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Life Insurance for Military Spouses

For spouses and children of active military members, there are several types of life insurance coverage designed to protect against financial hardships in the event of death. Life insurance can offer financial peace of mind to loved ones of military servicemembers.

What is SGLI?

The U.S. government provides life insurance coverage to military members, to benefit their dependents and their spouses, in the form of Servicemember’s Group Life Insurance (SGLI). 

Facts about SGLI:

  1. Active duty members are automatically enrolled in SGLI
  2. Automatic coverage is listed for $400,000
  3. Optional policies include traumatic injury benefits for spouses and children
  4. Costs for SGLI is about $28 per month
  5. Disabled veterans may apply for extensions after active duty
  6. Policyholders may have living access to up to half of their benefits in the event of terminal illness

What is FSGLI?

Spouses that want their own insurance policies separate from their active duty significant other can get their own supplemental policies that work with the SGLI. These policies are called Family Servicemembers' Group Life Insurance (FSGLI) and are available to spouses and dependent children of active duty servicemembers, or National Guard or Ready Reserve members covered by full-time SGLI.

Facts about FSGLI:

  1. Premium rates start at $.50 to $5.00 per each $10,000 increment, depending on age
  2. Spouses can be covered up to $100,000 (but can't exceed the servicemembers' coverage amount)
  3. Children can be covered up to $10,000
  4. There's a premium for spouse coverage that increases with age. Premiums are automatically deducted from your paycheck.
  5. Children are covered at no cost until they turn 18 (under most circumstances)

For active military members that are interested in knowing more about ways to protect their family in the event of loss, please visit the Military.com Insurance Center.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

 

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