Insurance for the Military: Protecting Those Who Protect Us

The military personnel serve their country by risking their lives on a daily basis. Despite the courage and commitment they display, their families are often left behind unsure about their future. Military insurance can offer peace of mind by providing financial and emotional support during times of crisis. In this article, we will discuss the different types of military insurance available and how they can help protect those who serve our country.

Types of Military Insurance

There are several types of insurance policies available to military personnel, including:

Servicemembers’ Group Life Insurance (SGLI)

Servicemembers’ Group Life Insurance (SGLI) is a low-cost life insurance program that provides coverage to active duty military members. It is available to all service members, including members of the National Guard and Reserve.

With SGLI, service members can purchase up to $400,000 of life insurance coverage at competitive rates. The insurance premiums are conveniently deducted from the member’s pay, making it easy to manage.

One of the benefits of SGLI is that it allows service members to convert their policy to Veterans’ Group Life Insurance (VGLI) after they transition out of the military. This ensures that they continue to have life insurance coverage at a reasonable cost.

Family Servicemembers’ Group Life Insurance (FSGLI)

Family Servicemembers’ Group Life Insurance (FSGLI) is designed to provide life insurance coverage to military families. The insurance covers the spouse and dependent children of service members.

The insurance premium for FSGLI is based on the insured member’s age and the amount of coverage desired. The spouse’s coverage cannot exceed the member’s coverage, and dependent children are covered at a flat rate of $10,000.

Like SGLI, FSGLI can also be converted into VGLI after the service member transitions out of the military.

TRICARE Health Insurance

TRICARE is a health care program that offers comprehensive health coverage to military personnel and their families. It covers medical and dental services, as well as prescription drugs and mental health services.

There are several different TRICARE plans available, including:

• TRICARE Prime
• TRICARE Select
• TRICARE Reserve Select

Each plan offers different levels of coverage and cost. TRICARE Prime, for example, is a managed care program that offers lower costs for those who use network providers. TRICARE Select, on the other hand, allows more freedom in choosing health care providers but may cost more.

Disability Insurance

Disability insurance provides financial assistance to military personnel who are injured or become ill while in service. This insurance helps to cover the expenses associated with medical treatment, rehabilitation, and loss of income.

There are several different disability insurance policies available to military personnel, including:

• Service-Disabled Veterans Insurance (S-DVI)
• Traumatic Servicemembers’ Group Life Insurance (TSGLI)
• Disability Compensation
• Dependency and Indemnity Compensation (DIC)

Each policy offers different levels of coverage and eligibility requirements.

Retirement Benefits

Retirement benefits are designed to provide financial support to retired military personnel. These benefits include a monthly retirement pension and other perks like access to military commissaries and exchanges.

The amount of retirement benefit a service member is eligible for depends on the length of service and the rank achieved. The longer a service member is in the military, the higher their retirement pension will be.

FAQ

What is the eligibility for military insurance?

To be eligible for military insurance, you must be an active duty service member or a family member of an active duty member. There may be additional eligibility requirements based on the specific policy.

What is the cost of military insurance?

The cost of military insurance varies based on the specific policy and the amount of coverage desired. Generally, military insurance policies are designed to be affordable for service members and their families.

What is the process to obtain military insurance?

The process to obtain military insurance varies based on the specific policy. To obtain SGLI, for example, you must complete a form through your military personnel office. Other policies may require additional paperwork and documentation.

Can military insurance be cancelled?

Yes, military insurance policies can be cancelled at any time. If you cancel your policy, you may lose the coverage and benefits associated with it.

Can military insurance policies be converted after leaving the military?

Yes, many military insurance policies can be converted after leaving the military. This allows service members to continue their coverage at a reasonable cost.

Conclusion

Military insurance provides critical financial and emotional support to military personnel and their families. By offering coverage for life insurance, health care, disability, and retirement benefits, military insurance policies help to ensure that our brave service members are protected during and after their military service. If you are an active duty service member or family member of one, consider researching the different military insurance policies available to you to help keep your family protected.