Welcome to The Money Drill! This is the podcast where we make money matters understandable so you can command your own financial future.
This episode continues a series about life insurance. Your host, JJ Montanaro, is joined by Kenny Sutton, a product manager at USAA. Sutton talks about his military experience and how that connects to his dealings with life insurance today. Sutton also explains the differences between Servicemembers Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI).
Learn what USAA has to offer for members of the military who may no longer be covered by these policies but still need life insurance to help protect their loved ones. Sutton’s tips could save you tens of thousands of dollars or help you if you’re seriously injured during your service.
Links mentioned during this episode:
Life insurance can help you secure today what you’re building for tomorrow.
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Military Protection Plus is level term life insurance. Initial life insurance coverage limited by rank and occupation. Level Term V: Coverage is level for the duration of the policy. Premiums remain level for the duration of the Initial Benefit Period, then increase annually while benefits remain the same. Form LLT49045ST 01-05 (may vary by state). In New York, New York Term Series V: Form NLT45861NY 01-04. Military Severe Injury Benefit and option to increase coverage to replace SGLI provided by riders. Increases in coverage require payment of additional premium. Rider Forms LBR57939ST 05-06 and LBR67140ST 05-07 and ICC1497953 03-14 (may vary by state). In New York, Forms NBR97955NY 03-14 and NBR67175NY 06-07 and NBR60468NY 06-06. Availability of increased life insurance coverage depends on characterization of military separation. Call for details on specific policy costs, benefits, limitations and availability in your state.
Increases in coverage more than two times the base policy face amount and up to the current maximum Servicemembers’ Group Life Insurance (SGLI) amount depend on your health and are subject to underwriting approval.
Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX, and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations, and contractual terms and conditions. Each company has sole financial responsibility for its own products.