Editor’s note: This is a transcript of the audio file.
Taking care of the families of fallen service-members is an obligation the military takes very seriously. Soldiers Group Life Insurance or SGLI forms the backbone of that care. I’m Lucas Wysocki with your Bankrate.com personal finance minute.
There are quite a few benefits that members of the military enjoy, from on-post housing to free healthcare, but one of the most important is the comprehensive life insurance plans in place to protect the service-members family.
Each service member active or reserve is automatically covered for four-hundred- thousand dollars for the low premium of $27 a month which is taken automatically from their pay. In addition, the protection can extend to Traumatic Injury Protection and family coverage for only a few extra dollars a month.
Another thing that sets SGLI apart from typical life insurance is that military members enjoy a screening-free process. The rates never change based on age, sex, health, or tobacco use. The policies are administered by Prudential through the Department of Veterans Affairs and with 7.1 million people insured through the VA it’s the nation’s 7th largest insurer.
For more news and information, visit bankrate.com, I’m Lucas Wysocki.