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War

Soldiers and Life Insurance

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Memorial Day is an American holiday, observed the last Monday every May, honoring all men and women who died while serving a stint in the United States military.

Since it’s Memorial Day weekend when I’m writing this article, I thought I’d take some time to write an applicable article on U.S. Soldiers and life insurance.

This life insurance article will discuss the following:

  • Gen X soldier reflections and military campaigns
  • Life Insurance and U.S. soldiers
  • Supplemental life insurance for U.S. soldiers.

If you would like to proceed directly to getting life insurance quotes instead of reading the remainder of this article on Soldiers and Life Insurance, the life insurance quoter is here.

Generation X Soldiers, Reflections and Military Campaigns:

In 2001, after 9/11, I really wanted to join the military, specifically the Army. I was a sophomore in college, and I really felt like it’s something I wanted to do. I was eventually talked out of joining the military by family and friends—it’s one of the biggest regrets in my life. Now, being 37 (turning 38 soon), and married with a budding family, it’s too late.

I have friends in the military who served in the 2001 invasion of Iraq whom I really admire and appreciate.

There are many Gen Xers in their late 40’s and early 50’s who served in the 1990 to 1991 Gulf War in Iraq, coined Operation Desert Shield.

The 1990-1991 Gulf War, the September 11 2001 bombing of the World Trade Center Towers and Pentagon, and the 2003-2011 Second Gulf War (and corresponding fighting in Afghanistan) are Gen X’s biggest military campaigns.

So, what about Soldiers and Life Insurance?

The United States Government actually does a great job in providing life insurance for active soldiers and former soldiers.

The United State Government provides life insurance to active and former soldiers in the following ways:

  • SGLI—According to this source, “the SGLI (service members’ group life insurance) is a VA program that provides low cost group life insurance to all military members. Members are automatically insured under Servicemembers’ Group Life Insurance (SGLI) for the maximum amount of $400,000 unless you choose otherwise. SGLI also includes Traumatic Injury Protection. This coverage provides service members protection against loss due to traumatic injuries and is designed to provide financial assistance to members so their loved ones can be with them during their recovery from their injuries.  The coverage ranges from $25,000 to $100,000 depending on the nature of the injury. SGLI costs 7 cents per $1,000 of coverage, or $29 per month for the maximum of $400,000. When you get out of the military your SGLI will stay in effect for 120 days after your discharge.” Furthermore, when you are no longer active in the military and no longer qualify for SGLI, you are eligible for life insurance under Veterans Group Life Insurance.
  • VGLI—According to this source, “VGLI (Veterans Group Life Insurance) is a life insurance program which allows servicemembers to convert their SGLI coverage to renewable term insurance. VGLI coverage is issued in multiples of $10,000 up to a maximum of $400,000. However, a servicemember’s VGLI coverage amount cannot exceed the amount of SGLI they had in force at the time of separation from service.”

Both SGLI and VGLI are run and administered by the Department of Veteran Affairs (VA).

All in all, active members of the military as well as former soldiers can have up to $400,000 worth of life insurance at a very reasonable rate through these two government-run programs.

So, what about supplemental life insurance for soldiers in addition to that offered and provided by the SGLI and VGLI?

Yes, of course, both active and former U.S. military members are eligible for supplemental life insurance on the private market in addition to the up to $400,000 life insurance coverage accessible to them under the SGLI and VGLI.

Granted, it will be easier for former soldiers to receive the coverage then current soldiers because of the war exclusion clause which is present in many life insurance contracts with traditional life insurance companies.

To get supplemental life insurance coverage, active and former military would need to apply for life insurance just like anyone else. Get Quotes, Submit an Application, Pay the Premium, Receive the Life Insurance Coverage.

I hope this has been a helpful article on soldiers and life insurance.

All in all, for active and former military, the first place to look for life insurance coverage is the SGLI and the VGLI which can provide up to $400,000 life insurance for your family at a solid rate. Both SGLI and VGLI are government programs, run by the Department of Veteran Affairs (VA).

If you are active or former military and need life insurance in addition to that, you can generate your own life insurance quotes here. Just enter how much life insurance you want in the life insurance quoter, your height, weight, etc., and you’ll be able to generate your own life insurance quotes from around 20 A-rated life insurance companies (including Prudential, Banner Life, John Hancock, etc.) within about five minutes of your time.

However, if you prefer to discuss your life insurance needs with me directly instead of generating your own life insurance quotes, email me at robert@weigelinsurance.com, contact me through linkedin, or message me here, and we can set up a time to discuss your life insurance needs.

 

Until next time and until next life insurance article,

 

Robert Weigel

Term Life Insurance Agent for Generation X

www.weigelinsurance.com

robert@weigelinsurance.com

 

Gen X Men and War

By | War | No Comments

Men go to war. It’s a fact. In fact, the total number of American male soldiers who die in war, percentage-wise, versus their female counterparts is alarming.

Here are some statistics from the Korean War, Vietnam War, and Persian Gulf War:

  • Korea—36,572 U.S. male soldiers killed in combat versus U.S. female soldiers killed in combat.
  • Vietnam—58,217 U.S. male soldiers killed in combat versus U.S. female soldiers killed in combat.
  • Persian Golf War—367 U.S. male soldiers killed in combat versus 15 U.S. female soldiers killed in combat.

The source I am using for this information is the “Congressional Research Service, informing the Legislative Debate since 1914”. Yes, this source compiles numbers for Congress. (credits here)

You won’t see statistics like these discussed at any rally or in any debate on equal rights for men and woman—and the purpose of this article is not to make an argument on gender issues. My articles are geared toward life insurance and how specific issues impact life insurance for both men and women. But, if we’re going to have a discussion on disparity between men and women, shouldn’t we at least mention the fact that men are disproportionately the ones who fight and die in our wars?

And this fact is true as well in the 21st century Afghanistan and Iraqi conflicts. Double standards shouldn’t exist. Period. But I’ll leave that discussion for you to have on your own time, elsewhere.

So, how does War effect Life Insurance?

War impacts life insurance in the following ways:

  • DENIED FOR LIFE INSURANCE—One of the ways war effects life insurance is that the applicant will be denied for a life insurance policy. In the life insurance application, there are questions posed something like “Are you planning to go outside the country in the next two years? If so, where?” If you respond truthfully with “Yes, I’ll be going to Syria on a mission trip” the life insurance company will deny your life insurance application. Why? Because, as we all know, Syria is a war-torn country so the chances of you dying in Syria on your mission trip are significantly greater than the actuaries that calculate the risks on the life insurance policies can calculate. Life insurance companies can not deny you for being in the military because that’s discrimination, but traveling overseas to a bellicose area—which is what most members of the military do at one time or another—is a very effective way for a life insurance company to deny your application.
  • WAR EXCLUSION CLAUSE—The war exclusion clause in a life insurance policy is exactly what it suggests. The life insurance company will not pay your beneficiaries the life insurance money from your policy if your death was a result of some war-related conflict including invasion, insurrection, revolution, military coup, and terrorism. Yes, the war exclusion clause not only applies to soldiers but civilians as well. The war exclusion clause is not in every life insurance policy, but it still is in most of them. I would highly recommend using the services of a skilled life insurance agent to make sure the life insurance policy you are applying for does not have the war exclusion clause within it.
So, how do you get life insurance then if you’re a solider?
  • GOVERNMENT LIFE INSURANCE—For soldiers, getting life insurance is not difficult. The United States government is aware of the unique challenges that soldiers face in war, and how those unique challenges can prevent them from getting life insurance for their families back at home. Therefore, the SGLI was created. According to military.com, the “SGLI is a VA program that provides low cost group life insurance to all military members. Members are automatically insured under Servicemembers’ Group Life Insurance (SGLI) for the maximum amount of $400,000 unless you choose otherwise.” (credits here)
  • LIFE INSURANCE AFTER THE MILITARY—While being on active duty in the military can certainly be a hindrance in getting a life insurance policy outside of the government, getting life insurance after you have retired from the military wouldn’t be any more difficult than any other American civilian. If you have retired from the military and need life insurance for your family, you can generate your own life insurance quotes from around 20 A-rated on the life insurance quoter here. Just enter how much life insurance you want quotes for, your height, your weight, etc., and you’ll be able to get the quotes in less than five minutes of your time.

So, how do you get life insurance if you’re a civilian going to a war-torn or bellicose country?

  • IT’S REALLY HARD TO GET A TRADITIONAL LIFE INSURANCE POLICY if you are going to a war-torn county because one of the application questions will be “are you planning to travel overseas in the next two years?” and you answer “Yes, Syria”, life insurance companies will deny your life insurance application because they know Syria is a war-torn country. Not only is it hard to get a traditional life insurance policy if you are going to war-torn country, but if you have a policy already place and you die in a bellicose country, your beneficiaries will more than likely be denied the life insurance money because of the war exclusion clause. I’ve covered both of these previously in this article.
  • GUARANTEED ISSUE LIFE INSURANCE—Guaranteed issue life insurance is exactly how it sounds—you apply for the policy, you pay the premium, and you get the life insurance. Most guaranteed issue life insurance policies max out at $50,000 so it may not be enough for your family’s life insurance needs but at least it is something.

All in all, war can effect life insurance in devastating and not-so-devestating ways.

I hope this has been a helpful, overview article on how war effects life insurance.

If you need quotes for term life insurance, email me at robert@weigelinsurance.com, contact me here, or message me through linkedin.com.

 

Until next time and until next life insurance article,

 

Robert Weigel

Life Insurance Agent for Generation X

www.weigelinsurance.com

robert@weigelinsurance.com