Best Life Insurance for Military Dependents (2024)
Secure the future of military dependents with comprehensive life insurance. Explore coverage options tailored to their unique needs and discover the array of benefits provided. Gain peace of mind knowing their financial security is safeguarded in any circumstance, with reliable and flexible life insurance plans designed specifically for military families.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
UPDATED: Aug 6, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Aug 6, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Welcome to our comprehensive guide on life insurance for military dependents. If you are a military family navigating the unique challenges and uncertainties of service life, it’s crucial to ensure the financial security of your loved ones. We will explore the key topics surrounding life insurance for military dependents, including the importance of coverage, types of policies available, eligibility criteria, and the benefits of obtaining a policy.
We will also address common questions and concerns, offering valuable insights to help you make informed decisions. Don’t miss out on protecting your family’s future. Enter your zip code now to compare rates from the best insurance providers and secure the peace of mind you deserve.
What life insurance options are there for military dependents?
Military dependents have two main options for life insurance policies; the FSGLI program and private insurance. The FSGLI program is a branch of the Servicemembers Group Life Insurance program run through the VA.
This branch specifically caters to the dependents of military members and provides them with term life insurance.
Private insurance companies are still an option for a military spouse. However, not every private insurance company will cover military personnel serving in active combat zones. This limits the number of insurers who will be able to provide military family insurance coverage.
Read more: Air Force Car Insurance Discount
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What is the most affordable life insurance for military spouses?
FSGLI generally offers the lowest rates for life insurance policies for military spouses starting at $4.50 for $100,000 in coverage.
However, to qualify for a policy through FSGLI, the service member must have their own policy through the SGLI program.
$100,000 in coverage starts at $7 per month, so altogether, there would be a monthly premium of $11.50. This is still a good rate given that you are receiving two separate policies.
A private quote from AAFMAA starts at $6.40/mo for an individual policy. If the service member was not looking to purchase any life insurance, but a spouse still wanted a discount, this may be a more affordable option.
However, if the military member is still planning on getting a life insurance policy, you may find yourself paying more by purchasing the policies separately.
Read more: Army Car Insurance Discount
The Pros and Cons of Life Insurance for Military Dependents
The biggest benefit to purchasing a military dependent’s life insurance policy is the cost. In particular, FSGLI policies are very affordable and provide a healthy amount of coverage.
While military spouse benefits come in many shapes and sizes, affordable life insurance is one of the most important long-term benefits available.
Another big pro of the FSGLI and SGLI programs is that they are directly paid for through your spouse’s paycheck.
The government does everything automatically, making it easy to maintain and fewer things you need to worry about.
The main con of purchasing an FSGLI life insurance policy is that it is tied to your spouses’ military employment. If your spouse separates from the military or passes, FSGLI provides you 120 days to transfer the policy out to a private insurer.
Private policies generally do not tie their coverage to military service, despite providing affordable rates to military spouses. Once your spouse leaves the military, or should they pass, these policies generally remain intact.
Many private policies will also have additional coverage options and riders that can make them more beneficial, helping to offset their higher cost.
The best thing to do before making your final decision about where to purchase life insurance is to shop around. Compare military life insurance quotes from multiple companies, then check your budget and see what makes the most sense for you and your family.
Are you ready to start looking for life insurance for military dependents? Enter your ZIP code below, and we will help jumpstart your search.
Read more: Marines Car Insurance Discount
Case Studies: Best Life Insurance for Military Dependents
Case Study 1: SecureLife Military Dependents Protection Plan
John, a retired Army veteran, wanted to ensure the financial security of his family, including his wife and two children. After extensive research, he opted for the SecureLife Military Dependents Protection Plan. This policy provided comprehensive coverage tailored specifically for military dependents.
With competitive premium rates and a range of benefits, including a death benefit, education assistance, and bereavement support, SecureLife offered the ideal protection for John’s family.
Case Study 2: ValorShield Spouse and Child Protection
Samantha, an active-duty Air Force member, sought a life insurance plan that would safeguard her spouse and child in the event of an unforeseen circumstance. After careful consideration, she selected the ValorShield Spouse and Child Protection policy. This plan offered flexible coverage options and benefits designed to meet the unique needs of military families.
With its portability and additional features like accelerated death benefits and a military assistance program, ValorShield provided Samantha with peace of mind while she served her country.
Case Study 3: PatriotGuardian Military Family Protection
Robert, a Marine Corps servicemember, was determined to secure his family’s financial stability in case of any unfortunate incidents. After thorough evaluation, he chose the PatriotGuardian Military Family Protection policy. This plan not only offered a high coverage amount but also featured a built-in disability benefit and an education fund for his children.
Additionally, the policy provided survivor support services, ensuring Robert’s family would receive the necessary assistance during challenging times.
Case Study 4: DefenseShield Dependents Coverage
Emily, a Navy spouse, understood the importance of having reliable life insurance to protect her family’s future. After extensive research, she decided to go with the DefenseShield Dependents Coverage plan. This policy provided comprehensive coverage for military dependents, including a flexible payout option and an automatic benefit increase to keep pace with inflation.
The plan also offered a unique military rewards program, allowing Emily to accumulate points that could be redeemed for various benefits over time.
Case Study 5: GuardianPlus Armed Forces Family Protection
David, an Army reservist, wanted to ensure his family’s financial security while he served both in active duty and during civilian life. After careful analysis, he opted for the GuardianPlus Armed Forces Family Protection policy. This comprehensive plan offered coverage for military dependents and featured a term life insurance component with convertible options.
The policy also included additional benefits, such as a critical illness rider and a waiver of premium in the event of disability, making it an excellent choice for David’s family.
Frequently Asked Questions
What is life insurance for military dependents?
Life insurance for military dependents is a type of insurance policy designed to provide financial support to the dependents of active-duty military personnel in case of their death.
Who is eligible for life insurance for military dependents?
Eligibility for life insurance for military dependents varies by the specific policy and provider. Generally, spouses and children of active-duty military personnel are eligible for coverage.
What types of life insurance for military dependents are available?
There are different types of life insurance policies available for military dependents, including term life insurance, permanent life insurance, and group life insurance.
What is the difference between term life insurance and permanent life insurance?
Term life insurance provides coverage for a specific period of time, typically between 10 and 30 years. Permanent life insurance, on the other hand, provides coverage for the duration of the policyholder’s life.
What is group life insurance?
Group life insurance is a type of life insurance policy provided by an employer or organization to its employees or members. It typically offers coverage at a lower cost than individual policies.
What are the benefits of life insurance for military dependents?
The benefits of life insurance for military dependents include providing financial security for loved ones in the event of the policyholder’s death, helping cover funeral expenses, and providing funds for ongoing expenses such as mortgage payments or educational expenses.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.