Life Insurance For Military Personnel [Best Rates, Options +Tips]

military insurance

Life Insurance for Military Personnel

Life insurance for the military is a little different than your average consumer looking for life insurance.

It’s definitely considered high risk and a dangerous occupation to say the least.

This is why it’s imperative to use a high-risk life insurance broker to ensure you achieve the best possible rates for your coverage.

In a world flooded with options and different life insurance carriers, people such as yourself may wonder, “what is the best option?”

This may hold true for those serving in the Military.

Life insurance for military personnel is important.

It is as important as any other group of individuals who are enforcement actively seeking coverage for hazardous work.

  • What is the best life insurance for retired military personnel and what do you look for?
  • Who offers the best pricing and available riders to protect your family?

What about for current military personnel?

Can we choose someone besides the ever so popular USAA Life Insurance Company that we all see the commercials for?

We always recommend starting by comparing rates with all life insurance companies.

You can do so easily directly below.

Several factors need to be considered to navigate this question thoroughly.

The biggest thing to realize is that coverage is needed one way or another.

Whether you go with something such as the insurance provided by SGLI or VGLI or searching for an independent policy.

Coverage needs to be in place!

This can guide you to have an inside look at what to watch for.

Also, I hope it makes the search a little easier and allows you to protect your family.

Finding the Best Life Insurance for Military Personnel in 2019

Let’s dive in on where to look for life insurance for military personnel.

To recap, nothing is more crucial than base protection for your family.

Those of you actively serving in the Armed Forces are also different in several ways.

This makes the cover much more essential for your family.

What am I referring to?

What makes you different than an average consumer searching for life insurance?

Well, PTSD can be the first problem you face and life insurance with PTSD can definitely impact your rates.

Let’s look and see.

4 Reasons all Military Personnel or Retired Military Veterans Need Life Insurance

  • 40% of Spouses are staying at home parents and homemakers
  • High risk of developing PTSD, especially if an active combat veteran
  • High probability of developing mood, depression and anxiety disorders
  • and, a High probability of developing certain cancers; diseases due to Herbicide exposure.

Now let’s break these down a little more. Let’s emphasize the importance of life insurance for Military personnel.

Having a spouse that stays home and takes care of the kids is any man’s dream.

The kids are safe and well taken care of.

The house stays in a tidy orderly shape and you get the sense of knowing your kids are in the absolute best hands.

The downfall to this is the dependency it creates for your family.

The chance of something happening to you needs to be taken into consideration.

Without your income and what you provide, chances are, they would lose the home you are living in.

You need to check your life insurance needs.

The key takeaway to understand the magnitude your loss would carry to your family.

It would be ludicrous not to consider having some form of blanket coverage in place.

Minimum Amounts of Life Insurance Needed for Military Personnel

  • 10x Your Yearly Income
  • Current Mortgage Debt
  • Other Debts Combined
  • Sit and think of what they would need to carry on without you
  • Combine and pick your coverage amount

Life Insurance is Needed for Military Personnel Due to the Chance of PTSD Later in Life

There is no way to know if you will develop PTSD or not.

Studies do show you are much more likely to develop PTSD after serving in the Military.

This holds even more true for you if you have combat experience.

Let’s look at the following stats for PTSD among Military Personnel.

PTSD effects on military Insurance for Military Personnel

As you can see, your chances are dramatically higher in developing PTSD.

What does this mean for your life insurance rates?

PTSD can change your potential rates for life insurance. If you can secure coverage before the chance of showing signs of developing PTSD than you should do so.

The main way the life insurance carrier will check the disorder will be on the severity.

It will be broken down into three different categories:

  • Mild
  • Moderate
  • Severe

It will then be evaluated based on what medications you are taking for the condition.

Mood disorder and military Insurance for Military Personnel

Life Insurance is Needed for Military Veterans Due To The Chance of Developing Mood Disorder

This reason for obtaining life insurance coverage is just as important as reason number 2.

Developing mood and anxiety disorders is much higher among military personnel.

This will also be viewed as almost the exact same as PTSD.

The severity and the number of medications it takes to control the condition is what matters most.

The more medications, the higher the prices will climb. It will also increase your likelihood of being declined altogether.

That is not a price you can afford to pay if it happens.

The chances and statistics are proving so strongly that it could likely happen.

Securing life insurance as Military personnel should be done as fast as possible.

Increased Chance of Disease and Cancer

This reason could be the biggest obstacle to gaining life insurance coverage. It is still possible depending on certain factors and criteria.

Statistics have proven that herbicide exposure can increase your chances of developing cancer in the future.

Life insurance for cancer survivors can always be somewhat tricky to navigate but definitely doable.

Hodgkin’s lymphomas and prostate cancer are often found in higher volume among military veterans and military personnel.

Most life insurance carriers will want to see at least 5 years of cancer-free before consideration.

Military personnel needs to consider the importance of coverage as early as possible.

Now, I am sure that after we have covered a few of these topics you are wondering about.

  • What are my options?
  • What is the best option?
  • Lastly, What is the best approach to get its life insurance for veterans at an affordable rate?

SGLI Group Life Insurance (Servicemembers Group Life Insurance for the Military)

is the minimum coverage you should be carrying to protect your family.

They allow up to $400,000 in life insurance coverage. In many circumstances, this is not enough.

For the price to get the $400,000 coverage, the cost currently sits at $29.00 per month.

You should have this, plus some individual non-group insurance as well.

If you are a current service member, you would have to intentionally opt-out of this insurance not to be receiving it.

It is auto-enrolled for you when you become a service member. What are some of the major positives of SGLI Insurance?

  • Zero Underwriting – No Health backgrounds or disqualifications
  • Decent Coverage Amount- Auto Enrolled up to $400,000.00
  • Extra Benefits such as SGLI (Traumatic Injury Protection Program) and FSGLI (Family Servicemembers Group Life Insurance)
  • Cheap Price- $29.00 Per Month can be beaten but considering no underwriting- That’s a Steal!
  • Convertible to VGLI Insurance

VGLI Insurance (Veterans Group Life Insurance for the Military

is a conversion feature allowed in your SGLI insurance plan. You must complete this conversion within 1 year and 120 days after being discharged from the Military.

This is a must for Military personnel seeking life insurance.

It allows you to convert without submitting evidence of good health.

This only holds true if you convert to VGLI within 240 days of discharge.

The early bird gets the worm so the faster you take care of this, the better.

Often, medical conditions arise throughout your life that can make it impossible to get private insurance.

If this is the case, looking at VGLI conversions is a must.

Some of the major pros of VGLI insurance:

  • Affordable Rates
  • Ability to convert without proof of insurability
  • Lifetime coverage if you pay the premiums
  • $400,000 in coverage allowed after exercising all five-year coverage bumps

Downfalls of VGLI Life Insurance for the Military

  • Limited coverage amounts
  • Coverage bumps only allowed every 5 years
  • Easy to forget to convert and enroll
  • Limited options for product and coverage
  • Coverage Bumps end at age 60

USAA Is One Option For Life Insurance for the Military But Always Compare Options

Back in 1922, USAA was founded by a group of Army officers.

Military officers and personal is USAA’s primary niche and it is served them well over the years. It has helped mold USAA into the fortune 500 company it is today.

Specializing in providing military life insurance coverage for those who have served their country is USAA’s backbone.

The biggest thing that makes USAA standout is they do not have an active military war zone exclusion.

This affords you the chance to protect your family even as an active service member.

This makes it tough to think another company can compete. For those of you serving or that have served, USAA could potentially be the best option for you.

reasons military need life insurance

A Few Good Reasons USAA May Be the Best Life Insurance for Military Personnel

  • No War Exclusion or War Clause
  • Provides Additional Coverage to your VGLI and SGLI Insurance Coverage
  • Competitive Rates
  • Company Financial Strength A++

Why You Should Choose Other Life Insurance Companies If You Are Active or Retired Military

  • For Military and Department of Defense Members Only
  • Somewhat Limited Product Lineup Vs. Other Carriers
  • Non-High Risk Friendly (medical underwriting and health conditions)

Independent Life Insurance Options for the Military

So, you have looked at your other options and maybe they do not fit the bill.

Maybe you missed enrollment into VGLI conversion.

Maybe you are no longer military and have health conditions to consider.

Maybe USAA did not have the rates you were looking for and you are still searching.

You still have plenty of options and the coverage is imperative.

An independent insurance agent is often going to have access to and relationships with dozens of life insurance carriers.

We find that you can often secure much cheaper life insurance outside of USAA.

Especially when you have access to other great life insurance companies.

One that comes to mind includes American General Life Insurance. 

AIG offers cheap term life insurance that may be easy to fit in the budget for military personnel.

We also love a few others for situations like this such as Minnesota Life Insurance (Securian) as well as AXA Life Insurance and even Cincinnati Life Insurance company.

A lot of these carriers specialize in niche markets for certain health conditions.

If you have a health condition to discuss, you should always give us a call “contact us page”.

What are the primary benefits of working with an independent life insurance agent?

  • Carrier Access to Dozens of Companies
  • Peace of Mind knowing the Agent works for you, not the carrier
  • Peace of Mind knowing you are getting the best possible rates
  • Ability to pass underwriting guidelines by finding a carrier that fits
  • Product availability and a basket of options

Life Insurance For the Military Easy. Always Compare and Check All Options

Obviously, life insurance for the military is a must-have.

Don’t go without it.

So, by now it is clear that you know you need coverage and the importance behind it.

Military Veterans and active military service members are a unique brave group of individuals.

Yet, things can still happen.

Protecting your family is of the utmost importance.

  • So, what are the best options for doing so effectively? Evaluate your needs.
  • How much coverage will it take to protect them effectively? Evaluate your budget.
  • What are you looking for and how much can you afford?
  • Do you have any unique medical conditions that make it more difficult to get life insurance?

All of these factors need to be considered carefully.

Sometimes, what works for one person will not work for another.

\Speak to a professional or give us a call today to discuss what options you have and which direction you should take.