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Life Insurance -- Question & Answer Listing  
Viewing 1-7 of 7 Knowledge Entries
Question / Answer

Question:
What are some of the benefits of having Life Insurance?

Answer:
Life insurance provides cash (known as death benefits) to your family after your death. The purpose is to replace your income and allow your family to meet their financial needs such as daily living expenses, mortgage payments, and college tuition.

Question:
What is Family Service Members' Group Life Insurance (FSGLI)?

Answer:
Family Service members' Group Life Insurance (FSGLI) is a program extended to the spouses and dependent children of members insured under the SGLI program, which became effective on November 1, 2001. FSGLI provides up to a maximum of $100,000 of insurance coverage (issued in increments of $10,000) for spouses, not to exceed the amount of SGLI the insured member has in force. The amount of insurance coverage for dependent children is $10,000.

Question:
What is Service Member's Group Life Insurance (SGLI)?

Answer:
Servicemen's Group Life Insurance (SGLI) is a low cost group life insurance available to service members on active duty, ready reservists, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the four service academies, and members of the Reserve Officer Training Corps a through military pay deduction. It is currently limited to $250,000 (since 1 April 2001). Note that SGLI does not contain a war clause unlike some life insurance policies that have exclusions for military-related deaths.

Question:
What is the Federal Employees Group Life Insurance (FEGLI)?

Answer:
The Federal Employees Group Life Insurance (FEGLI) offers DoD and Department of the Army Civil Service Employees term life insurance for very low rates and premiums that may be deducted from their pay.

Question:
What is the Survivor Benefit Plan (SBP)?

Answer:
The Survivor Benefit Plan (SBP) is an insurance plan for the surviving dependents of military personnel who die in retirement or after becoming eligible for retirement. It is designed to insure that they will continue to have a reasonable level of income following the retired service member's death. Contact the Retirement Services Office for more information on the specific benefits of the SBP.

Question:
What is the Survivors Benefit Plan (SBP)?

Answer:
The Survivors Benefit Plan (SBP) is an insurance plan that is meant to insure that the surviving dependents of military personnel who die in retirement or after becoming eligible for retirement will continue to have a reasonable level of income. Spouses, former spouses, children, and/or other insurable interest (such as a business partner or parent) are eligible to be insured under the SBP.

Question:
What is Veteran's Group Life Insurance (VGLI)?

Answer:
Veterans Group Life Insurance (VGLI) provides a maximum of $250,000 of group term life insurance for veterans. VGLI provides for life insurance only. It does not provide for disability or other supplementary benefits. Additionally, VGLI has no cash, loan, paid-up or extended insurance values and does not pay dividends.
Viewing 1-7 of 7 Knowledge Entries

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