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Term Life vs. Whole Coverage: Which Do You Need?

Term life insurance is designed to provide relatively low-cost financial protection for the family for a specific period of time, in the event that the breadwinner dies prematurely. Term life coverage makes good sense, particularly for younger families who have long-term financial obligations, such as mortgage and forecast educational costs for children, but don’t have much in the way of assets. If the main income stops, the term life insurance benefit is intended to meet those long term financial needs of the family. Typically, these needs include living expenses, mortgage pay-off and college costs as the children get older. Term life insurance provides peace of mind for the insured and family members who will receive the benefit.    

Association group term insurance is term coverage that was developed for a specific group of people, such as members of the military and federal civilian communities. Insurance companies are often able to provide groups with lower premiums because of the collective nature of the people in the group. Active duty and retired military members, military veterans, federal employees and their families have a unique opportunity to purchase group insurance sponsored by insurance associations catering to their specific needs. 

To qualify for group insurance through an association group, you first need to be a member of the eligibility group. Once that requirement is satisfied, your application for insurance will require you answer some basic health and lifestyle questions.  Depending on your age or requested coverage amount, you may be asked to undergo a limited physical examination, paid for by the insurance company. Based on those results, your application will either be approved or declined for coverage. You will not be asked to complete multiple pages of medical history or provide copies of old medical records, as is the case with many companies selling individual term insurance; and the premiums don't change according to your medical history. You know up front what your premium will be if you are approved. 

The Military Benefit Association offers membership to military and federal civilian communities and sponsors group term life insurance to its members.  There are no membership dues and premiums for all offered plans are   affordable.  To learn more about MBA-sponsored life insurance plans, underwritten by Government Personnel Mutual Life Insurance Company, and other benefits, visit their website at

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