Are you a member of the military or a veteran looking for a discount on your life insurance premiums? You may be eligible for a discount depending on the type of coverage you have. Life insurance is an important financial tool that helps people who depend on you for financial support by replacing part or all of their income when you die. If you're single, have no children, and no one depends on you for money, you may only need enough life insurance to pay for debts, taxes, and burial expenses. However, if you hold a position that meets the requirements of the Federal Employees Group Life Insurance (FEGLI), you are automatically enrolled in basic life insurance, which takes effect the first day a pay and service statement takes effect, unless you opt out of this coverage before the end of your first pay period. The Servicemembers' Group Life Insurance (SGLI) program allows military personnel to purchase dental and eye insurance as a group, which means competitive premiums and no limitations for pre-existing conditions.
Your health insurance coverage can take effect at the beginning of the payment period that follows the payment period in which you are contracted. Before taking out insurance, it's important to ask the agent how the company would handle problems that arise while you're deployed. You may be able to pay your premiums automatically from your bank account or renew your policy early. If you are approved, you will receive a notice 20 months after the date of separation informing you that your SGLI-DE will end and that you now have the option to pay a premium for group life insurance for veterans (VGLI). If you have questions about group life insurance for members of the armed forces or veterans, don't hesitate to call the Group Life Insurance Office for Service Members (OSGLI) at 800-419-1473 or send an email to Prudential Insurance Company.
It's also important to keep this in mind when canceling any other health insurance coverage you already have and when scheduling doctor visits or tests. If you pay the premium, you can keep your life insurance coverage as long as you continue to pay the premiums. If you're being sent to military service, it's a good idea to review your insurance coverage. Federal law requires insurance companies to cancel coverage and reinstate it if a service member requests its reinstatement within 30 days after they return. Doctors, lawyers, and some other professionals can request in writing that their insurance company suspend their professional liability policy while they are on active duty.
Home insurance normally covers personal property that you take with you while traveling, but most policies don't cover damage in a war zone. After leaving military service, it's possible to convert your group life insurance for military service members into group life insurance for veterans or private insurance with a participating company.