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Military Life Insurance Payout
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Active military members and veterans may be able to receive multiple benefits during and after their service, including life insurance benefits. Although current and former service members may be able to obtain life insurance from various providers, there may be advantages to obtaining military life insurance plans.
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The amount of cover you need depends on many factors, including your age, income, mortgage and other debts and expected funeral costs.
Term life insurance is exactly what the name implies: a good insurance policy for a certain period of time.
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Life insurance policies tailored to the military and active duty veterans may not require a medical exam. Age, sex, health and smoking are not generally factors used by military life insurance companies to set premiums. Understanding how military life insurance works, as well as the costs and benefits, can help current and former military members choose the plan that is best for them and their families.
If you are an active duty member of the military, one of the benefits you may receive is life insurance through the Department of Veterans Affairs (VA) Service Group Life Insurance (SGLI) program. The policies are underwritten by Prudential and provide coverage for 120 days after leaving the military.
Service members can determine the specific amount of their SGLI coverage, with options available in $50,000 increments, up to $500,000. Last fall's Family Support Act recently increased this maximum coverage. From $400,000 to $500,000. SGLI has a standard coverage rate of six cents for every $1,000 in coverage.
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As part of SGLI coverage, service members may be eligible for group life insurance (TSGLI) benefits to protect against trauma injuries. If you suffer certain losses while on active duty, such as blindness or amputation, you may receive payments through this policy. TSGLI is charged as part of the SGLI premium and is a flat rate of $1 per month.
Service members who are totally disabled, as defined by the military qualifications, at the time of discharge may be eligible for a service member life insurance disability extension. This allows an SGLI member to maintain their life insurance coverage for up to two years after discharge at no additional cost.
If you are considered for unpaid status with the Ready Reserve or National Guard, there are two requirements for full-time SGLI coverage that you must meet. You must drill points instead of paying, and you must be scheduled for 12 inactive training periods during the year. In this case, you will pay your premium directly into your SGLI policy, rather than having it automatically deducted from your military pay.
USAA, one of the nation's largest insurance companies, extends a wide range of life insurance options to active duty military members, veterans and their eligible immediate family. These products include whole life, simple whole life and universal life. USAA life insurance policies may be more limited compared to other companies, but they offer potential support that can add up to $100,000 per term option.
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