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

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