What Is Servicemen Group Life Insurance Coverage?
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63333 POINTSview profilePeggy MaceMost of the U.S.Servicemen / Servicemembers Group Life Insurance (SGLI) is coverage that is provided to eligible servicemembers in the military. It is issued through the US Dept of Veterans Affairs. Active servicemembers are automatically enrolled for $400,000 of term coverage, then charged a nominal premium each month to keep it in force.Answered on February 12, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaServiceman’s Group Life Insurance (SGLI) is a federal program. It replaced a program instituted during World War II that proved to be one of the best benefits servicemen could have. SGLI is available to all service personnel but ceases when they leave active duty. Veteran’s group Life insurance (VGLI) is a similar, however, more costly program for servicemen who have left active duty.Answered on June 30, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! Regular life insurance companies will not insure anyone that is in the military, or in an area where military action is likely. Insurance companies are all about the risk of loss, and being in the military greatly increases that risk. As a result, the federal Government offers life insurance for the members of the military, so that their families can be protected also. That is what Servicemen Group Life is. I hope that helps. Thanks for asking!Answered on July 1, 2014flag this answer
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