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The period after leaving the service may be uncertain and full of ups and downs, but you can still protect your family’s livelihood with Houston TX veterans group life insurance. If you’re your family’s financial support, then you don’t want to leave them in a bind if you pass away unexpectedly. Getting life insurance is a sure way to help protect your family from that type of situation.
Usually, the government offers service members a few choices of life insurance. Whether you’re still an active duty member or are retiring, the government still provides support. However, there are some limitations and requirements that may restrict you from applying for it.
Some may be simply time constraints, and you’ll want to apply before the deadline comes up. Others may be due to your own circumstances that won’t allow you to qualify. However, even if you’re not eligible for governmental life insurance, you can still apply for insurance from a private insurance company.
Houston TX Veterans Group Life Insurance
To better understand the benefits the government offers veterans, you’ll need a general explanation of group life insurance. In general, group life insurance is something an employer or large-scale entity offers their group members. In this case, the government provides life insurance to those in military service.
Because this type of life insurance is for a group of people, employers can buy it in bulk for cheaper. Thus, this makes it more affordable for the members receiving insurance. The amount members receive may not be as much as personal life insurance, but it’s certainly more affordable. Typically, group life insurance is a type of renewable term life insurance that you can elect to renew when it’s open.
The government offers active and retired members group life insurance.
Servicemembers’ Group Life Insurance
One of the requirements to qualify for the veterans’ version of governmental life insurance is to have the active members’ version first. Servicemembers’ Group Life Insurance (SGLI) is a mouthful, but it’s one of the easiest ways to acquire life insurance benefits while still in the military. So long as you’re an active-duty member of any branch of the military, you qualify.
There are a few other stipulations if you aren’t a member of the Army, Navy, Air Force, Marines, or Coast Guard. If you’re a commissioned member of the National Oceanic and Atmospheric Administration or U.S. Public Health Service, you may also qualify. This insurance may also apply to Ready Reserve or National Guard members or a volunteer in an Individual Ready Reserve mobilization category. SGLI may also extend to a cadet or midshipman of the U.S. military academies or Reserve Officers Training Corps.
If you qualify for SGLI, the Department of Veteran Affairs will sign you up through your service branch. Of course, you’ll be able to choose your level of coverage or refuse altogether. You’ll also be able to choose who your beneficiaries are.
Usually, the amount you receive is anywhere up to $400,000, in increments of $50,000. If you leave the military before applying for different insurance, SGLI offers you a 120 day limit of free coverage. And if you’re totally disabled, SGLI will extend the free coverage up to two years when you leave service.
SGLI is the simplest way to acquire insurance while in service. Of course, it probably won’t be a viable option once you leave or retire. The government offers a different version for that.
Veterans’ Group Life Insurance
There are several options of Houston TX veterans group life insurance that you can receive. You may be able to qualify for the government’s veterans’ group life insurance (VGLI). Of course, depending on your circumstances, you may not be eligible, so it’s best to know beforehand.
You can try to apply as long as you meet any one of the several requirements. They’re a bit messy, but you can narrow them down to the following:
- had SGLI while in the military for at least 31 days and are within one year and 120 days after being released from active-duty
- had part-time SGLI and suffered an injury or disability while on duty as a National Guard or Reserves that disqualifies you from regular premium rates
- are within one year and 120 days of being released from the Ready Reserves or National Guard, being assigned to the Individual Ready Reserves of a branch or Inactive National Guard, or being placed on Temporary Disability Retirement List
Generally, you can receive between $10,000 to $400,000 in benefits. The exact amount will depend on the SGLI coverage amount you have when you leave the service.
On a side note, when you leave, you can sign up for VGLI for the same amount of coverage you had with SGLI. You may also be able to increase the amount by $25,000 every five years. That’ll last until you’re 60 and up to a maximum of $400,000.
If you want to receive VGLI coverage, you’ll need to sign up within a year and 120 days after leaving service. As long as you apply before 240 days, you won’t need to prove you’re in good health. However, if you sign up after 240 days, you’ll need to submit proof that you’re still healthy.
The Non-Government Options
Even if you don’t qualify for government life insurance, you can still protect your family with life insurance from a private company. Life insurance comes in several forms, and you may need to shop around to find the most appropriate.
You can either choose from a temporary or permanent life insurance policy, which is essentially term or whole. There are also several other options like universal life insurance if you want some flexibility. Which one you choose will depend on what you and your family needs and your financial situation.
To see and compare all your available options, you should sit down with an insurance agent. They’ll be able to answer any questions you may have. Contact the experts with Best Life Insurance Houston Agency today. They can help you find the best life insurance outside of your available Houston TX veterans group life insurance options.
Houston, TX Fun Facts:
- Houston is the 4th most populous city in the United States.
- The Heisman trophy is named after John Heisman, who was the first full-time coach and athletic director at Rice University.
- Cynthia Cooper, now head of the USC Women’s Basketball Team, got her start playing for the Houston Comets.
- South Park creator Matt Stone was born in Houston.
- For more fun facts, visit Houston’s official site.