As a former Unites States Marine I can’t tell you how grateful I was to have life insurance protection under the Service Members Group Life Insurance, or SGLI. In the event I should have passed away, I knew that my dependents would be financially covered.
But what if my spouse who was not a military service member and not covered by the SGLI, were to unexpectedly pass away? How would I have the cash needed to replace her everyday rolls?
I had to seriously think about the following:
- How would I be able to afford to stay in our home?
- How would I be able to pay off our debt?
- How would I be able to pay for funeral cost?
- How would I be able to afford child care?
- How would I be able to replace her lost income from her work?
- How would I be able to perform all of the in-home services she provided?
- Would I have to hire someone to help me?
Not having the financial answers to fulfill these questions, I knew we needed to consider purchasing military spouse life insurance coverage for my wife. So we began our search for the right type of life insurance coverage.
Family Members Group Life Insurance (FSGLI)
First, we did look into the Family Service Members Group Life Insurance or FSGLI program which is another excellent benefit offered by the military.
The only problem was that our need for a higher death benefit was greater than the maximum amount offered by the FSGLI of $100,000, so we needed to look into coverage options outside of the military.
Military Spouse Life Insurance Outside of FMGLI
With our needs being so much greater than $100,000 and living on a budget we began our search online looking into coverage options that would best fit our needs.
By searching online for additional coverage options we were able to do the following:
- Educate ourselves on life insurance and the different types of coverage options
- Compare competitive rates with several term life insurance companies
- Compare competitive rates based on how long we needed the coverage to last
- Compare ratings (A or better) from Moody’s, Standard & Poor’s, Fitch and/or A.M. Best
- Use financial calculators for accurate death benefit needs
The Solution...Life Insurance
Purchasing a military spouse life insurance coverage outside of the military provided us the amount of death benefit coverage we needed at very affordable rates.
Best of all it provided our family financial peace of mind knowing that should one of us pass away all of the “Would I” questions would be financially answered through the cash that our life insurance policies would provide to each other.
In the military and have questions about military spouse life insurance coverage? Please feel free to contact us toll-free at (888) 777-7574 or send us a message and we will help answer your questions.