military couple

Life Insurance for Military Spouses

By Jerry

Trying to track down an appropriate life insurance policy can be tricky. Looking for a life insurance agent can help you with narrowing down your options, but if you’re a military family there’s also an extra layer of complexity that you’ll have to navigate.

Learning about your insurance options doesn’t have to be a completely torturous experience, though. This short guide will help you figure out how life insurance works for military spouses and the families of our nation’s servicemembers.

Is There Life Insurance for Military Families?

For the spouses and children of both active servicemembers and veterans, there’s actually a comprehensive life insurance option in place, known as Family Servicemembers’ Group Life Insurance (FSGLI). According to the US Department of Veterans Affairs, this option is available for spouses of dependents of service members who:

  • Are on active duty and covered by SGLI full-time
  • Are part of the National Guard or Reserves and covered by SGLI full-time

FSGLI provides a maximum $100,000 for spouses and $10,000 for dependent children. Monthly premium rates vary based upon ages and coverage amounts, but can be as low as $0.45/month and as high as $45.00/month. Dependants are covered for free.

Now, while the FSGLI is a popular option for some, others may find that the amounts that it offers are not sufficient for their individual circumstances. If this applies to you, you might want to explore a few other options before making a decision.

What Are Some Other Options?

In addition to FSGLI, there’s a pretty vast array of companies that offer life insurance for military families, including USAA, AAFMAA, USBA, MBA, and Prudential. 

Most of these options have been around for half-a-century or more, so they’ve accumulated a pretty good deal of experience one working with military families.

They may provide options for converting SGLI and FSGLI policies into civilian policies as well, so for individuals leaving the military, these might serve as a good option for ensuring that they still have coverage post-retirement.

The Bottom Line

There are plenty of options available for active service members, veterans who have left the military, and their families. If you’re a military spouse, you may find that a simple FSGLI policy is more than enough to suit your needs.

If it isn’t though, you’ve still got the option of checking out policies from private insurers who have experience working with military families, and may be able to offer options that are more in line with the coverage amounts you need.

Be sure to weigh all the paths available to you, and consider working with an insurance agent who may be able to help you narrow down the best available plan.