Trans World Assurance Blog

5 Must Read Articles About Military Members and Life Insurance

Posted on Tue, Feb 14, 2012

1) It pays to have enough life insurance: Policies beyond SGLI can spell financial security

"Having the money from an extra life insurance policy above and beyond Servicemembers’ Group Life Insurance gave Vivianne Wersel extra options after her Marine husband died in early 2005…" - By Karen Jowers


2) Servicemembers' Group Life Insurance (SGLI):

"What is SGLI?…How Much Coverage is Available?…How Much Does SGLI Cost?…How Much Life Insurance Do I Really Need?…SGLI Conversion Feature...The SGLI Disability Extension..." - U.S. Dept. of Veterans Affairs


3) Beyond SGLI:

"Servicemembers Group Life Insurance (SGLI) is part of a servicemember's employee benefit package. But it has limitations and like any group life insurance plan, it should not be relied upon to be the sole financial protection for your family…" - By Mike McHugh


4) Do Servicemembers Need Life Insurance?

"Life insurance is one of the most important components of your personal financial plan. Unfortunately, life insurance is poorly understood, and breadwinners' mistakes invariably cause great financial hardship for their survivors. The primary purpose of life insurance is to protect your survivors from the adverse financial consequences of your premature death..."

5) Assessing Your Life Insurance Needs and Options

"Assessing your life insurance needs and options can give anyone a headache! With the wide range of insurance products available and the complexity of your family's needs, determining the appropriate insurance protection is difficult.

In order to make this task easier, VA's Life Insurance Program has provided you with some decision-making tools and helpful information that can assist you in learning more about life insurance and in identifying your insurance needs…" - U.S. Dept. of Veterans Affairs

This list of articles is for educational purposes only. Trans World Assurance is in no way endorsed by any of the above websites, organizations, or authors. 

Tags: military life insurance, military, life insurance needs assessment, military spouses, Servicemember's Group Life Insurance (SGLI)

Every Military Member Should Assess Their Life Insurance Needs

Posted on Mon, Sep 26, 2011

When members join the military, they are automatically enrolled in the Servicemen's Group Life Insurance (SGLI) for the maximum amount of coverage and premiums are automatically deducted from their military pay. It is not uncommon for servicemembers to be told that all they need is SGLI, when frequently that would be poor advice. Servicemembers deserve the right to make responsible choices and decisions that their civilian counterparts make.

Every insurance decision should be made only after a thorough budget review, as well as a life insurance needs assessment. The Department of Veterans affairs provides a Life Insurance Needs Calculator on-line. This calculator helps military members to determine the amount of life insurance coverage needed.

To determine the amount of life insurance needed, the calculator takes into account current financial obligations, existing assets, and the income that would be needed to support a surviving family. It also takes into account how long the family needs to be sustained. The calculator is intended as a guide in the process and does not replace the services of a financial or insurance specialist who can fine tune your individual circumstances.

transworldassuranceTop 5 reasons military members should consider purchasing permanent cash value life insurance while still in the service

1) Servicemembers Group Life Insurance (SGLI) is not a permanent insurance solution. SGLI terminates 120 days after leaving the service. Many service members, in leaving the military, do not convert to Veterans Group Life Insurance (VGLI) because it can be very expensive and increases in cost over time. For more information, read the article "Beyond SGLI" at written by Captain Mike McHugh.

2) When purchased at a young age, permanent cash value life insurance premiums will remain low and fixed, and the return on many cash value products is outstanding in comparison to other financial choices.

3) The cash values accumulated from a permanent cash value life insurance policy can be used in helping the transition from military to civilian life.

4) Cash value life insurance provides death protection that will be there for a family if necessary.

5) Disability incurred during service could make purchasing standard insurance at normal rates impossible after leaving the service.

Tags: Trans World Assurance, military life insurance, military, life insurance needs assessment