purchased, I was also able to get a rider that covered my children. Now, should my child become disabled during childhood, they could continue their coverage for their lifetime.

“Do I need life insurance?” is a question I continued to ask myself through the years. As we go through the different stages of life, my family’s life insurance needs have changed. I have since invested in a whole life policy, so the financial security in place for my family will continue for years.

Do you need life insurance? Probably. I did. The decision to buy life insurance has given me peace of mind, knowing my family will be provided for should the unexpected happen.

Become a member today and let USBA help you protect your family’s future. You’ll join a community that understands your commitment to your country and your family. Our not-for-profit association strives to support our members through cost savings and personal service, and we’re proud to serve multiple generations of their families.

Learn more about USBA’s Whole and Term Life Insurance offerings here, or call 877-297-9235 between 9:00 am and 4:00 pm Central time, Monday through Friday, to speak to a Product Specialist.