In the U.S., benefits are available for retirees, veterans, and their families to help them financially. In 2024, there’s a new benefit called Military Life Insurance & Survivor Benefits designed specifically for the survivors of veterans, active duty members, and retirees. This program provides crucial support to those left behind. In this post, we’ll go over the key details, including who is eligible, the costs involved, and what the program includes. We’ll also explain how beneficiaries can sign up. Keep reading to learn all about the Military Life Insurance & Survivor Benefits for 2024.
Military Life Insurance & Survivor Benefits 2024
Military Life Insurance and Survivor Benefits for 2024 include coverage for active duty members, veterans, and retirees. This plan offers financial support to the families and dependents of retired service members, providing them with some of the pension benefits to ensure financial security for the rest of their lives.
In this post, we’ll go over the different benefits available, who is eligible, the cost of premiums, how to sign up, and the process for changing or canceling policies. We’ll also explain how citizens can apply for these programs.
Military Life Insurance & Survivor Benefits 2024- Overview
| Title | Military Life Insurance & Survivor Benefits 2024 |
| Year | 2024 |
| Name of the Country | United States of America |
| Name of the Benefit | Military Life Insurance & Survivor Benefits |
| Beneficiaries | Active Duty Members, Veterans, Retirees and their survivors |
| Objective | Financial Aid |
| Category | Finance |
| Official Web Portal | www.usa.gov |
Military Life Insurance 2024
In 2024, there are two main life insurance options available for those in the military: Servicemembers Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI). These plans offer coverage to both active duty members and veterans. In this guide, we’ll explain who is eligible for these policies, how to apply, and what the monthly premiums might look like.
Servicemembers Group Life Insurance:
Servicemembers Group Life Insurance (SGLI) is a life insurance program designed specifically for active duty members. It provides affordable coverage to those who qualify, and if you meet the requirements, you’re automatically enrolled.
To qualify for SGLI, you need to meet at least one of the following conditions:
- Be a volunteer in the Individual Ready Reserve (IRR) Mobilization program.
- Be a member of the Ready Reserve or National Guard.
- Be a cadet or member of the ROTC.
- Be a cadet at a U.S. Military Academy.
- Be a commissioned officer in the NOAA or USPHS.
- Be an active member of the Coast Guard, Army, Marines, Space Force, Navy, or Air Force.
SGLI provides coverage up to $500,000, available in $50,000 increments. If a service member becomes disabled, this coverage can be extended for up to two years. Monthly premiums are deducted from the service member’s base pay, with a rate of 6 cents per $1,000 of coverage. Additionally, $1 per month is included in the premium for Traumatic Injury Protection (TSGLI).
| Coverage | Monthly Premium | TSGLI | Total Premium |
| $5,00,000 | $30 | $1 | $31 |
| $4,50,000 | $27 | $1 | $28 |
| $4,00,000 | $24 | $1 | $25 |
| $3,50,000 | $21 | $1 | $22 |
| $3,00,000 | $18 | $1 | $19 |
| $2,50,000 | $15 | $1 | $16 |
| $2,00,000 | $12 | $1 | $13 |
| $1,50,000 | $9 | $1 | $10 |
| $1,00,000 | $6 | $1 | $7 |
| $50,000 | $3 | $1 | $4 |
Veterans Group Life Insurance (VGLI)
Veterans Group Life Insurance (VGLI) is a type of life insurance specifically designed for veterans. This policy is available to those who have left the military, allowing them to continue their life insurance coverage. Here’s who is eligible:
- Veterans who have had an SGLI policy for at least one year may qualify.
- Those who were covered by part-time SGLI may also qualify.
VGLI coverage ranges from $10,000 to $500,000, and the cost of the premiums depends on the veteran’s age. If you’re interested, you must apply within one year and 120 days after leaving the military. Applications can be submitted online through the OSGLI website, or by mail or fax to:
OGGLI
PO BOX 41618
Philadelphia, PA 19176-9913
Survivor Benefits 2024
When military personnel retire, they receive a pension, but this pension stops once the retiree passes away. To ensure their loved ones are taken care of, retirees can sign up for programs like the Survivor Benefit Plan, Reserve Component Survivor Benefit Plan, VA Survivors Pension, and VA Dependency and Indemnity Compensation. These programs are designed to support survivors after the retiree’s death. Survivors Benefits 2024 includes all these plans, offering vital assistance to families. We’ve provided a link with detailed information on each program, including eligibility, benefits, and how to enroll.
| Survivor Benefit Plan | militarypay.defense.gov |
| Reserve Component Survivor Benefit Plan | dfas.mil |
| VA Survivors Pension | va.gov |
| VA dependency and Indemnity Compensation program | va.gov |
Frequently Asked Questions
Where can I learn more about Military Life Insurance & Survivor Benefits in 2024?
You can find detailed information about Military Life Insurance & Survivor Benefits on the official government website at www.usa.gov.
Who is eligible for Military Life Insurance & Survivor Benefits in 2024?
Active service members, veterans, and retired individuals are eligible for Military Life Insurance & Survivor Benefits in 2024.