The Benefis Of SGLI Life Insurance PlansSGLI Life Insurance provides a strong foundation of protection for families of active-duty military personnel and ready reservists. Unfortunately, some policy holders died before they applied for the increased coverage causing surviving families to suffer financially because they did not receive the increased benefit. Starting in 1996 Congress, in response to many complaints from surviving families, decided all future increases would be automatic, and thereby requiring service members to make an election to reduce or decline the new coverage. There are several insurance providers that offer long-term care insurance for military members and their families, such as the Federal Long-Term Care Insurance Program (FLTCIP) is sponsored by the federal government and is available to all active and retired service members and their qualified relatives. Service members maintaining SGLI and their families are covered in these cases. The NGB noted that some commercial life-insurance companies, as a matter of company policy, do not have war clauses in their policies. Because of this they created ASMBA, a true non-profit fraternal military benefit association, which provides security and peace of mind for members of the Armed Services and their families. Since the value of life is not determined by rank or branch of service, ASMBA's founders created life insurance plans available to all ranks of all services, during all times of peace or war, with no rank, duty, or geographical restrictions. Under this program, a volunteer service coordinator coordinates with towns and local organizations throughout the state to provide volunteer services to the members and their families. Local organizations include nonprofit organizations that serve members, veterans and their families and other organizations that seek to volunteer their services to such people, and while it may seem a little bit paternalistic, it's a firm nudge to get Soldiers to get life insurance for themselves and their families. This is why your SGLI default is the max amount, if you don't specifically request for something else, you're getting covered for the full $400k. SGLI is 24/7 coverage, everywhere in the world, and is payable whether the death is combat-related or not, where SGLI coverage begins when the service member enters service or changes duty status. This does include the Traumatic Injury Protection (TSGLI) program, which provides up to $100,000 in additional coverage in case of sever traumatic injury. SGLI life insurance benefits are provided by the government for all service members on active duty and paid for by monthly deduction from their pay. There are no underwriting requirements for this insurance at the time of entry into military service, and to assist in securing for the dependents or beneficiaries without charge the federal benefits to which they may be legally entitled. |