When times are tough, like in our currently struggling economy, everyone wants to figure out a way to lower their monthly expenses. Eliminating food, clothing, or housing is not practical as these things are needed on a daily basis to survive. Oftentimes, cash-strapped people consider eliminating the items they feel are not necessary, such as life insurance.
What happens though, if the policy is cancelled while your family is already struggling and then you pass away? Your family will be left in an even more precarious position that may lead to extreme financial hardship. You don?t want that to happen. Now may even be a great time to put your money into more insurance. AAFMAA?s term insurance provides a large amount of coverage for a relatively small monthly cost. For those under 50 (nicotine users under 40), you can get an $800,000 Level Term I policy for only $35 per month. What?s more, our $50,000 Level Term I policy is only $2.95 per month. Even if it only covers you for a short while, this may be enough.
With AAFMAA you know you are already paying the lowest prices around for your insurance. Don?t let your AAFMAA policy be the item you eliminate. There are other options. If your monthly premium is just too high, you may look at lowering your coverage amount to make the payments more affordable. Also, if you have a Value-Added Whole Life policy, you can consider borrowing against your cash value when times are tough.
Alternately, you can look at the little things in life that can be avoided and when added up amount to your AAFMAA monthly premium. When considering a $250,000 Level Term I policy at $13 per month, there are certainly ways to save the money elsewhere. But where can you have the protection of $250,000 in the event of your death for so low a cost?