Military Life Insurance

Military life insurance comes with a unique set of rules and benefits. You have served your country, now it is time for your country to take care of you. Whether you wish to look at a policy specifically designed for military families or take advantage of a military discount available through a civilian company, careful shopping will help you find an insurance policy that will take care of your end of life needs in the best way possible.

Military life insurance covered all members of the Uniformed Services including veterans, National Oceanic, Atmospheric Administration, Public Health Service officers, cadets, midshipmen and students at service academies. If you are a member of any United States armed forces group affordable life insurance is readily available for you and your family. If you need coverage do not hesitate to begin shopping for your instant policy quotes as soon as possible.

Those currently active in the military are automatically given covered under the Servicemembers' Group Life Insurance (SGLI) for up to $400,000. A recent change has been updated to include traumatic injury protection. Unfortunately, devastating injuries are common for military members in active service. With this coverage you know your family's expenses will be covered while you focus on recovering.

Life Insurance for Veterans

Military life insurance options are readily available for veterans. The Department of Veteran Affairs (VA) works hard to make sure insurance options match the benefits available to those in active military service. The VA recommends those preparing to move on from their life in service get a physical and acquire a copy of your medical records approximately 120 days before they separate from the service. This will determine what will be covered in future disability claims.

If you have been retired for some time and your policy has lapsed there are options for you. You may reinstate your military life insurance at any time within five years of the lapse. It should be noted that certain policies may not be reinstated if the policy holder is 50 or older. Read your policy carefully before opting to let it lapse so you are aware of potential restrictions.

Most military life insurance policies for veterans are five year term policies. If these are kept through the length of the contract and have not been allowed to lapse they will automatically be renewed for another five-year term until the holder reaches fifty years of age where the premium rate will increase. This current rate will be held until the holder reaches seventy where they will be increased to their final premium rate for the remainder of the holder's life.

Once the policy holder reaches 50 they become eligible for a modified rate as their policy will begin to lose its face value due to the increased likelihood that the policy will have to pay increased medical expenses when a claim is filed. Your reduced plan can be supplemented with additional provisions to make sure you do not lose coverage. Once you reach 70 a specialized military life insurance plan becomes available which includes coverage specified for the needs of this age group at only a slightly higher premium.

Special Provisions and Waivers

When signing up for military life insurance it is important to look into the provisions offered to cover disabilities. If you become disabled before the age of 65 a waiver is available that will allow you and your family to receive the benefits of your policy in monthly installments rather than waiting for a lump sum later. This usually amounts to $10 for every $1000 the policy holder has in insurance each month until the total amount of the policy has been paid. This will not lower the face value of your plan.

A provision is also included on most military policies that guarantees the price of your premiums. This will become void if the policy has been allowed to lapse for several months. This will also be waived if the policy holder is eligible for a decrease in the price of their monthly premium. This may also be affected if you have opted to borrow against your policy, so be sure to read your policy carefully before assuming you have this coverage.

Military life insurance can be customized to include a mortgage provision. This would pay off all outstanding costs on your mortgage when you pass away. The policy will pay no dividends to make up this cost. These plans are readily available to severely disabled veterans, though some others may be eligible at an extra cost.

Many military life insurance options are available to help guarantee all who have served in the United States armed forces and their loved ones will be taken care of. It is simply a matter of finding the plan you are eligible for. Careful research will help you find the perfect plan for your needs.

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