Military increases life insurance coverage for service members and veterans
Life insurance is an essential benefit that can provide an individual with financial security and peace of mind. It is particularly important for service members and veterans, who often face unique risks and challenges. That is why the recent announcement of increased life insurance coverage for service members and qualifying veterans is such welcome news.
Beginning March 1, all active duty, guard, and reserve service members eligible for Servicemembers’ Group Life Insurance (SGLI) will automatically receive increased coverage of up to $500,000. This means that service members who previously declined coverage or elected a lesser amount will now have access to more comprehensive coverage without any increase in premium rates. In fact, service members will receive maximum coverage for just $30 a month, plus $1 for Traumatic Injury Protection (TSGLI) coverage.
For those service members who do not wish to have coverage or would like a reduced amount, they can make these elections online through the SGLI Online Enrollment System (SOES) on milConnect. If coverage is reduced or declined by March 31, service members will not be charged for the increased coverage amount.
For qualifying veterans who receive coverage under Veterans’ Group Life Insurance (VGLI), the announcement means that they too can access additional coverage of up to $500,000. However, unlike SGLI members, VGLI members must elect additional coverage. Eligible veterans who currently have $400,000 of coverage under VGLI can elect to purchase additional coverage in $25,000 increments. This added coverage will be available without medical underwriting during specified coverage periods. The Office of Servicemembers’ Group Life Insurance (OSGLI) will send eligible VGLI members information about obtaining coverage.
It is worth noting that life insurance coverage is not just about providing financial support in the event of an individual’s death. It can also help protect a family’s financial future, covering everything from paying off debts to covering funeral costs, paying for future education expenses, and replacing lost income. Since family dynamics frequently change, it is important to review beneficiary information annually and ensure beneficiaries are aware of policy information in the event it is needed.
In summary, the recent increase in life insurance coverage for service members and qualifying veterans is a welcome move, providing individuals with greater financial security and peace of mind. By making additional coverage available at low cost, the government is helping to ensure that those who serve their country have access to the support they need, both during and after their service.
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About the author:
David Krug is the CEO/President of PolicyPeak, a modern and tech-driven life insurance company. David noticed a gap in the market for personalized policies at an affordable price. He founded PolicyPeak in 2022 with the goal of simplifying the buying process for consumers and offering policies tailored to their unique needs.