Free Life Insurance Rate Quotes
Military.com has partnered with military-friendly insurance companies to provide our members with supplemental life insurance, at special rates just for service members and their families.
Use the form to the right to request custom rate quotes based on your service, status, and location.
“When I separated from the service, I wasn’t sure how to convert my SGLI. Military.com’s insurance partners were more than familiar with the process, and made it a breeze to replace my coverage, at a competitive rate.”
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Not everyone needs life insurance. The general rule is that you only need life insurance if you have dependents. Typically, dependents are children who still live at home or have yet to graduate from college. But a dependent could be anyone who is financially dependent on you, like a spouse, sibling or an aging parent.
Life insurance is generally designed for younger, working people with families. Here's why: Life insurance is meant to replace your "value" to your family once you're gone. For a working parent, a big part of that value is your salary. If you die, you'll want your family to receive enough money to replace your salary for at least the next five to seven years.
Even if you're a stay-at-home parent, you still have financial value to your family. Let's say you care for two small children. If you die, then your spouse will need to keep working, which means the kids will need a nanny or day care. You might not need a huge life insurance policy, but you can buy a policy that fits the financial needs of your family.
Some people buy life insurance policies when they get married, particularly if the insured person makes considerably more money that the spouse, or if either the insured or the spouse have other financial dependents, like parents or siblings. Most people buy life insurance when they get pregnant with their first child.
Once you've reached retirement age, there's less of a need for life insurance. Now your children are most likely financially independent and you're already living on retirement savings and investment income. One reason for an older person to keep a life insurance policy is to provide extra money for his or her spouse to cover unexpected medical and long-term care expenses later in life.
Some older people hold onto life insurance policies as a way to pay for "end of life" expenses like the cost of settling an estate. But the most basic reason for retaining a life insurance policy later in life is also the oldest reason: to cover the cost of your funeral and burial.
Another reason to buy life insurance to is to pay for a particular expense. If you buy a home, it's common to sign up for a 30-year mortgage. But what if you die in 10 years? There are special life insurance policies that are tied directly to mortgages, decreasing in value as you continue to pay off the mortgage debt.
A less common reason to buy life insurance has to do with business rather than family. Let's say you're a partner in a small business and the success of the business relies significantly on your ability to bring in clients and money. Some people buy life insurance policies that name their business partner as the beneficiary. This chunk of cash could help the business stay afloat while they learn to get along without you.
Who Needs Life Insurance?
Not everyone needs life insurance. The general rule is that you only need life insurance if you have dependents. Typically, dependents are children who still live at home or have yet to graduate from college. But a dependent could be anyone who is financially dependent on you, like a spouse, sibling or an aging parent.
Life insurance is generally designed for younger, working people with families. Here's why: Life insurance is meant to replace your "value" to your family once you're gone. For a working parent, a big part of that value is your salary. If you die, you'll want your family to receive enough money to replace your salary for at least the next five to seven years.
Even if you're a stay-at-home parent, you still have financial value to your family. Let's say you care for two small children. If you die, then your spouse will need to keep working, which means the kids will need a nanny or day care. You might not need a huge life insurance policy, but you can buy a policy that fits the financial needs of your family.
Some people buy life insurance policies when they get married, particularly if the insured person makes considerably more money that the spouse, or if either the insured or the spouse have other financial dependents, like parents or siblings. Most people buy life insurance when they get pregnant with their first child.
Once you've reached retirement age, there's less of a need for life insurance. Now your children are most likely financially independent and you're already living on retirement savings and investment income. One reason for an older person to keep a life insurance policy is to provide extra money for his or her spouse to cover unexpected medical and long-term care expenses later in life.
Some older people hold onto life insurance policies as a way to pay for "end of life" expenses like the cost of settling an estate. But the most basic reason for retaining a life insurance policy later in life is also the oldest reason: to cover the cost of your funeral and burial.
Another reason to buy life insurance to is to pay for a particular expense. If you buy a home, it's common to sign up for a 30-year mortgage. But what if you die in 10 years? There are special life insurance policies that are tied directly to mortgages, decreasing in value as you continue to pay off the mortgage debt.
A less common reason to buy life insurance has to do with business rather than family. Let's say you're a partner in a small business and the success of the business relies significantly on your ability to bring in clients and money. Some people buy life insurance policies that name their business partner as the beneficiary. This chunk of cash could help the business stay afloat while they learn to get along without you.
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All servicemembers who serve on active duty, or are in the National Guard or reserves, qualify for group life insurance through the Servicemembers’ Group Life Insurance (SGLI) program. This program provides life insurance coverage up to $400,000, in the form of a term life insurance policy. In addition, it provides $100,000 of coverage for your spouse and $10,000 for each child.
While $400,000 might sound like plenty, don’t assume that it will be enough to provide for your family. Depending on the needs of your family, you may wish to supplement your SGLI benefit with an individual policy.
It is also important to note that SGLI coverage stops 120 days after you leave the military. During that time, you will have two options to replace your SGLI benefit:
Aren’t I already covered under SGLI?
All servicemembers who serve on active duty, or are in the National Guard or reserves, qualify for group life insurance through the Servicemembers’ Group Life Insurance (SGLI) program. This program provides life insurance coverage up to $400,000, in the form of a term life insurance policy. In addition, it provides $100,000 of coverage for your spouse and $10,000 for each child.
While $400,000 might sound like plenty, don’t assume that it will be enough to provide for your family. Depending on the needs of your family, you may wish to supplement your SGLI benefit with an individual policy.
It is also important to note that SGLI coverage stops 120 days after you leave the military. During that time, you will have two options to replace your SGLI benefit:
- Convert your SGLI to Veterans Group Life Insurance (VGLI):
- VGLI premium rates will be higher than your SGLI rate, and increase with age
- Your spouse and children can not be insured under VGLI
- Purchase a personal term or permanent life insurance policy.
- Often times, rates for an individual policy will be much lower than VGLI’s rates
- Personal policies can provide coverage for your entire family, including your spouse and children
- Many individual policies offer a level premium for a number of years, and some may offer a static rate for life!
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While there is no magic formula to determine how much coverage you and your family might need, there are a couple of rules of thumb you can use as a guide.
One simple estimate is to take your gross annual income (before any taxes or other deductions are taken out) and multiply that by 7. So, if your family has a gross annual income of $50,000, then you can estimate that your family would need about $350,000 worth of life insurance protection. However, you should also keep in mind that some insurance experts suggest multiplying your gross annual income by 10. In the example above, that would mean purchasing a policy that provides up to $500,000 worth of coverage.
If you are trying to calculate a more accurate estimate of your insurance needs, you’ll want to base your needs on your income and expenses, as well as your assets.
Start with a rough estimate of your annual budget – including mortgage payments, child care, insurance premiums, and basic living expenses. Don’t forget to include any education expenses for you or your family, nor any other planned expenses, such as vacations. Also, don’t forget to include any funeral or burial expenses.
Next, estimate the value of your assets. This includes any savings, social security benefits, or additional income from any other sources, such as the surviving spouse. Also, remember that stay-at-home spouses often contribute in other ways, such as child care, housekeeping, travel, and their associated costs. You will want to factor these into your calculations to ensure you are providing your family with adequate coverage.
Finally, you’ll want to determine how many years of income you want your insurance policy to replace. For example, if you have a young child, you may want to make sure that their annual expenses are covered until they reach the age of 16 or 18. If so, your annual expenses will need to be multiplied by the number of years until your child reaches that age. Additional needs, such as providing future education or child care expenses should also be including in your estimate.
To determine your final needs, take your annual expenses, and multiply that by the number of years that your family will need coverage. These are your total expenses. Next, add up your income and assets, including your spouse’s income and any existing insurance you already own. Subtract this from your total expenses, and the result should be a rough estimate of your insurance needs.
How Much Life Insurance Do I Need?
While there is no magic formula to determine how much coverage you and your family might need, there are a couple of rules of thumb you can use as a guide.
One simple estimate is to take your gross annual income (before any taxes or other deductions are taken out) and multiply that by 7. So, if your family has a gross annual income of $50,000, then you can estimate that your family would need about $350,000 worth of life insurance protection. However, you should also keep in mind that some insurance experts suggest multiplying your gross annual income by 10. In the example above, that would mean purchasing a policy that provides up to $500,000 worth of coverage.
If you are trying to calculate a more accurate estimate of your insurance needs, you’ll want to base your needs on your income and expenses, as well as your assets.
Start with a rough estimate of your annual budget – including mortgage payments, child care, insurance premiums, and basic living expenses. Don’t forget to include any education expenses for you or your family, nor any other planned expenses, such as vacations. Also, don’t forget to include any funeral or burial expenses.
Next, estimate the value of your assets. This includes any savings, social security benefits, or additional income from any other sources, such as the surviving spouse. Also, remember that stay-at-home spouses often contribute in other ways, such as child care, housekeeping, travel, and their associated costs. You will want to factor these into your calculations to ensure you are providing your family with adequate coverage.
Finally, you’ll want to determine how many years of income you want your insurance policy to replace. For example, if you have a young child, you may want to make sure that their annual expenses are covered until they reach the age of 16 or 18. If so, your annual expenses will need to be multiplied by the number of years until your child reaches that age. Additional needs, such as providing future education or child care expenses should also be including in your estimate.
To determine your final needs, take your annual expenses, and multiply that by the number of years that your family will need coverage. These are your total expenses. Next, add up your income and assets, including your spouse’s income and any existing insurance you already own. Subtract this from your total expenses, and the result should be a rough estimate of your insurance needs.
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