Comparing*life*insurance - Military Times

Comparing life insurance

All active--duty service members, Ready Reservists and National Guard members are automatically covered by Servicemembers' Group Life Insurance, a government--sponsored program with a maximum benefit of $400,000. Troops can opt out of SGLI or add to that coverage using private--sector insurers. Upon leaving the military, troops qualify for the companion program, Veterans' Group Life Insurance. How 14 life insurance options compare to SGLI and VGLI. All active--duty service members, Ready Reservists and National Guard members are automatically covered by Servicemembers' Group Life Insurance, a government--sponsored program with a maximum benefit of $400,000. Troops can opt out of SGLI or add to that coverage using private--sector insurers. Upon leaving the military, troops qualify for the companion program, Veterans' Group Life Insurance. Wherever possible, premiums listed are for $400,000 coverage, the maximum offered under SGLI. Some plans have lower maximums; the premiums listed for those are for that maximum amount. Similarly, some plans offer more than $400,000 in coverage for higher premiums than are listed here. While VGLI doesn't provide spouse coverage, spouses with coverage through SGLI can convert their coverage to an individual permanent plan within 120 days after the service member leaves the military, or other key events. Key: NS = nonsmoker; AD = active duty; NG = National Guard; R = Reserve; PB = Preferred Best underwriting class; PS = Preferred Smoker underwriting class. How 14 life insurance options compare to SGLI and VGLI:

SGLI

Monthly

$29*

premium: Age 30,

$400,000

Monthly

$5

premium: Spouse

age 30, $100,000

Monthly

$29*

premium: Age 45,

$400,000

Monthly

$13

premium: Spouse

age 45, $100,000

Monthly

$29*

premium: Age 60,

$400,000

Monthly

$50

premium: Spouse

age 60, $100,000

VGLI

AAFMAA

AFA

$40

$18.15

$26.56

AFBA $32 NS

N/A

$5.90 NS

$2.52*

$8 NS

$88

$18.15

$57.60

$32 NS

N/A $432

$5.90 NS $86.20*

$5* $319.04

$8 NS $352 NS

N/A

$14.20**

$33.32*

$88 NS

AFSA

AUSA

$16 NS (for max. $25 (for

$200,000

max.

coverage)

$250,000

coverage)

$8 NS

$10

$54.72 NS (for max. $200,000 coverage)

$27.36 NS

$57.50 (for max. $250,000 coverage) $23

$228.72 NS (for max. $200,000 coverage)

$114.36 NS

$252.50 (for max. $250,000 coverage) $101

Type of plan Eligibility

SGLI Group term

VGLI Group term

AD/NG/R Coverage Recently remains in effect for separated free for 120 days service after separation. members* Members who are totally disabled at separation can apply for up to 2 years of free SGLI coverage from separation.

AAFMAA Individual term life AD/NG/R, retired; also veterans in AZ, CT, FL, HI, MD, NC, OK, OR, RI, SC, VA

AFA Group term

Veteran, spouse/widow or ancestor/lineal descendant of veteran

AFBA Group term

AFSA Group term

AUSA Group term

AD/NG/R, retirees, Air Force

AUSA

veterans and

AD/NG/R,

members

spouses

retirees, veterans and spouses

and families. Must under 65

be under age 65

to apply.

Maximum

$400,000 member; $400,000 $1 million

$500,000 until $400,000

coverage

$100,000 spouse

age 65; $50,000

after age 65

Health exam No**

No, within Depends on type Yes

For member, no

required?

240 days of of policy and

health exam up to

separation responses to

49 for $250,000

application

coverage and age

questions

59 for $100,000

coverage

Is policy portable Conversion either to Yes, lifetime, Yes

Yes if separates; Yes

if individual

a VGLI term policy or renewable

no if ends

separates from to a permanent plan

membership

military or ends with a private

membership in insurer is guaranteed

organization? if done within set

time periods.

$200,000

$250,000

Usually no,

Yes

depending on

answers to health

questions*

Yes if separates; Yes if

no if ends

separates;

membership. May no if ends

convert policy membership

SGLI Can the term Yes policy be converted to a permanent insurance policy such as whole life without complete underwriting/heal th exam?

Organization one-- None

year membership

dues

Limitations on No

aviators, flight

crews, others?

War clause

No

Partial premium No

refunds

Premium/coverag To separation or

e at age 30 rate retirement

stays same how

long?

Premium/coverag To separation or e at age 45 rate retirement stays same how long?

Premium/coverag To separation or e at age 60 rate retirement stays same how long?

VGLI

AAFMAA

Yes

Yes

None

None

No

No

No

No

No

No

To age 35, 20 years NS then rises every 5 years to age 75

To age 50, 5 years NS then rises every 5 years to age 75

To age 65, 5 years then rises every 5 years to age 75

AFA

AFBA

Yes

Yes

45

No

No Yes 10 years

None

No

No No 20 years

5 years

5 years

5 years; at age 10 years 65, coverage reduced by half or to $50,000, whichever is less

AFSA Yes

$25 No** No No 5 years

5 years

5 years

AUSA Yes

$14 to $39, based on paygrade No No No 5 years

5 years

5 years

SGLI

Coverage

Yes***

available for

child?

Company/organiz Servicemembers'

ation, website Group Life

Insurance,

insurance.

Notes

* Includes $1 for

VGLI

AAFMAA

AFA

No

Yes***

Yes

Veterans' American Armed Air Force

Group Life Forces Mutual Association,

Insurance, Aid Association

insurance.va. (formerly Army

gov

and Air Force

Mutual Aid

Association),



*Leaving *Male. ** Female Coverage

AFBA Yes

AFSA Yes

AUSA Yes

Armed Forces

Air Force

Benefit Association, Sergeants

Association,



Association of the U.S. Army, ausa.o rg

Spouse and children *AFSA members N/A

FRA

Monthly

$10.50 NS

premium: Age 30, (for max.

$400,000

$150,000

coverage)

JWV $32.60 NS; $66.08 smoker

MBA $23.20

MOAA

NAUS

$10.40 $14**

Preferred

NS*; $17.60

Standard NS

Navy MutualPrudential $12.40* $32 PB; Male NS $113 PS

Male

ROA $22.80 NS

USAA Life $21.49 Male*

Monthly

$7 NS

premium: Spouse

age 30, $100,000

$8.16 NS; $5.80 $16.52 smoker

Monthly

$40 NS; (for $105.28 $40

premium: Age 45, max.

NS;

$400,000

$150,000 $245.28

coverage) smoker

Monthly

$26.67 NS $26.32 $10

premium: Spouse

NS;

age 45, $100,000

$61.32

smoker

$2.70

$9**

Preferred

NS*; $4.60

Standard NS

$36

$27.75**

Preferred

NS*; $60

Standard NS

$9.50

$12.75**

Preferred

NS*; $15.80

Standard NS

$7.70* $15 PB; $32 $4.77 NS Female NS PS Female

$12.74 Female*

$31.20* Male NS

$76 PB; $332 PS Male

$83.60 NS

$49.82 Male*

$11.10* $23 PB; $69 $17.90 NS Female NS PS Female

$19.07 Female*

Monthly

$168.25 NS $430.08

premium: Age 60, (for max. NS;

$400,000

$150,000 $821.28

coverage) smoker

$190.32

Monthly

$112.17 NS $107.52

premium: Spouse

NS;

age 60, $100,000

$205.32

smoker

$47.58

$150

$104**

Preferred

NS*; $250

Standard NS

$39.50 $35.50** Preferred NS*; $65.80 Standard NS

$120* Male $212* PB; $334.40 NS

NS

$681* PS

Male

$204.15 Male*

$26.80* $47* PB; Female NS $144* PS

Female

$70.30 NS

$47.49 Female*

Type of plan

Group term Group Group term Group term Term term

Individual term

30--year individual level term

Group term

Individual level term

Eligibility

FRA

JWV

MBA

MOAA

NAUS

Current and Under 65 Active and MOAA Ages 18--85,

former and U.S. retired members veterans,

enlisted resident military and and spouses retirees,

members of

spouses

spouses and

Navy,

survivors

Marine

Corps, Coast

Guard,

under age

70

Navy MutualPrudential ROA

USAA Life

AD, R,

Age 18 to 55 Reserve, All

retired NS**; age active, retired

military 18 to 45 for and former

members; smokers** officers and

and

warrant

honorably

officers under

discharged

age 60 and

veterans

actively

residing in

working; and

AZ, CT, HI,

their spouses,

MD, NC, RI,

widows and

SC, VA

widowers

Maximum coverage Health exam required?

$150,000 $500,000 $1 million $1 million $2 million $1 million $65 million $500,000 $10 million

Minimal Yes

Case--by-- Yes

Case--by--case Yes

Yes

Depends on Yes

questions

case basis

basis,

level of

depending on

coverage

the carrier

requested

and the age of

the member.

Is policy portable Yes if

Yes if Yes if

Yes if

Yes if

Yes

Yes

Yes if

Yes

if individual

separates; separates; separates; separates; separates; no

separates; no

separates from no if ends no if ends no if ends no if ends if ends

if ends

military or ends membershi members membershi membershi membership

membership

membership in p*

hip

p

p.

organization?

FRA Can the term Yes policy be converted to a permanent insurance policy such as whole life without complete underwriting/heal th exam?

Organization one-- $30 year membership dues

Limitations on No

aviators, flight

crews, others?

War clause

No

Partial premium No refunds Premium/coverag 5 years e at age 30 rate stays same how long?

JWV

MBA

Yes

Yes

Varies by None

post;

minimum

usually

$35

No

No

No

No

No

No

5 years 5 years

MOAA Yes

$40 No No No 5 years

NAUS

Navy MutualPrudential ROA

Depending on Yes

Yes, until Yes

carrier and

the end of

amounts

the level

premium

period or

policy

anniversary

on or after

insured's

65th

birthday,

whichever is

earlier, but

may not be

less than 5

years.

$25 single; None

N/A

$55

$45 joint; $19

widow/widow

er

Depending on No

carrier and

amounts

Depending on No

carrier and

amounts

Yes

No

Yes; varies No

based on

flying time

No

No

Yes

No

10 years

15 years 30 years 5 years

USAA Life Yes

None No No Yes 20 years

FRA Premium/coverag 5 years e at age 45 rate stays same how long? Premium/coverag 5 years e at age 60 rate stays same how long?

JWV

MBA

5 years 5 years

5 years 5 years

MOAA 5 years

5 years

NAUS 10 years

10 years

Navy MutualPrudential ROA 15 years 30 years 5 years

15 years 20 years*** 5 years

USAA Life 20 years

20 years

Coverage

Yes

Yes

Yes

Yes

Depends on Yes

Yes

No

Yes

available for

carrier chosen

child?

Company/organiz Fleet

Jewish Military Military National

Navy

Prudential, Reserve

USAA Life,

ation, website Reserve War

Benefit Officers Association Mutual prude Officers



Association, Veterans Association, Association for Uniformed (formerly Association,

of the militar of

Services, Navy



U.S., America,ww Mutual Aid

jwv.

w.

Association)

org

,

navym



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