Life insurance for active military with hazardous occupations or deployment orders Life insurance for active military whom have a hazardous occupation or pending deployment orders is actually attainable. Families should make certain that the proper life insurance coverage is in place. There are several military friendly companies that can provide
FSGLI Conversion - What Happens to Spousal Coverage?My least favorite feature of the military spouse benefits is the FSGLI conversion. Now this is actually a saving grace for some spouses but for most it puts them in a sticky situation regarding their life insurance portfolio. Let me explain why. I've noticed that most military spouses are oblivious to their true life insurance needs. They seem to have this mentality that they are all set up with whatever coverage is provided under their service member's plan. As a life insurance professional with 14yrs of experience, this is troubling. If military spouses are relying solely on this benefit they are not only drastically under insured but can have insurability challenges when their service member exits the military. Unlike the service member's plan, there is only one option to continue the coverage. That option is to convert their FSGLI group life insurance into a whole life policy with a participating company. Whole life is a permanent plan that costs much more than term life.
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SGLI Spouse Supplemental Coverage
The FSGLI offers a low cost policy for spouses when the family is in the military. It is a plan I recommend all spouses take advantage part in. However, spouses should make it a priority to purchase additional life insurance. They do not have the same challenges their service member's do when purchasing coverage. Unless they happen to be living overseas when they get around to doing it!
This gives military spouses a wide net of options to choose from when looking at supplemental coverage. There are a few associations that offer low priced plans that are similar to the FSGLI premiums.
FSGLI Conversion Saving Grace
The great thing about this feature is that if a military spouse has an uninsurable health condition they can continue their coverage without proof of eligibility. Basically there are no questions asked or requirements to provide medical records as long as the spouse applies within 120 days from the service member's separation date.
This conversion option can also be exercised under the following circumstances:
- Date of divorce from the service member.
- Date service member terminates the SGLI.
- Date service member terminates the FSGLI.
- Date of the service member's death.
Exercising this conversion can be a necessity for spouses who cant get life insurance coverage elsewhere or don't have the time to look into it. Although, it's a good idea to shop the market for alternative options. Preferably well when they are young and healthy.
Military spouses and children need to be aware of these unfavorable conversion options in order to structure a proper life insurance portfolio. It's essential that they have their own outside life insurance plan in place they have control over.
Most importantly, the SGLI family insurance benefit has very low coverage limits and military families should be supplementing it with additional plans.
As a practicing agent and military spouse I understand the unique challenges families face. I can provide competitive life insurance options to help them protect their families. Request an online quote or call me today!
Mental Health & The Military We all knew what we were getting into, right? Isn’t that what most people tell us when we are venting about how tough things are? The thing is most of us(service members, spouses & veterans) really didn’t. Not that we aren’t committed to the mission
FSGLI Conversion – What Happens to Spousal Coverage? My least favorite feature of the military spouse benefits is the FSGLI conversion. Now this is actually a saving grace for some spouses but for most it puts them in a sticky situation regarding their life insurance portfolio. Let me explain
Table of Contents1 SGLI to VGLI Pros & Cons2 SGLI Conversion Pros3 4 SGLI Conversion Cons SGLI to VGLI Pros & Cons SGLI to VGLI is the process for service members to turn their life insurance benefit they received on active duty into lifetime coverage through the veterans program.
VGLI Rates Compared to Alternative Options Veterans who are exiting the service need to pay close attention to the current VGLI rates. Life insurance continuation is one of the many items on a service member’s to-do list as they prepare to separate. If a service member does not have
Table of Contents1 SGLI Cost Considerations for Service Members?2 Analysis Objective3 Important Considerations4 Additional Articles SGLI Cost Considerations for Service Members? SGLI cost is out of pocket for military members. They have the option of cancelling the coverage at any time and some service members wonder if it’s a