Troops getting $100K in life insurance after vax mandate ends

Military service members will automatically receive an additional $100,000 in life insurance coverage beginning March 1, reaching a maximum coverage amount of $500,000. The increase comes after the Pentagon officially ended the Covid vaccine mandate earlier this year.

The increased coverage will include all service members, even those who previously decreased or rejected Servicemembers’ Group Life Insurance (SGLI).

The new plan will include a premium of $31 per month for $500,000 worth of coverage, marking a $6 per service member increase, according to the SGLI’s policy details.

A benefit update from Veterans Affairs notes that a service member can purchase $500,000 of coverage for just $31 a month under the newly updated SGLI policy coverage. The last time the SGLI coverage was updated to reflect cost of living increases was in 2005 when the policy coverage was increased from $250,000 to $400,000 of coverage.

The change is part of the Supporting Families of the Fallen Act, which was passed by Congress last year and subsequently signed by President Joe Biden.

READ MORE: WHO ‘worried’ about 2 people with bird flu; still recommend COVID masks

“Sometimes, it’s the little things that really help,” said Sen. Tommy Tuberville (R-AL), the bill’s sponsor, according to “There’s not a lot being saved by these military families, there’s not a big savings account, and so there’s not a lot to lean on if there’s a death in the family. So I think this gives us another opportunity to give peace of mind to some of the families.”

Sen. Kevin Kramer (R-ND), a member of the Senate Veterans Affairs Committee, also commended the new act as it was considered by Congress.

“At a time when inflation is soaring to record highs, this new law will allow our veterans to better provide their families with stability

Read the rest Continue Reading

Why I Opted Out of Buying More Life Insurance After Having a Second Child

Woman working on taxes while holding infant in her lap.

Image source: Getty Images

There’s a few simple reasons why I decided not to buy more life insurance.

Key points

  • Life insurance should provide financially for surviving loved ones.
  • It often makes sense to buy more life insurance after major life events, but I did not buy more coverage after having my second child.

Life insurance should provide a death benefit that is large enough to provide for surviving loved ones in case of an untimely death. It is important to buy a policy early on when coverage is still affordable and is available before pre-existing conditions develop. But, it’s also important to make adjustments to that policy as life changes happen.

There are many different life circumstances that could necessitate the purchase of more life insurance. For example, getting married may prompt the purchase of more coverage if a spouse depends on income. And, often, when a child is born, it also makes sense to purchase more life insurance because of the costs of raising that child into adulthood and providing education.

When my first child was born, I made the decision to buy more life insurance for that very reason. But, when my second child came along, I opted out of buying more protection. Here’s why.

There’s a simple reason I didn’t buy more life insurance

When my second child was born, I carefully assessed the amount of coverage I already purchased. I had a generous life insurance policy in place before my son came along, and I added additional coverage that would help fund the costs of raising and educating him if something happened to me.

In fact, when my daughter came along and I evaluated my coverage needs, I realized that I had a large enough policy in place not to support just one child but

Read the rest Continue Reading

I Canceled My Life Insurance Policy. Here’s Why

A person sitting on their couch under a blanket and reading a book.

Image source: Getty Images

Not everyone needs life insurance at all points in their life.

Key points

  • Life insurance is certainly necessary for those who have dependents.
  • If you have no one relying on your income, you might not need it.
  • If your life circumstances change (say if you get married, divorced, or buy a home you want to pass on to someone else free and clear) it’s a good idea to rethink your insurance needs.

A life insurance policy can give you peace of mind that the people who depend on your income (such as a spouse, children, or even a business partner) will not be left high and dry if you pass away and that income disappears. But what if you don’t have anyone depending on your income? Do you still need a life insurance policy? Perhaps not.

A little background

I got my first life insurance policy in 2015, based on a discussion with the insurance agent who handled my auto insurance and renters insurance. I was in the process of combining policies with my partner at the time, who became my spouse later that year, and the insurance agent suggested adding a term life policy, noting that my future spouse depended on my income. Since I was fairly young and in good health, the policy‘s monthly cost wasn’t a lot, and it seemed like a good move to get it.

Fast forward a few years

I ended up getting divorced in 2019, and honestly, the life insurance policy didn’t really cross my mind at the time. Note: If you go through a major life change like a divorce, try not to forget about things like life insurance. You will want to review your coverage and change the beneficiary named in your policy, if it’s your

Read the rest Continue Reading

Bestow Life Insurance Review | The Ascent

Top perks

Easy online application

Bestow makes applying for life insurance incredibly simple. Consumers can get a quick quote within minutes by answering a few simple questions about their gender, age, weight, height, and whether they are a smoker.

Those who decide to move forward can also complete the entire application process 100% online by providing basic identifying information, answering a few questions about hobbies, and specifying who beneficiaries will be and how the policy will be paid for.

Within just a few minutes, it’s possible to get coverage without ever leaving home or even talking to a live person. Most other insurers require much more time and effort to get covered.

Competitive premiums

Bestow’s monthly premiums are in line with competitors offering similar coverage. For smokers, the cost is actually a little bit below what some other big-name insurers charge.

High coverage limits with no medical exam

Most insurers require a medical exam for a standard term life policy. Bestow does not. Bestow uses a different process that includes checking public records datasets and using predictive models. It is possible to get up to $1.5 million in coverage without a medical exam, which is far higher than most no-medical-exam insurers offer.

What could be improved

Broader eligibility

Bestow is available only to people between the ages of 18 and 60 years old. The insurer could offer more policy options for older Americans looking to get covered.

More coverage options

Bestow only offers term life coverage, not whole life policies. Term life is the right choice for most people, but not for everyone. Bestow also does not offer coverage riders, which are add-ons that enable policyholders to customize coverage.

Read the rest Continue Reading

Jill On Money: Time evaluate life insurance

As we slowly emerge from the haze of summer, I’ve been thinking about Cher’s classic line from the 1987 movie Moonstruck: “Snap out of it!” Without slapping you, it’s time to address some of

Jill Schlesinger
Jill Schlesinger

your not-yet-completed, New Year’s money to-dos.

If you’re like many, the broad category of dealing with unpleasant issues got pushed to the back burner right around Independence Day weekend. Because September is Life Insurance Awareness month, I’m pulling that simmering pot from the back to the front of the stove and turning up the heat.

According to research conducted for the insurance industry by LIMRA, 31% of Americans say they are more likely to buy life insurance because of the pandemic and a whopping 44% of families would face financial hardship within six months if the household’s primary wage earner were to die suddenly.

You might think that these two statistics would prompt urgent action, but the hurdle with life insurance is that it requires you to contemplate the worst possible of all bad things, death. Even if you scale that first hurdle, others await: aggressive insurance sales pitches; lengthy policy agreements; and complex fee structures.

Before you throw in the towel, know that the process of buying life insurance is easier than ever and it all starts with a simple question: “If I were to die now, would anyone endure financial hardship?”

If the answer is yes, you will need to purchase enough coverage to help pay for living expenses and ongoing care, as well as provide a lump sum to fund future needs like college or retirement. There are online calculators that can help you figure that out, but I like the free one that was developed by The American Institute of Certified Public Accountants’ 360 Degrees of Financial Literacy web

Read the rest Continue Reading

Supplemental life insurance: 3 things to know

Supplemental life insurance will increase your coverage and boost your protection.  / Credit: Getty Images

Supplemental life insurance will increase your coverage and boost your protection. / Credit: Getty Images

While many Americans currently have life insurance protection through their employer, the amount they have may not be enough to cover them should something go wrong. The question about how much life insurance someone should have is specific to their own individual circumstances and preferences.

But, if they’re solely relying on the coverage provided by their employer, it’s likely that they will need to beef up their coverage another way. This is where supplemental life insurance comes into play.

While there are many different types of life insurance, supplemental is the one that will increase your coverage and boost your protection. This insurance, on top of your primary policy, can provide added peace of mind and security that would not be possible by strictly relying on the baseline coverage provided by an employer.

If you’re currently in the market for life insurance, or simply want to increase the coverage you already have, now is a good time to do so. You can start by getting a quote today.

As you determine if supplemental life insurance is right for you, there are a series of factors to consider.

You can purchase supplemental life insurance via your employer

Most companies that provide life insurance will also give their employees the option of purchasing a supplemental policy too. The cost of the secondary policy, however, unlike the primary coverage, will be charged to the employee. This can come via deductions in their paycheck that then go directly to the insurance provider.

However, even though your company may provide this option, it’s still worth exploring alternatives on the public market. It’s possible that you could qualify for a more suitable (and affordable) plan outside of your company’s

Read the rest Continue Reading

Military Members and Veterans Are Financially Savvy, USAA Life Insurance Survey Shows

Here at USAA, we just wrapped up our second annual life insurance survey. Over the first couple of years, the survey has provided insights into people’s thinking regarding life insurance as well as other timely financial topics.

This year, inflation was top of mind. One unique feature of the survey is the demographic blend of the participants. The responses reflect a balanced mix of folks with military ties — currently serving, veterans and military spouses — and the broader US population.

If there was any notable trend this year, it supports what I have heard anecdotally at events and in conversations with USAA members over the past couple of years: On a relative basis, the military community is faring well financially.

You can dig into all the details at here are a few of the findings that caught my attention.

Only Half of Americans Are Concerned Inflation Will Affect Their Retirement.

I feel safe in saying that the half that aren’t concerned should be. Heck, I felt that way before inflation really started to take off last year. Even at 3%, rising prices can erase your lifestyle in retirement. So ensure that inflation is part of your retirement plans and projections. If I’m wrong, you’ll just be in a better position to live your best life.

Military Members Lead the Way.

According to our survey results, military members are outpacing their civilian counterparts in several important areas. From maintaining an emergency fund to carrying adequate life insurance coverage, military-affiliated respondents held a positive double-digit advantage over civilians.

Cost Is a Key Factor in the Life Insurance Decision.

At just under 70%, “cost of the coverage” was just behind the “type of coverage” in importance, according to all survey respondents. In today’s environment, it’s easy to

Read the rest Continue Reading

How to get cheaper life insurance

If you're looking for cheap life insurance there are steps you can take to secure a lower cost.  / Credit: Getty Images

If you’re looking for cheap life insurance there are steps you can take to secure a lower cost. / Credit: Getty Images

If you currently have life insurance, then you already know how much it can cost you and your family. Depending on how much coverage you have – and a series of other factors – it could be a negligible amount each month, or it could be more expensive.

If it’s the latter, then you’re probably looking for ways to cut costs and keep coverage. While that equation may be difficult to square away, there are things you should know and even some actions to take if you’re looking for cheaper life insurance.

If you don’t have life insurance (or want to get more), now is a good time to act. Don’t hesitate and get started with a free estimate today.

How to get affordable life insurance

Make sure to keep these items in mind when shopping for life insurance so that you can obtain the cheapest rate possible.

Start early: This one seems obvious but many people don’t take advantage early enough. The younger you are, the safer a bet you are to insurance companies. So you’ll pay a lot less than you would if you were older. Life insurance will only grow more expensive as you age. If you want cheap life insurance then start paying now – not later.Comparison shop among companies: You wouldn’t buy the first house you see on the market nor would you buy the first car you test drove. This also applies to life insurance policies. Search for life insurance lenders and see what they are willing to offer you. Some will provide more coverage than others. Others may cost more (or less). Don’t take the first deal you get until

Read the rest Continue Reading

4 Steps to Get Your Life Insurance on Track


It happens to all of us. That’s true, whether you are on a quest to accomplish tasks at work or home. I’d venture to say that we have all reached the end of a day and marveled, “What happened? I got nothing on my list accomplished.”

Unfortunately, this phenomenon can negatively impact your family‘s finances, as well as your productivity at work or on the home front.

Life insurance is a great example. Discussions and plans related to this touchy subject are easily sidetracked because of its perceived complexity or a general discomfort surrounding the topic. With that in mind, here’s an easy-to-implement, four-step process for your family to tackle life insurance.

1. Determine the right amount of coverage

Begin with the end in mind. Literally. Figuring out what you will need, given your unique situation, if something happened to you or your significant other is a key step in making family decisions about life insurance. Yes, it’s likely there would be major financial implications for your family if either of you passed away. Things like paying off debts, covering final expenses, raising kids and then sending them off to college, Replacing lost income, and giving you or your spouse time to get back on your feet if something happened to the other can come with a significant price tag .

There are online calculators to help you figure out what you need. The VA has one. There is an easy-to-use calculator at And, of course, an insurance agent could help you find the answer.

2. Analyze what you have.

Once you know what you need, it’s time to stack that up against what you have. First, for those in uniform, you likely have $400,000 of Servicemembers’ Group Life Insurance (SGLI), the military’s group

Read the rest Continue Reading