![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/04/BeFunky-collage-scaled-1.jpg\")
As parents, family, and friends of new military members, it\u2019s crucial to understand the ongoing efforts to enhance the quality of life for your friends and loved ones as they embark on their military journey. Joining the military opens up a world of possibilities and benefits with unwavering congressional support. The people you elect for your districts and states all care about the well-being of our Soldiers, Sailors, Marines, Airmen, Guardians, and Coast Guardsmen.
\n\n\n\nThese young men and women have volunteered to defend our nation, and Congress is always pushing our Department of Defense to be at its best. I am incredibly proud to see our legislature and DoD leadership thoughtfully focus on our service’s quality of life just as much as we focus on ships, aircraft, installations, systems, and training \u2014 creating a comprehensive defense strategy for global good.
\n\n\n\nA recent report released by the House Armed Services Committee’s Quality of Life Panel sheds more light on the ongoing and comprehensive legislative measures aimed at supporting service members, particularly the younger enlisted ranks.
\n\n\n\n![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/04/original.jpg\")
The Quality of Life Panel was established in June of 2023 to address the evolving needs of military personnel and their families. Through bipartisan collaboration, the panel created a series of recommendations for the Fiscal Year 2025 (FY25) National Defense Authorization Act (NDAA) \u2014 more commonly known as the Defense budget \u2014 to make a meaningful impact on the lives of those who serve. The focus of this panel has been on improving various aspects critical to service members’ welfare, including pay and compensation, housing, healthcare access, and spouse support.
\n\n\n\nUnder the leadership of Rep. Don Bacon (R-NE) as Chairman, and Rep. Chrissy Houlahan (D-PA), as the ranking minority member, the panel has focused on core areas that drive both recruitment and retention of our service communities. There has never been a better time to join and stay in the military.
\n\n\n\n![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/04/service-panel-1024x682.jpg\")
One of the standout recommendations the panel has produced is the proposed 15% increase in basic pay for junior enlisted members (E-1 to E-4). Basic Pay is the foundation of military pay and entitlements and is based on a service member\u2019s pay grade (rank) and time in service. You can learn more about Basic Pay here.
\n\n\n\nThis initiative aims to restore the real-world value of service members\u2019 income, acknowledging the increase in civilian earnings for individuals with similar educational backgrounds. Doing so ensures families can pay their bills, put food on the table, and invest in their future while they serve in the military. Moreover, the proposal to adjust the Regular Military Compensation (RMC) benchmarks reflects a concerted effort to ensure military pay remains competitive and fair. These RMC benchmarks represent the combined value of Basic Pay and other military entitlements servicemembers of all ranks receive in each paycheck.
\n\n\n\nThe Panel also emphasizes the need for continued improvements to housing solutions. It recommends reversing the recent reduction in the Basic Allowance for Housing (BAH) to ensure it covers 100% of the calculated rate for service members and their families, providing the finances required for a more stable living situation. BAH rates are calculated based on a service member\u2019s pay grade, number of dependents, and location, with rates varying by zip code based on the local housing markets.
\n\n\n\nFor too long, families only received 95% of this benefit as a cost-saving measure from the Department of Defense. We should never balance the checkbook on the backs of families and we are excited to see this injustice corrected. Further, enhancing the calculation methods for the Basic Allowance for Subsistence (BAS) and Cost-of-Living Allowances (COLA) will better reflect the actual living costs faced by military families stationed throughout the country and around the world. These entitlements are meant to offset the cost of service members\u2019 meals (BAS) and any additional costs incurred by living in more expensive locations (COLA).
\n\n\n\n![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/04/family.jpg\")
Improving access to medical care has been highlighted as a critical area by military leaders and members of the Quality of Life Panel. The Panel suggests evaluating the effectiveness of current healthcare access standards and expanding direct access to specialty healthcare providers.
\n\n\n\nThese measures aim to reduce waiting times and improve the overall healthcare services available to service members and their families. This next generation of service members is much more aware of health and well-being than many in the last generation. As such, we must strive to not just create equity in the comparable healthcare system, but to make military healthcare services among the best in the world.
\n\n\n\nRecognizing the unique challenges faced by military spouses, particularly in maintaining their careers amid frequent relocations, the Panel also recommends expanding the Military Spouse Career Accelerator Pilot Program \u2014 a competitive multi-year program that provides military spouses with paid 12-week fellowships in companies spanning a breadth of industries and locations. Participating spouses receive hands-on training and mentorship within the professional civilian environment to better equip them for a successful career.
\n\n\n\nSpouses should not have to choose between supporting their loved ones and pursuing their own careers. This program facilitates employment opportunities for spouses, significantly bolstering their professional and personal stability.
\n\n\n\n![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/04/220901-F-NU281-1011-1024x682.jpeg\")
These developments provide parents with valuable reassurances about their children’s welfare and future in the military. The legislative focus on improving pay, healthcare, housing, and family support underlines a robust commitment to addressing the everyday challenges faced by service members. By staying informed about these changes, you can better support your child’s career and well-being in the armed forces.
\n\n\n\nHouse Armed Services Committee Chairman Mike Rogers has already pledged to include these recommendations in the upcoming National Defense Authorization Act (Defense budget). It’s an optimistic time for military families, with tangible improvements on the horizon to enhance the quality of life for all service members.
\n\n\n\nThis collaborative and effective bipartisan effort is not only a model for our other committees to follow, but it is also a successful case study on the positive outcomes that our military members reap when our elected officials and senior military leaders come together for the good of the services, and most importantly, the people within them.
\n\n\n\nYou can read more about the recommendations HERE, and you can read the full Quality of Life Panel report HERE.
\nThe post Congress Puts Service Members and Families First in New Quality of Life Report appeared first on Sandboxx.
\n", "content_text": "As parents, family, and friends of new military members, it\u2019s crucial to understand the ongoing efforts to enhance the quality of life for your friends and loved ones as they embark on their military journey. Joining the military opens up a world of possibilities and benefits with unwavering congressional support. The people you elect for your districts and states all care about the well-being of our Soldiers, Sailors, Marines, Airmen, Guardians, and Coast Guardsmen. \n\n\n\nThese young men and women have volunteered to defend our nation, and Congress is always pushing our Department of Defense to be at its best. I am incredibly proud to see our legislature and DoD leadership thoughtfully focus on our service’s quality of life just as much as we focus on ships, aircraft, installations, systems, and training \u2014 creating a comprehensive defense strategy for global good. \n\n\n\nA recent report released by the House Armed Services Committee’s Quality of Life Panel sheds more light on the ongoing and comprehensive legislative measures aimed at supporting service members, particularly the younger enlisted ranks. \n\n\n\nThe Congressional Commitment to Quality of Life\n\n\n\n(DoD Photo)\n\n\n\nThe Quality of Life Panel was established in June of 2023 to address the evolving needs of military personnel and their families. Through bipartisan collaboration, the panel created a series of recommendations for the Fiscal Year 2025 (FY25) National Defense Authorization Act (NDAA) \u2014 more commonly known as the Defense budget \u2014 to make a meaningful impact on the lives of those who serve. The focus of this panel has been on improving various aspects critical to service members’ welfare, including pay and compensation, housing, healthcare access, and spouse support. \n\n\n\nUnder the leadership of Rep. Don Bacon (R-NE) as Chairman, and Rep. Chrissy Houlahan (D-PA), as the ranking minority member, the panel has focused on core areas that drive both recruitment and retention of our service communities. There has never been a better time to join and stay in the military. \n\n\n\nHigher Pay and Better Housing Options for Service Members\n\n\n\n(U.S. Air Force photo by Tech. Sgt. Amy Lovgren)\n\n\n\nOne of the standout recommendations the panel has produced is the proposed 15% increase in basic pay for junior enlisted members (E-1 to E-4). Basic Pay is the foundation of military pay and entitlements and is based on a service member\u2019s pay grade (rank) and time in service. You can learn more about Basic Pay here.\n\n\n\nThis initiative aims to restore the real-world value of service members\u2019 income, acknowledging the increase in civilian earnings for individuals with similar educational backgrounds. Doing so ensures families can pay their bills, put food on the table, and invest in their future while they serve in the military. Moreover, the proposal to adjust the Regular Military Compensation (RMC) benchmarks reflects a concerted effort to ensure military pay remains competitive and fair. These RMC benchmarks represent the combined value of Basic Pay and other military entitlements servicemembers of all ranks receive in each paycheck.\n\n\n\nThe Panel also emphasizes the need for continued improvements to housing solutions. It recommends reversing the recent reduction in the Basic Allowance for Housing (BAH) to ensure it covers 100% of the calculated rate for service members and their families, providing the finances required for a more stable living situation. BAH rates are calculated based on a service member\u2019s pay grade, number of dependents, and location, with rates varying by zip code based on the local housing markets.\n\n\n\nFor too long, families only received 95% of this benefit as a cost-saving measure from the Department of Defense. We should never balance the checkbook on the backs of families and we are excited to see this injustice corrected. Further, enhancing the calculation methods for the Basic Allowance for Subsistence (BAS) and Cost-of-Living Allowances (COLA) will better reflect the actual living costs faced by military families stationed throughout the country and around the world. These entitlements are meant to offset the cost of service members\u2019 meals (BAS) and any additional costs incurred by living in more expensive locations (COLA). \n\n\n\nImproving Access to Healthcare and Military Spouse Opportunities\n\n\n\n((U.S. Air Force photo/ Airman 1st Class Clayton Cupit))\n\n\n\nImproving access to medical care has been highlighted as a critical area by military leaders and members of the Quality of Life Panel. The Panel suggests evaluating the effectiveness of current healthcare access standards and expanding direct access to specialty healthcare providers. \n\n\n\nThese measures aim to reduce waiting times and improve the overall healthcare services available to service members and their families. This next generation of service members is much more aware of health and well-being than many in the last generation. As such, we must strive to not just create equity in the comparable healthcare system, but to make military healthcare services among the best in the world. \n\n\n\nRecognizing the unique challenges faced by military spouses, particularly in maintaining their careers amid frequent relocations, the Panel also recommends expanding the Military Spouse Career Accelerator Pilot Program \u2014 a competitive multi-year program that provides military spouses with paid 12-week fellowships in companies spanning a breadth of industries and locations. Participating spouses receive hands-on training and mentorship within the professional civilian environment to better equip them for a successful career. \n\n\n\nSpouses should not have to choose between supporting their loved ones and pursuing their own careers. This program facilitates employment opportunities for spouses, significantly bolstering their professional and personal stability. \n\n\n\nWhat This Means for Parents\n\n\n\n(U.S. Air Force photo by Justin R. Pacheco)\n\n\n\nThese developments provide parents with valuable reassurances about their children’s welfare and future in the military. The legislative focus on improving pay, healthcare, housing, and family support underlines a robust commitment to addressing the everyday challenges faced by service members. By staying informed about these changes, you can better support your child’s career and well-being in the armed forces.\n\n\n\nHouse Armed Services Committee Chairman Mike Rogers has already pledged to include these recommendations in the upcoming National Defense Authorization Act (Defense budget). It’s an optimistic time for military families, with tangible improvements on the horizon to enhance the quality of life for all service members. \n\n\n\nThis collaborative and effective bipartisan effort is not only a model for our other committees to follow, but it is also a successful case study on the positive outcomes that our military members reap when our elected officials and senior military leaders come together for the good of the services, and most importantly, the people within them.\n\n\n\nYou can read more about the recommendations HERE, and you can read the full Quality of Life Panel report HERE.\nThe post Congress Puts Service Members and Families First in New Quality of Life Report appeared first on Sandboxx.", "date_published": "2024-04-17T12:41:37-04:00", "date_modified": "2024-04-17T13:09:33-04:00", "authors": [ { "name": "Sam Meek", "url": "https://www.sandboxx.us/author/sam-meek/", "avatar": "https://www.sandboxx.us/wp-content/uploads/2024/04/F78wD1V7.jpg" } ], "author": { "name": "Sam Meek", "url": "https://www.sandboxx.us/author/sam-meek/", "avatar": "https://www.sandboxx.us/wp-content/uploads/2024/04/F78wD1V7.jpg" }, "image": "https://www.sandboxx.us/wp-content/uploads/2024/04/BeFunky-collage-scaled-1.jpg", "tags": [ "Military Family", "Milspouse", "Service Member Intel" ], "summary": "As parents, family, and friends of new military members, it\u2019s crucial to understand the ongoing efforts to enhance the quality of life for your friends and loved ones as they embark on their military journey. Joining the military opens up a world of possibilities and benefits with unwavering congressional support. The people you elect for your districts and states all care about the well-being of our Soldiers, Sailors, Marines, Airmen, Guardians, and Coast Guard." }, { "id": "https://www.sandboxx.us/?p=101563", "url": "https://www.sandboxx.us/blog/what-is-the-army-pays-program/", "title": "What is the Army PaYS Program?", "content_html": "![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/03/1000w_q95.webp\")
The knowledge, skills and attributes possessed by your Soldier will be in high demand after their time in the Army. With a keen understanding of this, the Army created a unique pathway program, the Army PaYS Program, to help companies identify and bridge their hiring gaps with transitioning Soldiers from the U.S. Army.\u00a0\u00a0
\n\n\n\nThe Army\u2019s Partnership for Your Success (PaYS) Program is a strategic partnership between the U.S. Army and a cross section of corporations and public sector agencies designed to support employment opportunities for transitioning Soldiers. The program guarantees five job interviews for transitioning soldiers.
\n\n\n![\"\"/](\"https://lh7-us.googleusercontent.com/KkXsAburLwiDgfBjEObWXvANTkcsJM3uoJtZJqyAdQXW3VQRUbmzLdno9f0pTUgnFydzt1klC2LNUDuhF315pQxJUC2XzhIUEnORevvirg8hFOYbwqHb2eQkDNCtb1f8CXjU9WJU6ijgpB7LdsB-sdA\")
Established in 2000, PaYS has partnered with over 1,200 organizations nationwide. These partners include 91 Fortune 500 companies and over 150 city, county and state governments. Many of the Army\u2019s PaYS partners are household names like Tesla, Amazon, Delta Airlines, Ford Motor Company, and many more. Since its inception, the PaYS Program has provided over 3.9 million Veteran job opportunities to Army Soldiers.\u00a0\u00a0
\n\n\n\nTraditionally, the PaYS Program was an option new Soldiers could select at the time of their enlistment or commission. Today, every Soldier who serves in the Army, Army National Guard, or Army Reserve is eligible to participate in the program. It is open to all Soldiers that want to participate. This also means the program is available retroactively for any Soldier who did not receive the option at the time of their enlistment or commission. The only requirement is to register on the PaYS website and you must receive an honorable discharge to remain eligible.\u00a0\u00a0
\n\n\n\nIn 2023, Army PaYS Program partners hired over 67,000 Veterans. The program continues to highlight the benefits of acquiring the highly talented and qualified Veteran population. If your Soldier hasn\u2019t registered for the PaYS Program, make sure you remind them of this amazing benefit.\u00a0
\n\n\n\nTo register or view the partner companies visit the Army PaYS website.
\nThe post What is the Army PaYS Program? appeared first on Sandboxx.
\n", "content_text": "The knowledge, skills and attributes possessed by your Soldier will be in high demand after their time in the Army. With a keen understanding of this, the Army created a unique pathway program, the Army PaYS Program, to help companies identify and bridge their hiring gaps with transitioning Soldiers from the U.S. Army.\u00a0\u00a0\n\n\n\nThe Army\u2019s Partnership for Your Success (PaYS) Program is a strategic partnership between the U.S. Army and a cross section of corporations and public sector agencies designed to support employment opportunities for transitioning Soldiers. The program guarantees five job interviews for transitioning soldiers. \n\n\n\n\n\n\nEstablished in 2000, PaYS has partnered with over 1,200 organizations nationwide. These partners include 91 Fortune 500 companies and over 150 city, county and state governments. Many of the Army\u2019s PaYS partners are household names like Tesla, Amazon, Delta Airlines, Ford Motor Company, and many more. Since its inception, the PaYS Program has provided over 3.9 million Veteran job opportunities to Army Soldiers.\u00a0\u00a0\n\n\n\nHow Does the Army PaYS Program Work?\n\n\n\nTraditionally, the PaYS Program was an option new Soldiers could select at the time of their enlistment or commission. Today, every Soldier who serves in the Army, Army National Guard, or Army Reserve is eligible to participate in the program. It is open to all Soldiers that want to participate. This also means the program is available retroactively for any Soldier who did not receive the option at the time of their enlistment or commission. The only requirement is to register on the PaYS website and you must receive an honorable discharge to remain eligible.\u00a0\u00a0\n\n\n\nIn 2023, Army PaYS Program partners hired over 67,000 Veterans. The program continues to highlight the benefits of acquiring the highly talented and qualified Veteran population. If your Soldier hasn\u2019t registered for the PaYS Program, make sure you remind them of this amazing benefit.\u00a0\n\n\n\nTo register or view the partner companies visit the Army PaYS website.\nThe post What is the Army PaYS Program? appeared first on Sandboxx.", "date_published": "2024-03-08T10:49:54-05:00", "date_modified": "2024-03-08T10:50:15-05:00", "authors": [ { "name": "Jeremiah Runser", "url": "https://www.sandboxx.us/author/jeremiah-runsersandboxx-us/", "avatar": "https://www.sandboxx.us/wp-content/uploads/2024/04/T02FTFJ5M-U02QLMHTNBE-f5a83faeb478-512.jpeg" } ], "author": { "name": "Jeremiah Runser", "url": "https://www.sandboxx.us/author/jeremiah-runsersandboxx-us/", "avatar": "https://www.sandboxx.us/wp-content/uploads/2024/04/T02FTFJ5M-U02QLMHTNBE-f5a83faeb478-512.jpeg" }, "image": "https://www.sandboxx.us/wp-content/uploads/2024/03/1000w_q95.webp", "tags": [ "Military Family", "Service Member Intel" ] }, { "id": "https://www.sandboxx.us/?p=98120", "url": "https://www.sandboxx.us/blog/why-you-need-life-insurance-beyond-sgli/", "title": "Why You Need Life Insurance Beyond SGLI", "content_html": "![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/01/Life-Insurance-Beyond-SGLI-980x490-1.webp\")
SPONSORED BY NAVY MUTUAL
\n\n\n\n\n\n\n\nIt\u2019s easy not to think too much about life insurance when you are in the military since your coverage is automatic. In fact, the\u00a0military ensures that all servicemembers are covered from day one \u2013 with $500,000 of Servicemembers\u2019 Group Life Insurance Coverage (SGLI) and up to $100,000 in Traumatic Injury Protection (TSGLI)\u00a0\u2013 for $31 a month.
\n\n\n\nIf $500,000 seems like a lot of money, you are right. It is often more than enough coverage for young, single servicemembers. When you start doing the math, though, for those with a spouse, children, a mortgage, debt, and future education costs, $500,000 does not go as far as you would think.
\n\n\n\nYou may need life insurance beyond what SGLI can provide if:
\n\n\n\nWhen thinking about how much life insurance you need, think about how much money your family would need to maintain their standard of living without your income. Not only will there be the immediate cash needs of funeral and final expenses, but your family members may also assume your debt, and those payments still need to be made in your absence. Long-term, you want to provide a large enough death benefit that your income is replaced and any future expenses, like education, are covered (if you have children).
\n\n\n\nNote: Survivors of servicemembers who died while on active duty may be entitled to monthly survivor benefits through Dependency and Indemnity Compensation and the Survivor Benefit Plan, and survivors of any death may be entitled to benefits through Social Security. A family\u2019s additional life insurance need (beyond SGLI) should be based on monthly expenses minus monthly survivor benefit entitlements.
\n\n\n\nIt\u2019s in your best interest to purchase individual life insurance coverage when you are young and healthy, because that is when life insurance is the most affordable. For example, if you purchase a policy with level premiums when you are 30 years old, your rates will be much lower than if you wait until you are 40 years old to purchase the policy. Furthermore, if you were to develop any illnesses or disabilities later in life and do not have any life insurance coverage, you may find that you cannot medically qualify for insurance at all, which leaves your family unprotected after SGLI or FSGLI coverage ends. Developing a plan for post-military life insurance well before the end of your military career provides many reasonably priced options.
\n\n\n\nNote: If you convert your SGLI to VGLI within 240 days of leaving the service, you will not be required to undergo a medical exam. If you wish to obtain coverage through Navy Mutual without a medical exam (Guaranteed Issue Flagship Whole Life), you must apply within 120 days of separation.
\n\n\n\nOnce you own an insurance plan with a company, you can often make changes to your coverage amount, retain eligibility for other products or extend eligibility to your family members, or convert your policy to another form of insurance (e.g., from term insurance to permanent insurance). Getting in while you are young, then, almost certainly will benefit you in the long run.
\n\n\n\nSGLI does offer the option of covering a military spouse. Family SGLI (FSGLI) provides up to $100,000 in coverage and charges an additional monthly premium ranging from $0.45 to $45 depending on your age and the chosen amount of coverage. It also provides $10,000 for each dependent child, free of charge.
\n\n\n\nLife insurance policies for employed military spouses should cover the loss of their income if they were to suddenly pass away. A death benefit for a stay-at-home parent would need to cover all future childcare expenses and any other household expenses that would arise without their presence. The $100,000 coverage provided by FSGLI may not cover all of those costs. As with SGLI, when a servicemember separates from the military, their spouse and children will lose their FSGLI coverage. Having a supplementary life insurance plan in place ahead of time ensures a seamless transition.
\n\n\n\nTake some time to evaluate your finances and your family\u2019s needs and give your family the peace of mind that comes with knowing they will be taken care of even after you are gone. If you are interested in a consultation, you can reach a representative at 800-628-6011or you can schedule an appointment at your convenience.
\n\n\n\nThis content was originally published by Navy Mutual.
\nThe post Why You Need Life Insurance Beyond SGLI appeared first on Sandboxx.
\n", "content_text": "SPONSORED BY NAVY MUTUAL\n\n\n\n\n\n\n\nIt\u2019s easy not to think too much about life insurance when you are in the military since your coverage is automatic. In fact, the\u00a0military ensures that all servicemembers are covered from day one \u2013 with $500,000 of Servicemembers\u2019 Group Life Insurance Coverage (SGLI) and up to $100,000 in Traumatic Injury Protection (TSGLI)\u00a0\u2013 for $31 a month.\n\n\n\nIf $500,000 seems like a lot of money, you are right. It is often more than enough coverage for young, single servicemembers. When you start doing the math, though, for those with a spouse, children, a mortgage, debt, and future education costs, $500,000 does not go as far as you would think.\n\n\n\nYou may need life insurance beyond what SGLI can provide if:\n\n\n\n\nYou have a spouse and/or child(ren) who depend on your income.\n\n\n\nYou have other family members (e.g., older parents) whom you support financially.\n\n\n\nYou have a mortgage.\n\n\n\nYou want to send your children to private school or college.\n\n\n\nYou want to leave an estate to your family after your passing.\n\n\n\n\nHow Much Supplemental Coverage Should You Purchase?\n\n\n\nWhen thinking about how much life insurance you need, think about how much money your family would need to maintain their standard of living without your income. Not only will there be the immediate cash needs of funeral and final expenses, but your family members may also assume your debt, and those payments still need to be made in your absence. Long-term, you want to provide a large enough death benefit that your income is replaced and any future expenses, like education, are covered (if you have children).\n\n\n\nNote: Survivors of servicemembers who died while on active duty may be entitled to monthly survivor benefits through Dependency and Indemnity Compensation and the Survivor Benefit Plan, and survivors of any death may be entitled to benefits through Social Security. A family\u2019s additional life insurance need (beyond SGLI) should be based on monthly expenses minus monthly survivor benefit entitlements.\n\n\n\nWhen to Purchase Supplemental Life Insurance Coverage\n\n\n\nIt\u2019s in your best interest to purchase individual life insurance coverage when you are young and healthy, because that is when life insurance is the most affordable. For example, if you purchase a policy with level premiums when you are 30 years old, your rates will be much lower than if you wait until you are 40 years old to purchase the policy. Furthermore, if you were to develop any illnesses or disabilities later in life and do not have any life insurance coverage, you may find that you cannot medically qualify for insurance at all, which leaves your family unprotected after SGLI or FSGLI coverage ends. Developing a plan for post-military life insurance well before the end of your military career provides many reasonably priced options.\n\n\n\nNote: If you convert your SGLI to VGLI within 240 days of leaving the service, you will not be required to undergo a medical exam. If you wish to obtain coverage through Navy Mutual without a medical exam (Guaranteed Issue Flagship Whole Life), you must apply within 120 days of separation.\n\n\n\nOnce you own an insurance plan with a company, you can often make changes to your coverage amount, retain eligibility for other products or extend eligibility to your family members, or convert your policy to another form of insurance (e.g., from term insurance to permanent insurance). Getting in while you are young, then, almost certainly will benefit you in the long run.\n\n\n\nSpecial Circumstances:\n\n\n\n\nIf you are deploying soon or have already deployed, Navy Mutual offers a range of life insurance plans, all of which feature no military service restrictions. There are no war, aviation, terrorism, or travel clauses for those on active duty.\n\n\n\nIf you are buying a home, getting married, having children (or all of the above), congratulations! With such big lifestyle changes \u2013 and the associated financial implications \u2013 it may be time to purchase additional life insurance. Navy Mutual offers a term life plan with higher coverage amounts at our lowest cost. You can also secure your children\u2019s financial future with a whole life option that builds tax-deferred cash value over time.\n\n\n\nIf you are separating from the military, it is important to remember that SGLI will not follow you when you leave the service, and monthly survivor benefits through the VA and SBP may not either. When you separate, you will retain SGLI for 120 days (for free) after which your coverage expires. During this time \u2013 and for an additional year afterwards\u2013 you can convert your SGLI coverage to Veterans\u2019 Group Life Insurance (VGLI) coverage, although you will need to complete a medical exam to qualify if applying after 240 days of retiring. That being said, VGLI can become quite expensive as you age. For example, you would pay $165 per month for $500,000 of coverage between 50 and 54 years old, but that premium becomes $735 a month once you turn 65. Navy Mutual offers affordable term life coverage you can keep through age 85 and Guaranteed Issue Flagship Whole Life, a permanent life insurance option offered exclusively to separating servicemembers and their families.\n\n\n\n\nWhat About Military Spouses?\n\n\n\nSGLI does offer the option of covering a military spouse. Family SGLI (FSGLI) provides up to $100,000 in coverage and charges an additional monthly premium ranging from $0.45 to $45 depending on your age and the chosen amount of coverage. It also provides $10,000 for each dependent child, free of charge.\n\n\n\nLife insurance policies for employed military spouses should cover the loss of their income if they were to suddenly pass away. A death benefit for a stay-at-home parent would need to cover all future childcare expenses and any other household expenses that would arise without their presence. The $100,000 coverage provided by FSGLI may not cover all of those costs. As with SGLI, when a servicemember separates from the military, their spouse and children will lose their FSGLI coverage. Having a supplementary life insurance plan in place ahead of time ensures a seamless transition.\n\n\n\nTake some time to evaluate your finances and your family\u2019s needs and give your family the peace of mind that comes with knowing they will be taken care of even after you are gone. If you are interested in a consultation, you can reach a representative at 800-628-6011or you can schedule an appointment at your convenience.\n\n\n\nThis content was originally published by Navy Mutual.\nThe post Why You Need Life Insurance Beyond SGLI appeared first on Sandboxx.", "date_published": "2024-03-01T09:47:27-05:00", "date_modified": "2024-01-09T12:31:03-05:00", "authors": [ { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" } ], "author": { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" }, "image": "https://www.sandboxx.us/wp-content/uploads/2024/01/Life-Insurance-Beyond-SGLI-980x490-1.webp", "tags": [ "Life Insurance", "Military Life Insurance", "Navy Mutual", "Service Member Group Life Insurance", "SGLI", "Finance", "Military Family", "Milspouse" ], "summary": "It\u2019s easy not to think too much about life insurance when you are in the military since your coverage is automatic. In fact, the\u00a0military ensures that all servicemembers are covered from day one \u2013 with $500,000 of Servicemembers\u2019 Group Life Insurance Coverage (SGLI) and up to $100,000 in Traumatic Injury Protection (TSGLI)\u00a0\u2013 for $31 a month." }, { "id": "https://www.sandboxx.us/?p=98117", "url": "https://www.sandboxx.us/blog/retirement-planning-for-current-active-duty-military/", "title": "Retirement Planning for Current Active Duty Military", "content_html": "![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/01/MicrosoftTeams-image-1-1.webp\")
SPONSORED BY NAVY MUTUAL
\n\n\n\nNo matter how far off your military retirement is, there are programs and benefits you can learn about now and actions you can take that will make your life easier when it does come time to separate. Preparing for retirement head on and with a plan is one of the most important tasks you can set for yourself during your working years.
\n\n\n\nAs a current servicemember, you have multiple options available to you that are not available to civilians that can help you craft your retirement plan. Taking advantage of the Thrift Savings Plan, knowing what to expect in terms of retirement and disability pay after you transition, and understanding the Survivor Benefit Plan are key steps in guaranteeing a happy retirement for yourself and a stable future for your family.
\n\n\n\nAs an active-duty service member or an employee of the federal government, you are eligible to participate in the Thrift Savings Plan (TSP). TSP is the government\u2019s version of a 401(k)-retirement plan. Your contributions \u2013 up to a maximum of $23,000 annually \u2013 are taken out of your monthly pay and deposited into a Roth or traditional TSP account, depending on your elections. Up to 4% of your contributions may also be matched by the federal government if you are enrolled in the Blended Retirement System (BRS).
\n\n\n\nNote: Your retirement plan depends on when you joined the military. If you joined before January 1, 2006, you were enrolled in the legacy High-3 system. If you joined after January 1, 2018, you were enrolled in the Blended Retirement System. If you joined the military between January 1, 2006, and December 31, 2017, you were given the option to choose between the two retirement plans \u2013 enrollment decisions had to be made by December 31, 2018.
\n\n\n\nUnder the legacy High-3 system, there are no matching contributions for your TSP account. If you are enrolled in BRS, it\u2019s important that you contribute at least as much is required to earn the matching funds or you are missing out on an additional 1\u20134% of your paycheck that is funded by the federal government \u2013 essentially free money. With compound interest and time, even a 1% match can grow into a significant nest egg for your retirement.
\n\n\n\nIf you are approaching your military retirement and have not started contributing to a TSP account, you still have time. You can open a TSP account when you have at least two months left on active duty and it will stay open even after you retire provided there is a balance of at least $200. While you cannot contribute your monthly pay to your TSP account after retirement (unless you work for the federal government), you can still actively manage the fund allocations within the account through TSP.gov and you can contribute to the account in other ways. To fund your TSP post-military service, you can roll over future 401(k) accounts (both Roth and traditional) or traditional IRAs into the TSP to take advantage of low fees.
\n\n\n\nWhen you reach 59 \u00bd years old, you can start withdrawing funds from your TSP account without penalty to fund your retirement goals
\n\n\n\nWhen you reach age 73, the IRS requires you to withdraw a specific amount of money from tax-deferred retirement accounts each year. Traditional TSP withdrawals will act as your required minimum distribution (RMD) \u2013 provided you receive a withdrawal in at least the amount required by law. If you withdraw less than your RMD amount, TSP will mail you an additional sum of money (a supplementary payment) to make up for the difference. You will not have to pay taxes on earnings withdrawn from Roth TSP accounts, but you will pay taxes on earnings withdrawn from traditional accounts, so allocate your funds accordingly when you can still contribute to TSP.
\n\n\n\nNote: If you close your TSP account, you will not be allowed to reopen it unless you rejoin the military or get another position with the federal government. TSP has low fees compared to other retirement accounts; keeping yours open after you leave the service will allow your money to continue to grow without being encumbered by the higher fees you might find if you roll your funds over to a new 401(k) or IRA.
\n\n\n\nYour retirement pension depends on when you joined the military. Again, if you joined before January 1, 2006, you were enrolled in the legacy High-3 system. If you joined after January 1, 2018, you were enrolled in the Blended Retirement System. If you joined the military between January 1, 2006, and December 31, 2017, you were given the option to choose between the two retirement plans \u2013 enrollment decisions had to be made by December 31, 2018.
\n\n\n\nWhen considering your long-term retirement needs, your military pension is a significant portion of the income you will use to fund your goals. While most civilians will need to fund their retirement expenses with only Social Security income and the investments they have made within a 401(k) or IRA, military retirees are able to factor in their monthly pension for life, and can significantly reduce the amount of savings required to self-fund their retirement needs.
\n\n\n\nIf you have a service-connected illness or injury, you may be eligible for disability compensation from the Department of Veterans Affairs. To get a disability rating \u2013 which then determines your level of eligibility \u2013 you must first file a disability claim. You will need to submit your DD 214, evidence of your illness or injury (like test results, medical opinions, or X-rays), and service treatment records. Once you receive a disability rating, provided it is at least 10%, you will begin receiving monthly payments.
\n\n\n\nYou may also be eligible for benefits at the state and federal level that come with having a disability rating (some even starting at a 0% rating) such as VA loan funding fee waivers, college tuition benefits, and property tax reductions. Benefits vary by state and are dependent on disability rating requirements.As a Veterans Service Organization (VSO), Navy Mutual is authorized to represent and assist veterans and their beneficiaries in applying for and contesting benefit claims before the U.S. Department of Veteran Affairs (VA). We can help guide veterans of any branch of the U.S. uniformed services through the claims process and provide formal representation. Contact our Veterans Services team to learn more.
\n\n\n\nThe Survivor Benefit Plan (SBP) is a government-subsidized program in which a retiree pays a set percentage of their retired pay to the Survivor Benefit Plan to ensure that their loved one(s) (typically a spouse or child) continue to receive a portion of their military pension after their passing. A retiree can choose their level of coverage or decide not to participate in the program entirely, and this decision must be made prior to leaving active duty.
\n\n\n\nWhile the Survivor Benefit Plan is an important way of securing a portion of your retirement as a benefit for your family, permanent life insurance can help fill any gaps. For example, a retiree who designates their child as a beneficiary may outlive their child\u2019s eligibility (children can only receive SBP benefits until age 18, or 22 if they are enrolled full-time in school, unless the child has a disability that was diagnosed while they were still eligible). If a retiree wishes to provide a guaranteed death benefit to their child(ren) after their passing, they should consider purchasing a permanent life insurance policy.
\n\n\n\nNote: Keep in mind that the Servicemembers\u2019 Group Life Insurance (SGLI) provided to servicemembers for the duration of their military service ends 120 days after separation. When transitioning out of the military, veterans have one year and 120 days to convert their SGLI to Veterans\u2019 Group Life Insurance (VGLI). In order to be eligible for guaranteed coverage without a medical exam through VGLI, a veteran must apply within 240 days of separation. VGLI premiums increase every five years, so while it may be affordable at young ages, a fixed-premium commercial policy may be less expensive over time if purchased while you are young and healthy.
\n\n\n\nPermanent life insurance policies also have riders that allow early access to the death benefit if the insured develops a chronic or terminal illness and needs funding to help pay for long-term care or other costs associated with their disease. This is an important consideration when it comes to retirement planning, as a majority of the population will need some level of long-term care at some point in their lives \u2013 and long-term care is expensive. Having access to a life insurance policy that can help alleviate the cost can secure your retirement and your family\u2019s financial future.
\n\n\n\nMilitary retirement pay and disability compensation payments are paid monthly through the end of your life and should be factored into your income in retirement. Annuities too, could provide another source of income that would be paid out monthly for the remainder of your life. You may also be eligible to receive Social Security benefits and, eventually, will be required to take distributions from your TSP and any other retirement accounts that you have. Rounding out your retirement planning with Survivor Benefit Plan participation and a permanent life insurance policy to cover any long-term care costs during retirement will help secure the savings you built up during your working years.
\n\n\n\nPlanning for what comes next is easy with Navy Mutual. Our VSO representatives are here to help guide you through any VA claims questions our expert life insurance advice ensures you never have to make decisions in the dark. Schedule a consultation, request a quote, or call us at 800-628-6011 to start planning your future today.
\n\n\n\nThis content was originally published by Navy Mutual.
\nThe post Retirement Planning for Current Active Duty Military appeared first on Sandboxx.
\n", "content_text": "SPONSORED BY NAVY MUTUAL\n\n\n\nNo matter how far off your military retirement is, there are programs and benefits you can learn about now and actions you can take that will make your life easier when it does come time to separate. Preparing for retirement head on and with a plan is one of the most important tasks you can set for yourself during your working years.\n\n\n\nAs a current servicemember, you have multiple options available to you that are not available to civilians that can help you craft your retirement plan. Taking advantage of the Thrift Savings Plan, knowing what to expect in terms of retirement and disability pay after you transition, and understanding the Survivor Benefit Plan are key steps in guaranteeing a happy retirement for yourself and a stable future for your family.\n\n\n\nThrift Savings Plan\n\n\n\nAs an active-duty service member or an employee of the federal government, you are eligible to participate in the Thrift Savings Plan (TSP). TSP is the government\u2019s version of a 401(k)-retirement plan. Your contributions \u2013 up to a maximum of $23,000 annually \u2013 are taken out of your monthly pay and deposited into a Roth or traditional TSP account, depending on your elections. Up to 4% of your contributions may also be matched by the federal government if you are enrolled in the Blended Retirement System (BRS).\n\n\n\nNote: Your retirement plan depends on when you joined the military. If you joined before January 1, 2006, you were enrolled in the legacy High-3 system. If you joined after January 1, 2018, you were enrolled in the Blended Retirement System. If you joined the military between January 1, 2006, and December 31, 2017, you were given the option to choose between the two retirement plans \u2013 enrollment decisions had to be made by December 31, 2018.\n\n\n\nUnder the legacy High-3 system, there are no matching contributions for your TSP account. If you are enrolled in BRS, it\u2019s important that you contribute at least as much is required to earn the matching funds or you are missing out on an additional 1\u20134% of your paycheck that is funded by the federal government \u2013 essentially free money. With compound interest and time, even a 1% match can grow into a significant nest egg for your retirement.\n\n\n\nIf you are approaching your military retirement and have not started contributing to a TSP account, you still have time. You can open a TSP account when you have at least two months left on active duty and it will stay open even after you retire provided there is a balance of at least $200. While you cannot contribute your monthly pay to your TSP account after retirement (unless you work for the federal government), you can still actively manage the fund allocations within the account through TSP.gov and you can contribute to the account in other ways. To fund your TSP post-military service, you can roll over future 401(k) accounts (both Roth and traditional) or traditional IRAs into the TSP to take advantage of low fees.\n\n\n\nWhen you reach 59 \u00bd years old, you can start withdrawing funds from your TSP account without penalty to fund your retirement goals\n\n\n\n\nAge-based in-service withdrawals: You may make a lump-sum withdrawal of at least $1,000 while still in the service if you are at least 59 \u00bd years old. You will be required to pay 20% federal income tax on the taxable portion of your age-based withdrawal unless you are rolling the funds over into a different retirement account.\n\n\n\nLump-sum, installment, and annuity withdrawals: Withdrawals from your TSP account that must occur after separation from the military. These are not penalized, but you may be required to pay taxes.\n\n\n\n\nWhen you reach age 73, the IRS requires you to withdraw a specific amount of money from tax-deferred retirement accounts each year. Traditional TSP withdrawals will act as your required minimum distribution (RMD) \u2013 provided you receive a withdrawal in at least the amount required by law. If you withdraw less than your RMD amount, TSP will mail you an additional sum of money (a supplementary payment) to make up for the difference. You will not have to pay taxes on earnings withdrawn from Roth TSP accounts, but you will pay taxes on earnings withdrawn from traditional accounts, so allocate your funds accordingly when you can still contribute to TSP.\n\n\n\nNote: If you close your TSP account, you will not be allowed to reopen it unless you rejoin the military or get another position with the federal government. TSP has low fees compared to other retirement accounts; keeping yours open after you leave the service will allow your money to continue to grow without being encumbered by the higher fees you might find if you roll your funds over to a new 401(k) or IRA.\n\n\n\nMilitary Retirement Pay\n\n\n\nYour retirement pension depends on when you joined the military. Again, if you joined before January 1, 2006, you were enrolled in the legacy High-3 system. If you joined after January 1, 2018, you were enrolled in the Blended Retirement System. If you joined the military between January 1, 2006, and December 31, 2017, you were given the option to choose between the two retirement plans \u2013 enrollment decisions had to be made by December 31, 2018.\n\n\n\n\nLegacy High-3: If you serve for at least 20 years, you qualify for a lifetime monthly annuity payment that is calculated at 2.5% times the number of years of service times the average of your highest 36 months of basic pay. TSP contributions are not matched by the government under this system.\n\n\n\nBlended Retirement System: If you serve for at least 20 years, you qualify for a lifetime monthly annuity payment that is calculated at 2% times the number of years of service times the average of your highest 36 months of basic pay. TSP contributions are matched by the government.\n\n\n\n\nWhen considering your long-term retirement needs, your military pension is a significant portion of the income you will use to fund your goals. While most civilians will need to fund their retirement expenses with only Social Security income and the investments they have made within a 401(k) or IRA, military retirees are able to factor in their monthly pension for life, and can significantly reduce the amount of savings required to self-fund their retirement needs.\n\n\n\nDisability Compensation\n\n\n\nIf you have a service-connected illness or injury, you may be eligible for disability compensation from the Department of Veterans Affairs. To get a disability rating \u2013 which then determines your level of eligibility \u2013 you must first file a disability claim. You will need to submit your DD 214, evidence of your illness or injury (like test results, medical opinions, or X-rays), and service treatment records. Once you receive a disability rating, provided it is at least 10%, you will begin receiving monthly payments.\n\n\n\n\nIf you have a 10\u201320% disability rating, your payment amount is based solely on your rating.\n\n\n\nIf you have a 30\u2013100% disability rating, your payment amount is based on your rating and number of dependents (parents, spouse, and children).\n\n\n\nLearn more about disability compensation rates here.\n\n\n\n\nYou may also be eligible for benefits at the state and federal level that come with having a disability rating (some even starting at a 0% rating) such as VA loan funding fee waivers, college tuition benefits, and property tax reductions. Benefits vary by state and are dependent on disability rating requirements.As a Veterans Service Organization (VSO), Navy Mutual is authorized to represent and assist veterans and their beneficiaries in applying for and contesting benefit claims before the U.S. Department of Veteran Affairs (VA). We can help guide veterans of any branch of the U.S. uniformed services through the claims process and provide formal representation. Contact our Veterans Services team to learn more.\n\n\n\nSurvivor Benefit Plan and Life Insurance\n\n\n\nThe Survivor Benefit Plan (SBP) is a government-subsidized program in which a retiree pays a set percentage of their retired pay to the Survivor Benefit Plan to ensure that their loved one(s) (typically a spouse or child) continue to receive a portion of their military pension after their passing. A retiree can choose their level of coverage or decide not to participate in the program entirely, and this decision must be made prior to leaving active duty.\n\n\n\nWhile the Survivor Benefit Plan is an important way of securing a portion of your retirement as a benefit for your family, permanent life insurance can help fill any gaps. For example, a retiree who designates their child as a beneficiary may outlive their child\u2019s eligibility (children can only receive SBP benefits until age 18, or 22 if they are enrolled full-time in school, unless the child has a disability that was diagnosed while they were still eligible). If a retiree wishes to provide a guaranteed death benefit to their child(ren) after their passing, they should consider purchasing a permanent life insurance policy.\n\n\n\nNote: Keep in mind that the Servicemembers\u2019 Group Life Insurance (SGLI) provided to servicemembers for the duration of their military service ends 120 days after separation. When transitioning out of the military, veterans have one year and 120 days to convert their SGLI to Veterans\u2019 Group Life Insurance (VGLI). In order to be eligible for guaranteed coverage without a medical exam through VGLI, a veteran must apply within 240 days of separation. VGLI premiums increase every five years, so while it may be affordable at young ages, a fixed-premium commercial policy may be less expensive over time if purchased while you are young and healthy.\n\n\n\nPermanent life insurance policies also have riders that allow early access to the death benefit if the insured develops a chronic or terminal illness and needs funding to help pay for long-term care or other costs associated with their disease. This is an important consideration when it comes to retirement planning, as a majority of the population will need some level of long-term care at some point in their lives \u2013 and long-term care is expensive. Having access to a life insurance policy that can help alleviate the cost can secure your retirement and your family\u2019s financial future.\n\n\n\nRetirement Planning\n\n\n\nMilitary retirement pay and disability compensation payments are paid monthly through the end of your life and should be factored into your income in retirement. Annuities too, could provide another source of income that would be paid out monthly for the remainder of your life. You may also be eligible to receive Social Security benefits and, eventually, will be required to take distributions from your TSP and any other retirement accounts that you have. Rounding out your retirement planning with Survivor Benefit Plan participation and a permanent life insurance policy to cover any long-term care costs during retirement will help secure the savings you built up during your working years.\n\n\n\nPlanning for what comes next is easy with Navy Mutual. Our VSO representatives are here to help guide you through any VA claims questions our expert life insurance advice ensures you never have to make decisions in the dark. Schedule a consultation, request a quote, or call us at 800-628-6011 to start planning your future today.\n\n\n\nThis content was originally published by Navy Mutual.\nThe post Retirement Planning for Current Active Duty Military appeared first on Sandboxx.", "date_published": "2024-02-01T09:28:56-05:00", "date_modified": "2024-01-05T10:43:18-05:00", "authors": [ { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" } ], "author": { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" }, "image": "https://www.sandboxx.us/wp-content/uploads/2024/01/MicrosoftTeams-image-1-1.webp", "tags": [ "Finance", "Military Family", "Milspouse" ], "summary": "No matter how far off your military retirement is, there are programs and benefits you can learn about now and actions you can take that will make your life easier when it does come time to separate. Preparing for retirement head on and with a plan is one of the most important tasks you can set for yourself during your working years." }, { "id": "https://www.sandboxx.us/?p=98110", "url": "https://www.sandboxx.us/blog/understanding-family-sgli/", "title": "Understanding Family SGLI: Is It Enough?", "content_html": "![\"\"](\"https://www.sandboxx.us/wp-content/uploads/2024/01/220809-N-AS200-7433C-980x490-1.webp\")
SPONSORED BY NAVY MUTUAL
\n\n\n\n\n\n\n\nUpon joining the military, a servicemember is automatically provided with $500,000 of Servicemembers\u2019 Group Life Insurance (SGLI) coverage unless they opt out of the program or decide to decrease their coverage amount. This provides peace of mind to their loved ones, ensuring that they would be taken care of should anything happen during the servicemember\u2019s term of military service.
\n\n\n\nFamily SGLI, or FSGLI, extends a military member\u2019s SGLI coverage to their spouse and dependent children. Spouses are eligible for up to $100,000 of coverage, not to exceed the servicemember\u2019s coverage if they opted for less than the full coverage amount; children can each obtain $10,000 of coverage.
\n\n\n\nFSGLI coverage is not mandatory, but it is automatic once a servicemember\u2019s family is registered with the Defense Enrollment Eligibility Reporting System (DEERS). While child coverage is free of charge, spouse coverage does require a premium payment that is based on the spouse\u2019s age and the coverage amount chosen. This amount is typically deducted automatically from a servicemember\u2019s pay.
\n\n\n\nNote: Spouses can expect their premiums to range from $4.50 per month to $45.00 per month, depending on their age.
\n\n\n\nFor a child, FSGLI coverage lasts until they turn 18 years old. However, if the child is a full-time student between 18 and 22 years old or if the child becomes completely and permanently disabled before reaching their 18th birthday, coverage may be extended.
\n\n\n\nSpousal FSGLI coverage typically lasts until 120 days after their servicemember leaves active duty. However, other circumstances may cause FSGLI coverage to terminate, including divorce, the death of the sponsoring servicemember, written notice to end FSGLI coverage, and written notice to end the sponsoring servicemember\u2019s SGLI coverage. Spouses are able to convert their coverage to permanent individual coverage within 120 days of one of the aforementioned events. More information can be found here.
\n\n\n\nThe downside of FSGLI coverage for children is that, for the most part, it expires when a child turns 18 years old and \u2013 unlike spousal coverage \u2013 it is not convertible to any other type of policy.
There are three reasons why you may want to consider purchasing additional life insurance coverage for your children:
The appropriate coverage amount depends on an individual family\u2019s needs. However, $100,000 is a relatively low amount when it comes to life insurance coverage. Life insurance policies for employed military spouses should cover the loss of their income (for each year before their retirement) if they were to suddenly pass away. Policies for stay-at-home parents typically need to cover all future childcare expenses and any other household expenses that would arise without their presence. Both employed and stay-at-home spouses should have enough coverage to pay off their personal debts and cover their funeral arrangements. The $100,000 provided by FSGLI may not be enough to pay for all of those costs.
\n\n\n\nRemember, too, that FSGLI coverage does not continue beyond 120 days after a servicemember separates from active duty \u2013 and while the policies can be converted to permanent coverage, this may come with significant expense. Purchasing coverage outside of what is offered through FSGLI can ensure that a spouse\u2019s coverage needs are met while their servicemember is on active duty and afterward.
\n\n\n\nRegardless of whether term or permanent coverage is chosen, premiums are rarely more affordable than they are now \u2013 when a spouse is young and healthy. Locking in coverage while their servicemember is still on active duty allows a spouse to enjoy cheaper premiums than they would if they waited until their servicemember separates and provides the peace of mind that comes with having extra coverage.
Navy Mutual\u2019s term and permanent policies are available to military spouses and offer up to $1.5 million in coverage; we also cover dependent children. If you are interested in learning more about what we have to offer, call 888-300-9331 or get a quote online.
This content was originally published by Navy Mutual.
\nThe post Understanding Family SGLI: Is It Enough? appeared first on Sandboxx.
\n", "content_text": "SPONSORED BY NAVY MUTUAL\n\n\n\n\n\n\n\nUpon joining the military, a servicemember is automatically provided with $500,000 of Servicemembers\u2019 Group Life Insurance (SGLI) coverage unless they opt out of the program or decide to decrease their coverage amount. This provides peace of mind to their loved ones, ensuring that they would be taken care of should anything happen during the servicemember\u2019s term of military service.\n\n\n\nFamily SGLI, or FSGLI, extends a military member\u2019s SGLI coverage to their spouse and dependent children. Spouses are eligible for up to $100,000 of coverage, not to exceed the servicemember\u2019s coverage if they opted for less than the full coverage amount; children can each obtain $10,000 of coverage.\n\n\n\nFSGLI coverage is not mandatory, but it is automatic once a servicemember\u2019s family is registered with the Defense Enrollment Eligibility Reporting System (DEERS). While child coverage is free of charge, spouse coverage does require a premium payment that is based on the spouse\u2019s age and the coverage amount chosen. This amount is typically deducted automatically from a servicemember\u2019s pay.\n\n\n\nNote: Spouses can expect their premiums to range from $4.50 per month to $45.00 per month, depending on their age.\n\n\n\nFor a child, FSGLI coverage lasts until they turn 18 years old. However, if the child is a full-time student between 18 and 22 years old or if the child becomes completely and permanently disabled before reaching their 18th birthday, coverage may be extended.\n\n\n\nSpousal FSGLI coverage typically lasts until 120 days after their servicemember leaves active duty. However, other circumstances may cause FSGLI coverage to terminate, including divorce, the death of the sponsoring servicemember, written notice to end FSGLI coverage, and written notice to end the sponsoring servicemember\u2019s SGLI coverage. Spouses are able to convert their coverage to permanent individual coverage within 120 days of one of the aforementioned events. More information can be found here.\n\n\n\nDoes FSGLI offer enough coverage to children?\n\n\n\nThe downside of FSGLI coverage for children is that, for the most part, it expires when a child turns 18 years old and \u2013 unlike spousal coverage \u2013 it is not convertible to any other type of policy.There are three reasons why you may want to consider purchasing additional life insurance coverage for your children:\n\n\n\n\nGuaranteed Insurability: Because most life insurance policies for children are permanent policies, you protect their future insurability when you purchase one. This means that if something happens when they are older that would prevent them from obtaining new coverage (e.g., they develop a medical condition), they already have coverage in place.\n\n\n\nAffordability: Life insurance is typically most affordable for young, healthy people. Furthermore, initial life insurance coverage needs for children are low because they do not yet have dependents relying on their income. Health, age, and level of coverage combine to make children\u2019s life insurance affordable for many families. Premiums for permanent policies are typically level, meaning they do not increase as your child ages, and those premiums will almost never be lower than they are right now.\n\n\n\nCash Value: Most permanent insurance policies include an element separate from the death benefit called \u201ccash value.\u201d This cash value can be borrowed against for various financial needs, like education expenses or mortgage payments, or is available upon the termination of the policy. By purchasing a permanent insurance policy when your child is young, the cash value of the policy has the ability to grow and earn interest for a significant period of time.\n\n\n\n\nDoes FSGLI offer enough coverage to military spouses?\n\n\n\nThe appropriate coverage amount depends on an individual family\u2019s needs. However, $100,000 is a relatively low amount when it comes to life insurance coverage. Life insurance policies for employed military spouses should cover the loss of their income (for each year before their retirement) if they were to suddenly pass away. Policies for stay-at-home parents typically need to cover all future childcare expenses and any other household expenses that would arise without their presence. Both employed and stay-at-home spouses should have enough coverage to pay off their personal debts and cover their funeral arrangements. The $100,000 provided by FSGLI may not be enough to pay for all of those costs.\n\n\n\nRemember, too, that FSGLI coverage does not continue beyond 120 days after a servicemember separates from active duty \u2013 and while the policies can be converted to permanent coverage, this may come with significant expense. Purchasing coverage outside of what is offered through FSGLI can ensure that a spouse\u2019s coverage needs are met while their servicemember is on active duty and afterward.\n\n\n\nRegardless of whether term or permanent coverage is chosen, premiums are rarely more affordable than they are now \u2013 when a spouse is young and healthy. Locking in coverage while their servicemember is still on active duty allows a spouse to enjoy cheaper premiums than they would if they waited until their servicemember separates and provides the peace of mind that comes with having extra coverage.Navy Mutual\u2019s term and permanent policies are available to military spouses and offer up to $1.5 million in coverage; we also cover dependent children. If you are interested in learning more about what we have to offer, call 888-300-9331 or get a quote online.\n\n\n\nThis content was originally published by Navy Mutual.\nThe post Understanding Family SGLI: Is It Enough? appeared first on Sandboxx.", "date_published": "2024-01-15T07:30:00-05:00", "date_modified": "2024-01-05T10:43:31-05:00", "authors": [ { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" } ], "author": { "name": "Navy Mutual", "url": "https://www.sandboxx.us/author/navy-mutual/", "avatar": "https://secure.gravatar.com/avatar/?s=512&d=mm&r=g" }, "image": "https://www.sandboxx.us/wp-content/uploads/2024/01/220809-N-AS200-7433C-980x490-1.webp", "tags": [ "Finance", "Military Family", "Milspouse" ], "summary": "Upon joining the military, a servicemember is automatically provided with $500,000 of Servicemembers\u2019 Group Life Insurance (SGLI) coverage unless they opt out of the program or decide to decrease their coverage amount. " } ] }