Being a member of the United States Armed Forces is both a position of honor and respect. It is also one of the most dangerous jobs anyone can have. This is why it is extremely important for servicemen and women to make sure they have life insurance. Sadly, while there is a chance that they may make their sacrifice on the battlefield, a larger percentage of members of the Military will pass while not on active duty.
For those who make the ultimate sacrifice in battle, the Servicemembers Group Life Insurance (SGLI), a VA program, provides group life insurance at a low cost to members of the Armed Services. This insurance covers injuries including ones sustained by acts of war and “traumatic injury”. While all of this is available to service members, they may also choose to supplement their Group Life Insurance with private life insurance.
This is an important fact that all military members should know, because, while the group insurance will cover some costs, it may not be an adequate amount of coverage for every service member. In addition, once a service member leaves the military, SGLI will typically be discontinued after 120 days.
The U.S. military also offers Veteran Group Life Insurance (VGLI) for service members transitioning into retirement. However, premiums are higher and are typically considered only a good deal for members exiting with chronic illness or a disability that would increase the cost of private life insurance. This is where having private Term Life Insurance is important for retiring service members in good health.
While premiums for service members may be higher, they are not “out of reach”. After all, there are different levels of risk for a service member who enters a combat zone over a member whose role is of a lower profile. However by comparing their options, even members of the military with the most dangerous of positions may obtain private Term Life Insurance.
Just like their civilian counterparts, it is important for service men and women to compare their options when it comes to Term Life Insurance. Because they have more specific risks associated with their jobs and lifestyle, finding a company that offers the best rates may take some research. For that reason, going through an independent insurance agency, such as SelectQuote, is often the easiest way for service members to find the best policy for themselves.