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Editorial: Don’t be a victim

The military has long been an irresistible target for unsavory businessmen and businesswomen because all service members draw steady paychecks, the government helps creditors collect what’s owed them, and many young, inexperienced service members make easy marks.

Over the years, many service members have fallen prey to those who would sell them front-loaded investment deals, over-priced insurance policies and expensive payday loans.

The military has taken steps to ban group sales pitches on military installations, and even barred certain agents and companies from coming on base at all. But outside the gates, you’re on your own.

A soldier says he recently received a hard sell in a shopping mall near Fort Bragg, N.C., from an agent with American Fidelity Life Insurance Co., a company that has a history of running afoul of military officials as well as state insurance regulators. Indeed, some of the company’s agents have been temporarily or permanently barred from doing business on a variety of military bases — including Fort Bragg.

But the military can’t protect you from predators off base; only you can do that. Some basic advice for financial self-defense:

• Servicemembers’ Group Life Insurance will pay your family up to $400,000 if you die, at a cost of $29 per month (and it’s free while you’re deployed). The military “death gratuity” will give your family $100,000 more.

It’s unlikely you’ll need more life insurance than that. But you can check by trying the free insurance calculator at http://www.insurance.va.gov; click on “Life Insurance Tools.”

• Don’t fall for pressure sales tactics. Don’t sign anything until you take it to your base legal office for free, unbiased advice.

• Never forget: If it sounds too good to be true, it probably is.