Active members of the United States military have limited options when it comes to life insurance, especially when you have deployment orders. Most life insurance companies won’t touch this risk until your deployment is finished. However you do have 2 options:
This is your first and easiest option. Currently, you can buy up to $400,000 through SGLI. You don’t have to apply for it since it’s guaranteed issued. Just fill out a form, set up payments and you’re covered. There are no exclusions and you can secure coverage at any time.
The only downside is after you’ve finished your time on active duty, you need to find other coverage. SGLI won’t cover you anymore. You can convert your SGLI policy, but if you’re healthy, you’re better served buying an individual life insurance policy. An individual policy will be less expensive and guarantee level payments for longer.
Many military families opt to purchase individual life insurance over SGLI because they need more than $400,000 and/or they understand the need to protect their insurability while deployed. Remember, you have to qualify medically for an individual policy and tomorrows health is never guaranteed.
Individual Life Insurance
Currently there is only one company on the market who will cover active military, including those with deployment orders in hand. They will cover anyone with deployment orders from the Army, USMC, Navy, Air Force, USCG and National Guard.
The only factor this life insurance company looks at is occupation in the military – specifically pilots and paratroopers. Most other occupations within the military are covered, including infantry. Both pilots and paratroopers can be covered, but the rates can be more expensive.
Keep in mind, you do have to qualify medically for the coverage. Also, the application, medical exam and policy documents must be completed on US soil. The life insurance process can take up to 6 weeks.
If you’re interested in hearing more about this company, give us a shout to talk to an agent or start the work yourself by using the quote form to the right. You’ll be happy to hear it’s a household name with a strong financial rating.
We consider it an honor to help military families secure coverage and look forward to helping you.