Servicemen’s Group Life Insurance
What Does Servicemen’s Group Life Insurance Mean?
Servicemembers’ Group Life Insurance (SGLI) is an insurance coverage program for military personnel serving in branches such as the Army, Navy, Marines, Coast Guard, and others. Eligibility for SGLI is automatic for qualified individuals, and premium payments are deducted directly from their salary.
Insuranceopedia Explains Servicemen’s Group Life Insurance
Members of the following groups are automatically enrolled in Servicemembers’ Group Life Insurance (SGLI): the Army, Navy, Marine Corps, Air Force, Coast Guard, National Oceanic and Atmospheric Administration (NOAA) Commissioned Corps, and the United States Public Health Service (USPHS) Commissioned Corps. ROTC reservists, cadets, and midshipmen are also eligible. The maximum coverage amount is $400,000.
Coverage can be provided in two ways: as a lump sum or in 36 installment payments. Upon retirement from service, the policy can be converted into a Veterans’ Group Life Insurance (VGLI) policy.
An eligible individual may decline SGLI coverage and seek similar insurance elsewhere or explore alternative, potentially more affordable, SGLI options.
This program is commonly referred to as Servicemembers’ Group Life Insurance (SGLI).
