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AAFMAA Blog

Comparing life insurance coverage options

2017-03-23

Part of the 2017 insurance guide that Military Times published this week included a breakdown and comparison of different life insurance offerings. Active Duty servicemembers and veterans of the United States military have multiple options for coverage, and, as AAFMAA COO Mike Meese told Military Times, narrowing them down and selecting the best one does not have to be a painful process.

Over the last several decades, the article noted, the purchase of life insurance has been on the decline in the United States. Luckily, this is not the case for the currently serving military community – at least in part due to the DoD's automatic enrollment of eligible servicemembers to Servicemembers' Group Life Insurance (SGLI). 

After leaving the service, however, veterans join the startling downward trend in life insurance. They lose their SGLI and have a certain window of time to enroll in VGLI, the government replacement of SGLI for veterans. On top of that, VGLI is costly because it has to maintain a certain accessibility, allowing for a wide spectrum of ages and health conditions.

Mike explained that the aforementioned reasons are not adequate excuses for the failure of any member of the military community to have valid life insurance policies, either for supplemental or replacement coverage for SGLI. Most people buying life insurance these days, he added, do so online. The online purchase process gives shoppers the opportunity to directly compare offerings from multiple providers. 

Read this section of the Military Times 2017 insurance guide to see charts that compare both VGLI and SGLI to comparable term policies of 12 different companies and organizations, including AAFMAA: www.militarytimes.com/articles/insurance-guide-2017-charts-to-compare-providers-and-tips-for-how-to-buy.