Military Spouse Life Insurance

Jeff Root Jeff Root Posted in Life Insurance 101
Last updated on May 16, 2019

So, you’re a military spouse! First off, thank you for your service.

From one to another I know the unique challenges a spouse of a military member faces.

As if marriage wasn’t hard enough, right?

We are a unique breed of spouses. Dedicated to our service member, family and the welfare of this nation.

With all the changes this nation has endured over the decades, often the day to day sacrifices that our military families make go unnoticed.

In this post, we are going to uncover these unique challenges and show how military spouse life insurance plays a role in the big picture of our families livelihood.

Family Servicemembers’ Group Life Insurance (FSGLI)

Military family and spouse with their childrenFSGLI I is a benefit the servicemembers’ spouse gets from the military.

It’s a term life insurance policy that covers the spouse and dependent children of the Servicemember covered under SGLI.

Do you pay for this military spouse life insurance?

Yes, the Servicemember pays the low monthly cost for the spouse’s coverage.

It comes automatically deducted from his LES statement.

Dependent children are insured at no cost.

Eligibility For FSGLI

In order to be eligible for FSGLI coverage the following criteria must be met:

  • Active duty Servicemembers are covered by full-time SGLI
  • Members of the National Guard or Ready Reserve of a uniformed service are covered by full-time SGLI

Coverage is only available to family members of Servicemembers covered under SGLI.

Why Would I Not Be Eligible For FSGLI?

You would no longer be eligible for military spouse life insurance providing the following take place:

  • If for whatever reason your Servicemember decided to opt out of their SGLI benefit than you do not meet the eligibility coverage for FSGLI.
  • If your Servicemember moves their SGLI coverage over to the VGLI program, you are no longer eligible.

Things To Keep In Mind

Another important consideration regarding your military spouse life insurance benefit is that it cannot exceed the amount of SGLI coverage in place on the Servicemember.

FSGLI provides up to $10,000 in coverage for dependent children. Dependent child coverage is free, cannot be reduced, canceled or declined.

FSGLI is available in increments of $10,000 up to a maximum of $100,000.

It is a renewal term policy that increases with the spouse’s age.

For detailed information about the cost of this policy, please see the VA Benefit Page for military spouse life insurance.

How To Apply For FSGLI

I’m sure as you merged your new found life with your beloved service member, military spouse life insurance was the last thing on your mind.

I certainly have come to learn that life as a military family is fast paced!

Opportunities to sit down face to face and plan come sparingly.

We cherish the moments we have together as a family unit because we know sometimes all we have are moments.

Military families do not get the luxury of seeing their spouse, let alone hearing from their spouse every day.

Deployments and temporary duty assignments eat a chunk out of our togetherness.

The military spouse life insurance is a subject of special concern to me.

Fill Out Paperwork

After my husband and I got married, one of the first orders of business was to visit his command center and fill out paperwork.

The military makes a huge priority of getting any new family member on record asap.

Largely because they want to make sure the family members are enrolled in their benefits and simply just accounted for.

One of these benefits is the infamous FSGLI policy.

When you go into the office, they ask you to fill out your paperwork, name your beneficiary and BAM you’ve got military spouse life insurance! Its that hassle free!

The truth is the provided benefit is only available in a maximum of $100,000.

Well gosh, who only needs $100,000 worth of life insurance?

What do I mean by ONLY covers you for $100,000?

You surely don’t plan on dying anytime soon. Let alone trying to make your spouse rich!

As a practicing life insurance agent, I am tasked to uncover the needs, wants and dreams of individuals who want to leave a legacy behind for their loved ones when they pass away.

I can say with certainty that $100,000 worth of life insurance just isn’t enough for your family.

Additional Life Insurance To FSGLI

Let’s face it, we all know we have an expiration date on this earth!

No one has a magic crystal ball that will tell us the day this tragic event will occur and how our loved ones will make due.

That’s why it’s important to think about this ahead of time. As depressing and morbid as it sounds, it just has to get done.

Make it a positive experience knowing that when you secure more life insurance you are setting up your family for success later when they are scrambling through the pain to manage all the ins and outs you so graciously handled on their behalf.

How Much More Life Insurance Do I Need?

Think through the long term, pivotal financial events your loved ones will encounter without you.

Do you want them to walk through these financial challenges in fear and worry? Or would you rather know, they have no reason to worry?

For more help determining what the best amount of military spouse life insurance you should carry, I am just a phone call or email away.

No family is the same. Getting extra life insurance is not as complicated or scary as it sounds.

So where exactly do you go to secure additional insurance?

Do people really have more than one policy?

You buy a policy on the private market. Yes, some people even buy three!

Ideally, it’s best to buy life insurance when you are young and healthy.

This is when life insurance, in general, is the most affordable.

There are life insurance markets out there ready to offer you valuable protection for your family.

Working with an independent agent helps you shop several life insurance companies.

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