Tuesday, September 21, 2010

Service Member Life Insurance

by Jim Fausone

SGLI is a VA program that provides low cost group life insurance to members of the Military and Uniformed Services, including commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration, cadets and midshipmen of the service academies. Members are automatically insured under Servicemembers Group Life Insurance (SGLI) for the maximum amount of $400,000 unless an election is filed reducing the insurance by $50,000 increments or canceling it entirely.

In addition the SGLI coverage now includes Traumatic Injury Protection. This coverage provides service members protection against loss due to traumatic injuries and is designed to provide financial assistance to members so their loved ones can be with them during their recovery from their injuries. The coverage ranges from $25,000 to $100,000 depending on the nature of the injury.

Make sure if you are entitled to the insurance you demand the lump sum payment. It is best for you to manage the money rather than let VA or its insurer Prudential handle your money.


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