What types of life insurance are available for members of the Sea Services (Navy, Marines, Coast Guard, PHS and NOAA)?
There are two basic classifications of life insurance, Term and Permanent. Term insurance – Provides death benefit coverage for a specified period of time with a premium that is initially low relative to permanent insurance premiums. Premiums are initially low because most contracts do not cover individuals through old age, when death is most likely to occur. The premium is based on the type of term plan you elect, the amount of coverage, risk status (smokers and people in poor health or with dangerous lifestyles pay higher premiums), your current age and the age to which coverage is desired. Term insurance policies which provide a death benefit at older ages will have substantially higher premiums. The death benefit can be level or decreasing. Term insurance does not have cash value. If you terminate a term life insurance policy, none of the money paid in premiums is recoverable, with few exceptions. (More information about Term insurance options ) Permanent insurance – Provides insur
