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Prudential Life Insurance for Active Members of the Military
Life insurance is a good idea for any adult who has loved ones who rely on them for financial support. It is especially important to have life insurance coverage if you are a member of the military who is actively on duty. You are risking your life for your country, and you deserve some peace of mind that you won’t be leaving your family with any financial burdens if something horrible ever happens to you.
Unfortunately, obtaining life insurance is not easy for military members, especially if you are eligible for deployment. There is a substantial risk involved in guaranteeing someone’s life financially when their daily activities put them directly in harm’s way. Some insurance companies won’t even cover military personnel because the chance of paying out on their policy is too high.
Prudential Term Life Insurance
Term life insurance from Prudential is one of the few options available. Prudential will approve active members of the military even after they have received their deployment papers. The only guideline is that military personnel will need to be in the U.S. when they physically sign the insurance agreement.
Understanding Your Insurance Options
There are two basic types of insurance products from Prudential that are available for members of the military. There is SGLI (Servicemembers Group Life Insurance) for while you are still on duty and VGLI (Veteran’s Group Life Insurance) for after you retire. SGLI is available to ready reserves, the National Guard, and service members who are on active duty. VGLI can be obtained for the National Guard and reserves who have been released from active duty.
Benefits of SGLI
No medical exam is required to qualify
Predetermined premiums for all ages
Available in $50,000 increments up to a maximum of $400,000
VGLI has its own benefits, like the fact that smokers receive the same rates as non-smokers, however there is a medical examination and the rates will go up every five years as you age. Since VGLI offers smokers the same rates as those that don’t smoke, you can be certain that the rate for non-smokers is higher than it should be. The insurance company will need to make sure that they are protected based on the average life expectancy of all military members who are covered by the policy.
VGLI Rates Will Increase
The rates for a VGLI policy can actually skyrocket to double or triple the original rate once you are over the age of 55. Most members of the military will end up paying less if they lock themselves into a term life insurance plan for a 20 or 30 year period. If you lock in a good rate when you are 40 years old, you will still be paying that same great rate when you are 70.
Most independent agents will recommend Prudential term life insurance for members of the military, because it is the preferred choice. It has the lowest rate for active military personnel and you can secure the low rate for up to 30 years. It is also the easiest way to secure life insurance once you have received your deployment papers.
You can get a quote using our quote form on the right hand side of this page, or call us at 888-411-1329 to discuss quotes or apply for life insurance coverage.