Life insurance is a contract between you and an insurance company — you make payments to the insurance company and in return, the insurance company will pay a specified amount of money to your beneficiaries (spouse and dependents) upon your death. Essentially, a life insurance policy could be the only financial resource your spouse, children or loved one depend on when you aren't there to provide.
All life insurance policies have different attributes and factors that are taken into account when policies are written. Premiums are based on factors such as your age, gender, vocation, and/or medical history; some policies also require a paramedical examination. Some important factors to consider when deciding on a plan are: your needs, your need for dependent coverage, monthly premium amounts, and the length of time you will need coverage.
Having a life insurance policy should be considered a part of your overall financial planning. Just like you take care of your loved ones now, they should also be taken care of in the event you are not around to provide for them. Life insurance policies can provide benefits to your beneficiaries to help relieve them the burden of ongoing expenses and allow for future financial stability.
If you fall into any the following categories, a life insurance plan could be a crucial piece in planning for your future:
- I have a spouse.
- I have dependents.
- I provide for other loved ones.
- I have a dependent parent or disabled loved one.
- I own a business.
- I have an estate.
- I have a mortgage or multiple loans.
SSLI offers four different group life insurance to help you meet your needs. Whether you are looking for an alternative or supplement to SGLI/VGLI, or for additional coverage for your spouse or children, or coverage for a specified period of time or lifetime. SSLI can help satisfy your needs — all with no war or terrorism exclusions.
Yes. You can retain your SSLI policy when separating from military service. Your coverage won't end and your rates won't increase just because you retire or separate from military service.
Yes up to the plan maximum limits. You will submit a new application form to request the coverage increase.
Yes. All the SSLI group life policies cover pilots and crew members.
Yes. Term Life coverage for all your eligible dependent children is available under the MIT & USBA Plans.
Yes. Coverage for your spouse is available under all of the SSLI Plans.
Yes. Service-related and combat deaths receive full benefits. There is no war clause.
Yes, a popular combination for members under age 40 is $10,000 of coverage under the MIT plan and $250,000 of coverage with MBA or USBA.
Yes. The deduction is listed as SSLI on the LES. A DD2558 is necessary to implement the allotment.
The Administrator will assist you to set up a payment plan such as quarterly, yearly or monthly through your checking account. You won't be asked to pay higher rates just because you retire or separate from military service.