Ensure your military family is insured
Hello Military Community,
I am surprised at how many spouses and young newly enrolled service members did not know or did not take seriously the necessity and importance of Military Provided Life Insurance. I also am surprised at how many service members fail to keep this up to date when they got married, re-married or divorced. This is something that needs to be taken seriously. If you get married and you still have your parents on the policy as the beneficiary, your parents (or whoever is listed) will get the policy. Not your spouse and/or children! This is a situation I have come across time and time again. And in several of these situations the parents (or whoever was listed as beneficiary) did not give any assistance to the spouse and/or children. You must understand that the MILITARY CAN NOT INTERVENE ON YOUR BEHAVE AND GIVE YOUR POLICY TO YOUR SPOUSE AND/OR CHILDREN. MAKE SURE YOUR LIFE INSURANCE POLICIES ARE UPDATED.
The military provides service members and family members with access to high-quality, affordable group life insurance. Again, I will briefly touch on the subject. Contact your local unit or Family Assistance Center for more information.
Service Members Group Life Insurance (SGLI): Is available to all branches of active duty and members of the National Guard and Reserves. Active Duty personnel are automatically covered for $400,000 of death benefits, and policy payments are allotted out of the paychecks at $29 a month. The premium cost to insure your Reservist who is not on active duty is $25 per year for $250,000 of insurance. If a service member wishes to reduce, change or cancel coverage (which is NOT recommended) they need to fill out the SGLI Election and Certificate Form 3286 and turn in to the HMO office.
This coverage stays in effect for the duration of the military career and converts into Veterans Group Life Insurance (VGLI) with no medical underwriting upon transitioning from the military. Just remember conversion from SGLI to VGLI MUST take place within 120 days of retirement to avoid medical underwriting.
If you wish to have more life insurance coverage, here is a brief list of companies that are military friendly (basically because they don’t have a war clause). Please access their website for more information. www.usaa.com (my personal favorite for all branches), www.usba.com, www.moaa.org (officers), www.navymutual.org (Navy and Marines), www.aafmaa.com (Army and Air Force), www.afba.com.
Along with the $29 monthly payment for SGLI at $400,000, a $1 per month premium is automatically included for Traumatic Injury Protection coverage (TIPC). This is a mandatory coverage and provides benefit between $25,000 and $100,000 if your service member sustains one of the following Traumatic Injuries: Loss of sight, speech or hearing, Loss of one hand or foot, or major injury to the hand and severe paralysis, burns or brain injury.
The military also provides a Families Service Member Group Life Insurance Policy (FSGLI). This policy covers $200,000 for your spouse and $10,000 for each of your dependent children. The cost for your spouse under 35 is $5.50 a month (deducted from your service members’ paycheck) and no cost coverage for dependent children. This premium increases at a very affordable amount every five years. For more information on FSGLI visit www.insurance.va.gov/sglisite/fsgli/sglifam.htm.
Again, this benefit cannot be in place for you and/or your family if you’re DEERS and paperwork is not up to date.
Blessings from my family to yours.
If you have any questions or concerns or would like to share a story or situation, contact me at Kim@MilitaryResourceBooks.com and visit my website for updated information and other Resources not listed in my book.