Jeffrey Wade
If you're looking for life insurance as a current or former member of the Navy, there are several options available to you. Servicemembers' Group Life Insurance (SGLI) is a low-cost term coverage option for eligible service members, while Veterans' Group Life Insurance (VGLI) is available for veterans. Additionally, Navy Mutual offers affordable life insurance plans for active-duty and retired servicemembers and their families, including a whole life insurance plan that can be tailored to your budget and needs. Navy Federal Credit Union also provides information on different types of life insurance and has partnered with several companies to offer affordable options.
| Characteristics | Values |
|---|---|
| Name of Insurance | Navy Mutual: Military Life Insurance and Annuities |
| Who is it for? | Active duty and retired service members and their families |
| Types of Insurance | Whole and term life insurance |
| Features | Affordable, customizable, no combat or war exclusions |
| Additional Features | Wealth transfer, charitable giving, maintaining the same standard of living for the family |
| Rating | A+ Fitch Rating for 21 years in a row |
| Contact Number | 1-800-628-6011 |
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What You'll Learn
Servicemembers' Group Life Insurance (SGLI)
To be eligible for full-time SGLI coverage, you must meet at least one of the following requirements:
- You are an active-duty member of the Army, Navy, Air Force, Space Force, Marines, or Coast Guard.
- You are a commissioned member of the National Oceanic and Atmospheric Administration (NOAA) or the U.S. Public Health Service (USPHS).
- You are a cadet or midshipman of the U.S. military academies.
- You are a member, cadet, or midshipman of the Reserve Officers Training Corps (ROTC) engaged in authorized training and practice cruises.
- You are a member of the Ready Reserve or National Guard, assigned to a unit, and scheduled to perform at least 12 periods of inactive training per year.
Once enrolled, you can manage your SGLI coverage and choose your level of coverage or even refuse coverage altogether. You can also select your beneficiaries (those who will receive the money from your life insurance policy in the event of your death) and change them as needed through the SGLI Online Enrollment System (SOES).
The current basic SGLI premium rate is 6 cents per $1,000 of insurance coverage, with an additional $1 per month for Traumatic Injury Protection coverage (TSGLI). This premium is automatically deducted from your base pay each month.
When you leave the military, you have the option to convert your SGLI coverage to a permanent, individual insurance policy within 120 days of your discharge date without proof of good health. You may also be able to keep your SGLI coverage for up to 2 years after leaving the military at no cost if you meet certain requirements.
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Navy Mutual
Membership in Navy Mutual is open to active-duty servicemembers, reservists, and honorably discharged veterans of the seven uniformed services, including the U.S. Navy, U.S. Marine Corps, U.S. Coast Guard, U.S. Public Health Service, and the National Oceanic and Atmospheric Administration. Membership also extends to retired personnel of these services, as well as enlisted personnel of the U.S. Navy, U.S. Marine Corps, and U.S. Coast Guard.
In addition to life insurance, Navy Mutual also provides a variety of secure, low-cost annuities to help ensure the financial security of its members. These annuities offer flexible payment options, guaranteed minimum interest rates, and highly competitive fixed returns.
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Whole life insurance
Navy Mutual offers whole life insurance for servicemembers and veterans with competitive rates and many options for payment timelines. Their Flagship Whole Life plan features a two-part accelerated death benefit at no additional cost. If the insured is at least 60 years old and develops a need for assistance with two or more activities of daily living or supervision due to cognitive impairment, the plan's death benefit can be paid out over 48 or 60 months. Additionally, Navy Mutual offers an optional rider that provides $25,000 of term coverage for any unmarried, dependent children under the age of 18. This rider is available at an additional cost.
Navy Federal Financial Group also offers whole life insurance policies to help protect your loved ones and keep you confident in the future. They have partnered with several life insurance companies to offer affordable options.
Servicemembers' Group Life Insurance (SGLI) is another option for eligible service members. SGLI offers low-cost term coverage and if you qualify, you will be automatically signed up through your service branch. You can choose your level of coverage and beneficiaries, and even refuse coverage completely. When you leave the military, you can convert your SGLI coverage to a permanent, individual insurance policy (like whole life) within 120 days from your date of discharge without proof of good health.
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Term life insurance
Servicemembers’ Group Life Insurance (SGLI) offers low-cost term coverage to eligible service members. If you meet certain criteria, you will be automatically signed up for SGLI. You may be eligible for full-time SGLI coverage if you meet at least one of the following requirements:
- You are an active-duty member of the Navy, Army, Air Force, Space Force, Marines, or Coast Guard.
- You are a commissioned member of the National Oceanic and Atmospheric Administration (NOAA) or the U.S. Public Health Service (USPHS).
- You are a cadet or midshipman of the U.S. military academies.
- You are a member, cadet, or midshipman of the Reserve Officers Training Corps (ROTC) engaged in authorized training and practice cruises.
- You are a member of the Ready Reserve or National Guard, assigned to a unit, and are scheduled to perform at least 12 periods of inactive training per year.
If you qualify for SGLI, you can choose your level of coverage or even refuse coverage completely. You can also choose your beneficiaries and change them as needed. If you have SGLI coverage, you will pay a monthly premium that will be automatically taken out of your base pay. The current basic SGLI premium rate is 6 cents per $1,000 of insurance coverage, including an additional $1 per month for Traumatic Injury Protection coverage (TSGLI).
Navy Mutual also offers term life insurance plans to members. Their Level II Plus Term plan provides coverage between $50,000 and $1,500,000 at a guaranteed level premium. Term lengths start at 10 years and increase in five-year increments. Coverage is available to those between 18 and 75 years old. Navy Mutual's term life insurance plan offers significant savings over what you might pay for comparable Veterans' Group Life Insurance (VGLI) over the life of the policy.
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Veterans' Group Life Insurance (VGLI)
Veterans Group Life Insurance (VGLI) is a life insurance program that allows veterans to convert their Servicemembers' Group Life Insurance (SGLI) coverage to renewable term life insurance after leaving military service. This program, overseen by the Department of Veterans Affairs and administered by the Office of Servicemembers' Group Life Insurance (OSGLI), provides a way for veterans to maintain life insurance coverage without a medical exam, as long as they apply within a specified period after separation from the military.
VGLI was established as part of the Veterans' Insurance Act of 1974 to provide continued life insurance protection to veterans transitioning back to civilian life. Before VGLI, veterans often faced challenges in obtaining life insurance due to health issues or the high cost of individual policies. By offering a renewable term life insurance policy, VGLI fills this gap and becomes a valuable option for veterans seeking financial protection for their families.
VGLI coverage is issued in multiples of $10,000, up to a maximum of $500,000. However, a service member's VGLI coverage amount cannot exceed the SGLI coverage they had while in the military. Additionally, VGLI premiums are calculated based on the age of the insured veteran, with rates increasing in five-year age bands. As veterans age, the associated risk of providing life insurance coverage rises, leading to higher premium costs over time.
VGLI offers guaranteed acceptance within 240 days of separation from service, making it a convenient option for veterans with medical issues or those seeking straightforward, renewable term insurance. However, it's important to consider the rising premiums and the lack of cash value accumulation, which may not align with everyone's financial goals. Assessing your individual circumstances, comparing VGLI with alternative military life insurance policies, and evaluating your financial needs will help guide your decision-making process in choosing the most suitable life insurance plan.
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Frequently asked questions
Navy Mutual offers life insurance for active-duty and retired service members and their families. You can also find life insurance at Navy Federal Credit Union.
There are two main types of life insurance policies: whole life insurance and term life insurance. Whole life insurance, also known as "permanent life", offers lifelong protection and can be customized to address unique financial goals such as transferring assets and charitable giving. Term life insurance is good for fixed-term coverage needs like paying off a mortgage or funding a child's education.
The amount of life insurance you need depends on your annual income, age, immediate cash needs, long-term income needs, and available cash resources. A common rule of thumb is to have coverage equal to 10-15 times your annual income.
You may qualify for SGLI if you are an active-duty member of the Navy, Army, Air Force, Space Force, Marines, or Coast Guard, or if you are a commissioned member of the National Oceanic and Atmospheric Administration (NOAA) or the U.S. Public Health Service (USPHS). You may also qualify if you are a cadet or midshipman of a U.S. military academy or a member of the Ready Reserve or National Guard.
