Life Insurance Options for Veterans

With whole life insurance coverage, you get to decide how your dividends will be utilized. Here are a few of the choices: Purchase extra insurance coverage, which can increase your survivor benefit and built up cash worth faster than your policy's initial warranties. When you utilize your dividend to buy additional insurance, it sets a new level of guarantee from which the policy's values can't fall from one year to the next Decrease the amount of premium you owe each year.

Your Northwestern Mutual financial consultant can help you figure out the finest option for you. Your policy will accumulate cash worth that's ensured to grow over time and isn't connected to the stock marketmeaning it won't decrease after a drop in stock rates.

When accessing your cash worth, you have a couple of alternatives to think about. You can take a loan versus your policy from the insurance company. Repayment of the loan is flexible, but interest will accumulate. If you die with a loan against the policy, your survivor benefit will be decreased by the amount of the loan.

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This may be a great alternative if you have a financial emergency or for larger, irregular needs, such as redesigning a home. When you surrender your policy, you'll no longer have your insurance. Oftentimes, when people require to access their cash worth and no longer require their full death advantage, they give up a portion of their policy.

This can also be valuable from a tax point of view. That's because when you surrender a policy, you'll owe normal earnings tax on any cash worth above cash that you've paid in (or "basis"). In this case, you can take all the cash worth in your policy, but you likewise surrender all your life insurance coverage.

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If you're considering tapping into your money worth, your financial advisor can help you believe through the finest alternatives for your situation. During this time, your money worth will continue to grow without you owing any money for your policy.

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This benefit implies that modifications in your health will not impact your ability to get more insurance coverage down the roadway.

Financial investments in 401(k)s, IRAs or other pension are subject to the increase and fall of the marketplace, which means your balance will differ. Since your whole life insurance coverage is ensured to grow, your collected money worth can be a supplement to your retirement earnings, especially during down markets.

Otherwise, if you access those accounts while they are down, you 'd basically be offering at a loss.

1 Investopedia. How Whole Life Insurance Works. Updated May 07, 2025. . Accessed March 26, 2026. Material within this article is provided for basic educational functions and is not offered as tax, legal, health, or financial guidance for anybody or for any specific circumstance. Companies, staff members, and other individuals ought to contact their own advisors about their scenarios.

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Aflac life plans A68000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100.

B60000/Term Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies ICC18B60200, ICC18B60300, & ICC18B60400. Whole Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies: ICC18B60C10, ICC18B60100.

In New York, Policy: NYQ60200M. Whole Life: In Arkansas, Delaware & Oregon Policy Q60100M. In Idaho, Policy Q60100MID.