Servicemembers group life insurance

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Servicemembers' Group Life Insurance, or SGLI, is a heavily subsidized life insurance product available to active members of the United States Armed Forces, including ready reservists, commissioned members of NOAA and the Public Health Service, cadets and midshipmen in one of the four service academies, and members of the Reserve Officer Training Corps.

Insurance is available in increments of $50,000, up to a maximum of $400,000. As of July 1, 2006, SGLI premiums are $0.07 per $1,000 of insurance, regardless of the member's age. A $400,000 policy costs $29 per month.

Veterans' Group Life Insurance, or VGLI, is a similar product available to Armed Forces veterans. SGLI policyholders must convert their policy to VGLI upon discharge unless an exception for total disability applies. Premiums for VGLI are higher and are based on the age of the insured.

Military Benefits Association, or MBA, also offers life insurance to members of the US military at very competitive rates. Monthly premiums are $1 less than the premiums from SGLI.

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