Guest Post by Maggie Stokes
Today, I’d like to educate you about the Servicemen Group Life Insurance. In the paragraphs below, I will provide an overview of the ins and outs of the SGLI Program.
What is Servicemen Group Life Insurance?
Servicemen Group Life Insurance or SGLI is a low cost, term-life insurance policy provided by the Veteran Affairs program. SGLI provides affordable term life insurance to members of the Uniformed services.
Who is Servicemen Group Life Insurance for?
According to the official website, the following people are eligible for SGLI, if you meet one of the following criteria:
- Active duty member of the Army, Navy, Air Force, Marines, or Coast Guard
- Commissioned member of the National Oceanic and Atmospheric Administration (NOAA) or the U.S. Public Health Service (USPHS)
- Cadet or midshipman of the U.S. military academies
- Member, cadet, or midshipman of the Reserve Officers Training Corps (ROTC) engaged in authorized training and practice cruises
- Member of the Ready Reserve or National Guard and are scheduled to perform at least 12 periods of inactive training per year
- Service member who volunteers for a mobilization category in the Individual Ready Reserve (IRR)
- Source: SGLI Website
What are the Benefits?
There are many benefits to the SGLI Program. In most cases, you will NOT need to do a physical to get a policy. In addition, the insurance is AFFORDABLE and easy to get. I’ve personally never found any other life insurance program with these rates and flexibility. Best of all, the coverage begins on your first day of active duty or active duty for training or at the beginning of a period of inactive duty training.
How Much Does It Cost?
SGLI coverage ranges in cost, based upon the amount of your policy. The plan maxes out at $400,000 and is available down to $50,000. You can purchase a policy in $50,000 increments for anywhere from $50,000 to $400,000. It costs $26.00 per month for a $400,000 policy, whereas a $50,000 policy costs just $3.25 per month. To help determine your needs, the Department of Veteran Affairs has provided a life insurance needs calculator on their website.
How Do I Apply?
There is no need to apply for enrollment into the SGLI program. All eligible Soldiers are automatically enrolled into the program. It is however recommended for all eligible members to complete and file form SGLV 8286, Service members’ Group Life Insurance Election and Certificate, in order to designate a beneficiary to receive the proceeds. The SGLV 8286 along with all forms pertaining to SGLI can be found at the SGLI website or by contacting your unit S1 office.
Choosing Your Beneficiaries
Your spouse and children are automatically assigned as your beneficiaries unless you direct SGLI in writing to do to otherwise. You can make anyone a beneficiary.
What Happens When I Leave the Military?
If you are covered by SGLI you are eligible to transfer to VGLI, a Veterans Group Life Insurance program upon release from your service. You’re also covered by SGLI up to 120 days (I believe) after you leave the military. And switching to the VGLI is a breeze.
I believe that the SGLI Program is exceptional. You can get a quality term-life insurance at bargain basement prices. You won’t have any combat exclusion clauses either. The premiums are automatically deducted from your pay so you don’t have to worry about it. Simply put, it’s a no-brainer for military Soldiers.
To learn more about SGLI, you can visit the official SGLI website.
Margaret Elizabeth is an aspiring author currently in her junior year at Valencia College. Besides being an active member of the student body and Vice President of leadership for her Phi Theta Kappa Chapter, Chi Epsilon, she works at home as a freelance writer writing articles on leadership and self development. Being a survivor of domestic abuse she wanted to do something to give back to the community. She just recently launched her Etsy shop, SecretStashDIY, where she sells custom hats and accessories. One third of her proceeds goes towards starting a non-profit organization to help victims of domestic violence find safe homes and receive the counseling needed to lead a healthy life.
Thanks for visiting my website today. My name is Chuck Holmes. I am a former Army Major (resigned). I enjoy mentoring Soldiers, NCOs and officers through this website. I’ve had the luxury of working for myself, from home, for the past six years. I’m a pajama entrepreneur. If you’d like to learn how to work from home like I do, you should learn more about my home business. I promote natural and organic products and weight loss.
If you’d like to get in touch with me, my best email is email@example.com.