To those of you thinking about joining the military, those that are currently serving, and veterans, we say thank you. Few things are as honorable as putting your life on the line for people you don’t even know. Thousands have died during active duty and after, so what happens to their loved ones and family that is left behind?
Do soldiers have life insurance?
This is a question a lot of people probably never even think about. There’s actually not a lot of reason for a servicemen to purchase a personal life insurance plan. The U.S. Department of Veterans Affairs automatically enrolls Servicemembers with the maximum life insurance plan they offer (SGLI). Maximum coverage is $400,000 with many plans beneath that in increments of $50,000.
What does Servicemembers Group Life Insurance cost?
Maximum coverage is $29.00 a month, which is automatically deducted from active duty members pay, unless they opt out or select a lower coverage amount.
More detailed info on SGLI and costs here: https://www.benefits.va.gov/insurance/sgli.asp
Do Veterans get life insurance too?
Servicemembers can convert their SGLI into VGLI (Veterans Group Life Insurance) within one year and 120 days from discharge by application. The rate are higher once you leave active duty, but not by much starting at $32.00 a month with maximum coverage. Premiums very depending on your age at the time of initial enrollment and coverage selection.
More details on VGLI here: https://www.benefits.va.gov/INSURANCE/vgli.asp
VGLI rates here: https://www.benefits.va.gov/INSURANCE/vgli_rates_new.asp
We highly recommend visiting the VA website and speaking with officials from the VA for more details. Family members and loved ones of those serving the red, white and blue can rest a little easier knowing they’re covered by life insurance automatically, in most cases.
AZ Insurance Team