Life Insurance
Servicemembers Group Life Insurance
Servicemembers Group Life Insurance (SGLI) provides term life insurance to active duty servicemembers and Ready Reservists. Coverage is available in $50,000 increments up to the $400,000 ceiling. Servicemembers Group Life Insurance premiums are $.065 per $1,000.
So, if you want to buy $100,000 in coverage:
| JoeMath |
|---|
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$100,000 ÷ $1,000 = $100
Then,
$100 x $0.065 = $6.50 |
Therefore, your monthly premiums would be $6.50.
After leaving active duty, servicemembers must convert their insurance to either Veterans Group Life Insurance (VGLI) or another commercial insurance plan within 120 days.
To convert your insurance to a commercial plan:
- Find a company that accepts Servicemembers Group Life Insurance.
- Contact the sales department of the insurance company you selected for an application.
- Contact your Servicemembers Group Life Insurance agent and ask them for a letter verifying your coverage. This must be given to your new insurance representative.
- Along with the letter, give your new insurance agent a copy of your separation document.
You can convert your coverage to a commercial policy at standard premium rates—and you don’t have to provide proof of good health—but the policy you convert to must be a permanent policy, also known as a whole life policy.
If you want to convert to Veterans Group Life Insurance (VGLI), see our page to find out how.
If you wish to purchase Servicemembers Group Life Insurance or wish to learn more, contact the Office of Servicemembers Group Life Insurance.
