Veteran Universal Life Insurance

Veteran Universal Life Insurance: Is It For Veterans Only?

Veteran Benefits: Only for Veterans?

You may discover that being a part of the armed forces offers many benefits in terms of offering financial benefits. One aspect of benefits provided to members of the military is Veteran Universal Life Insurance. What does Veteran Universal Life Insurance entail and who is it available to? For many years, the U.S. government has established life insurance programs and benefits for servicemen and women. Often times, other companies may not provide coverage because of the implications of being in the military. The Department of Veterans' Affair offers various insurance programs. These cover veterans of WWI, WWII, the Korean War, and current members of the uniformed services, the reserves as well as the National Guard.

Servicemembers' Group Life Insurance

You do not specifically need to be a veteran of a war to be eligible for Veteran Universal Life Insurance or other types of insurance that the VA provides. Something called Servicemembers' Group Life Insurance, or SGLI is a benefit package for all servicemen and women in the armed forces, not just veterans. It is a low cost insurance program available to wide range of people. Most uniformed service members are automatically insured under the program for the maximum amount $400,000. This is usually the normal amount, unless the service member reduces the amount of insurance. They also have the option to cancel the insurance completely if they choose.

Traumatic Injury Protection

An additional feature of the Servicemembers' Group Life Insurance, that was just recently introduced in 2005 is something called Traumatic Injury Protection. This can be very important because it provides coverage for service members against loss resulting from traumatic injuries. Its essential purpose is to offer financial compensation to family members who would like to be present while the service man or woman recovers from his/her injuries. The coverage of Traumatic Injury Protection has a range between $25,000 and $100,000 and is dependent on the details of the injury. The cost of Servicemembers' Group Life Insurance is $29 per month.