Servicemembers' Group Life Insurance
Ready reservists, cadets and midshipmen at the four service academies (but not the Merchant Marine Academy), and members of the Reserve Officer Training Corps are also all eligible. Insurance is available in increments of $50,000, up to a maximum of $400,000. These are all popular insurance providers for members of the armed forces, providing similar or higher coverage levels at rates that are similar to or lower than SGLI.Managed by the United States Department of Veterans Affairs, it is heavily subsidized by the federal government. It is available to active duty members of the Army, Navy, Marine Corps, Air Force, Coast Guard, National Oceanic and Atmospheric Administration Commissioned Corps, and United States Public Health Service Commissioned Corps. Servicemembers Group Life Insurance (SGLI) is a life insurance available to all active duty and reserve members of the uniformed services of the United States.
A $400,000 policy costs $27 per month. Veterans Group Life Insurance (VGLI) is a similar product available to veterans. As of July 1, 2008, SGLI premiums are $0.065 per month per $1,000 of insurance, regardless of the member s age.
SGLI policyholders may convert their policy to VGLI upon discharge unless an exception for total disability applies. An additional $1 per month is charged for traumatic injury protection.
Premiums for VGLI are higher and are based on the age of the insured. Coverage provided through SGLI is replicated by very few private organizations, some of which include the Military Benefit Association (MBA), USAA, the Army and Air Force Mutual Aid Association (AAFMAA), the Uniformed Services Benefit Association (USBA), and the Armed Services Mutual Benefit Association (ASMBA). Like SGLI, the coverage provided by these companies is unique in that it is tailored to the needs of military members, and has no war-clause. suggestion to call the other insurance carriers: supplemental insurance Would be also great to have a comparison between different types of insurance .
