Military Members
Understanding Servicemembers Group Life Insurance (SGLI)
SGLI is group insurance meaning you qualify for the insurance based on being on Active Duty and other select service criteria.
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Cost of SGLI
Monthly SGLI premium rates
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Upon separation or retirement from Active-Duty members no longer qualify for SGLI.
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As a military member can you qualify for a personal Life insurance policy. In most circumstances yes!
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Survivor Benefit Plan (SBP)
There are many factors to consider before enrolling in a SBP.
DD form 2656 section 36 requires all Military Personnel to elect or non-elect SBP. Prior to retiring from the military Spouses are required to sign stating they agree to the election or non-election. Overview SBP is an annuity that provides spouses a percentage of the service members retirement pay upon the service members death.
Costs of Survivor Benefit Plan (SBP)
SBP is a percentage pf Retirement pay that is related to the annuity payout. Full SBP is 6.5% of retirement pay for the spouse to receive 55% of the service members retirement pay.
A few factors for considering SBP.
Servicemembers health status
Spouses age
Combined Net Worth
Is the service member insurable?
Impact to family budget due to loss of retirement pay
