Home  »  Finance   »   Life Insurance For Military Spouses

Life Insurance For Military Spouses

FGLI

Is there life insurance for military spouses? The short answer is yes, starting with the options offered through the Family Servicemembers Group Life Insurance program, also known as FSGLI. However, private options are also available.

Do Military Spouses Get Life Insurance?

You have both government insurance options and private life insurance coverage for military spouses and family members.

For example, suppose you feel your life insurance coverage isn’t enough to cover the family’s needs. In that case, you can purchase commercially available term or whole life insurance through a provider such as Navy Mutual.

Do Military Spouses Get Servicemembers Group Life Insurance Coverage?

Yes, but under a different program than those who serve.

Servicemembers are offered SGLI, which the VA official site describes as “low-cost term coverage” that you are automatically signed up for when you ship out to basic training. SGLI is for service members, including the Guard and Reserve.

SGLI also covers military spouses who are themselves service members. A ‘dual military” couple and individual SGLI enrollees alike may qualify for:

  • Coverage up to $500,000
  • Coverage is offered in $50,000 increments
  • 120 days of free coverage from your separation date
  • Extension of free coverage for up to 2 years for those rated as totally disabled after discharge
  • Part-time coverage is offered to Reserve members who don’t qualify for full-time coverage

SGLI For Military Spouses: FSGLI

The SGLI option for military spouses is offered under the FSGLI program. Family Servicemembers Group Life Insurance is available to:

  • Spouses of those covered under SGLI
  • Dependent children of those covered under SGLI

VA.gov advises that spouses qualify for FSGLI when they are on active duty, but a military spouse may qualify for FSGLI even if the couple is dual-military. This is also true if you are a military spouse but are retired or separated yourself.

 

> Getting affordable life insurance coverage with no medical exam or labs required is easy. Get a no-obligation, free consultation to determine your eligibility.

 

What’s Offered Under Family Servicemembers Group Life Insurance

If you sign up for FSGLI, you are covered for up to $100,000 as a military spouse. Your coverage amount cannot exceed that of the servicemembers. Each dependent child is covered for up to $10,000 at no expense.

How to Apply for FSGLI

The Department of Veterans Affairs official site says there is an automatic signup process in cases where the coverage is for a civilian spouse of a service member signed up for full-time SGLI.

According to VA.gov, “We’ll automatically insure you under FSGLI. In this case, we’ll automatically take your premium out of your service member’s pay.” However, this does not apply to all.

FGLI For Those Married in 2013 or Beyond

In cases where a military spouse was married on or after January 2, 2013, “We won’t automatically cover you. You’ll need your service member to sign you up through the SGLI Online Enrollment System (SOES).”

Converting SGLI to an Individual Life Insurance Policy

You may be allowed to convert FSGLI coverage to what the VA describes as “a permanent, individual insurance policy (such as whole life) within 120 days ”from when the service member leaves the military, files for divorce, or dies. These rules also apply within 120 days of the servicemember canceling their policy or the FSGLI policy in writing.

VA.gov reminds spouses that if they convert FSGLI, they become responsible for “all aspects” of the policy, “including premium payments.”

Other Life Insurance Options For Military Spouses

Did you know the Department of Veterans Affairs offers a type of protection for those who have adapted a home for a disabled veteran? Veterans’ Mortgage Life Insurance (VMLI) “offers mortgage protection insurance to the families of Veterans with severe service-connected disabilities who’ve adapted a home to fit their needs.”

VLMI, according to VA.gov, offers policies under VMLI that pay the lender equal to the amount owed on the mortgage when the claim is filed. According to the official site:

  • The coverage amount will be equal to the amount you still owe on your mortgage, but it won’t be more than $200,000.
  • VMLI is a decreasing-term insurance. Your coverage amount goes down as your mortgage balance goes down.
  • If you pay off your mortgage, your VMLI coverage will end.
  • VMLI has no loan or cash value.
  • VMLI doesn’t pay dividends.

This special type of life insurance is specifically for those who have applied for a specially adapted housing grant.

Other Military Life Insurance Options

In addition to FSGLI, VMLI, and other government options, there are privately operated life insurance options. You can choose between term and whole life insurance, as well as the amount of coverage.

If you are shopping around for life insurance with options above and beyond FSGLI, there are some important considerations to remember as you compare plans. One of the first things to sort out? How much coverage you need.

It’s not enough to consider insurance that can pay for burial and related expenses. Some sources advise considering insurance that can cover all or most of the following:

  • Multiple years of annual salary
  • Total mortgage balance
  • Pay off amounts for other debts
  • Future college costs for dependents

Calculating your actual life insurance needs may seem daunting, but there are online life insurance calculators that can help. When you’re ready to use one, you will need the following information to run the numbers:

  • Payoff amount of your mortgage
  • Estimated total outgoing monthly debt
  • College fund expenses
  • Amount of any investments
  • Amount in your emergency fund now
  • Assets
  • Annual income
  • Lump sum pension amount
  • Annual Social Security Income where applicable

You can also contact a life insurance representative to get a quote for coverage for you and your family.

Extra Life Insurance Isn’t Always About Dollar Amounts

There are many reasons to research additional life insurance options for military spouses and dependents:

  • Service members are required to maintain SGLI accounts for themselves and their family members.
  • Coverages may not be as high for family members as it is for the military member.
  • VA.gov states, “If you have spousal coverage and want to reduce, turn down, or cancel it, have your service member submit your changes online through the SGLI Online Enrollment System (SOES).”
  • Troops must use milConnect to sign in and access life insurance benefits to change or cancel them.

If you want a life insurance policy under your direct control as a military spouse, consider a commercially offered one.

You won’t need to ask your spouse’s permission or have their assistance to change or cancel the policy, and you can keep this policy even if your spouse retires or separates from the military.

 

>> Getting affordable life insurance coverage with no medical exam or labs required is easy. Get a no-obligation, free consultation to determine your eligibility.  

 

 

About the author

Editor-in-Chief

Editor-in-Chief Joe Wallace is a 13-year veteran of the United States Air Force and a former reporter/editor for Air Force Television News and the Pentagon Channel. His freelance work includes contract work for Motorola, VALoans.com, and Credit Karma. He is co-founder of Dim Art House in Springfield, Illinois, and spends his non-writing time as an abstract painter, independent publisher, and occasional filmmaker.