Life insurance provides for your family in the event of your death. Your spouse and dependents will receive a payment to cover expenses and help them financially. It is an important long-term decision that can safeguard your family.
Like auto insurance, you can find discounts on life insurance as a military member. Most providers offer a 15 percent discount. Some have family packages so you can insure your spouse and children.
Most insurance providers do not have exclusions for mental health conditions, such as traumatic brain injuries (TBI) and post-traumatic stress disorder (PTSD), common with veterans.
However, the best provider is through the Veterans Benefits Administration (VBA). As active-duty military personnel, you can receive up to $400,000 in life insurance coverage. You can get free life insurance if you are totally disabled due to a military-related injury. 0
Life insurance policies include the following:
- Servicemembers’ Group Life Insurance (SGLI) – Automatic group term life insurance for service members
- Veterans Group Life Insurance (VGLI) – Option to convert SGLI to this civilian policy after discharge
- Family Servicemembers’ Group Life Insurance (FSGLI) – Group term life insurance for the spouse and dependents of service members under SGLI
- Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI) – Automatic feature of SGLI that provides payments for losses, like amputation, blindness, and paraplegia
- Service-Disabled Veterans’ Life Insurance (S-DVI) – Life insurance for disabled veterans
- Veterans’ Mortgage Life Insurance (VMLI) – Insurance that protects those approved for VA Specially Adapted Housing (SAH) grant
Do you want to become a homeowner? The VA can help you with the VA loans with great benefits.
