As a member of the United States Coast Guard, you are eligible for several military benefits, including Servicemembers' Group Life Insurance (SGLI). Additionally, optional coverage for family members — your spouse and dependents — can be obtained under Family Servicemembers’ Group Life Insurance (FSGLI) policies.
SGLI has guaranteed acceptance (which means you can’t be turned down) and provides a straightforward policy so that servicemembers and their families will have protection should something happen to them. While these basic term life policies are a good starting point, SGLI offers a cookie-cutter plan with limited coverage that may not meet your family’s unique needs. While SGLI’s $400,000 limit may initially sound like a lot, the reality is that it rarely provides enough coverage for a Coast Guard family. For example, if you make $50,000 per year, that is only enough money to cover eight years of your lost income — that’s without factoring in your final expenses and other liabilities you may leave your family.
When it comes to Coast Guard life insurance, multiple factors come into play when determining which policy and coverage amount is best for your family’s needs. Age, income, health history, family composition, and future goals are all factors that you should consider when buying life insurance. Read on to learn more about the life insurance options available to members of the Coast Guard and how AAFMAA can help.