The Military Service of enlisted members of the Armed Forces is supported by life insurance coverage. It is available to every active duty Servicemember. Congress has repeatedly adjusted the amount of coverage over the years. During the recent decade it was raised to up to $400,000 dollars under the Servicemember Group life insurance program. There are other levels for the Servicemember and their dependents, but the maximum amount of coverage for the Servicemember is available for $28 dollars a month. Servicemen’s group life insurance coverage was changed to the additional level of $400,000 a couple of years ago, in July of 2006.
Most Servicemembers elect to sign up for their level of insurance coverage when they join the service, so the deduction for their live insurance is something that they never even miss. The premium is deducted from the very first check and most people never miss the deduction for their insurance. Because of this it was not even an issue for most Servicemembers. The rate of insurance coverage for Servicemembers work out to about 7 cents per thousand dollars of coverage. This is more advantageous than what can be accessed though commercial life insurance. There are policy opportunities through the SGLI for dependents and family members too. The coverage amount for spouses and dependants is available in multiples of $10 thousand dollars up to a maximum of $100,000 dollars. The coast of the insurance depends on the age of the spouse. The Cost runs from about $6 dollars for a spouse under age 32 years old, up to a maximum of $55 dollars a month for spouses over age 60 years. These are the minimum and maximum costs for insurance for your spouse for the $100,000 dollar coverage, the amounts are less for less coverage.
Dependent children are automatically covered for free at the $10,000 dollar level with Servicemembers SGLI coverage, more insurance is available for purchase up to $100,000 dollars per child. SGLI also started a new insurance in 2005 called traumatic injury insurance protection, it is available for amounts from $50,000 dollars of coverage to $100,000 coverage amounts, depending on the type of injury. This traumatic injury coverage is available for $1 dollar and the benefits is payable depending on the traumatic injury that is suffered.