All posts filed under: Personal Finance

How Much Sgli Do You Need?

SGLI (Servicemembers’ Group Life Insurance) is paid to surviving beneficiaries of deceased active duty military personnel. How much SGLI coverage do you need to take out for your family in the unlikely event of your death? How Much is Available? Before you decide on SGLI coverage options, you should do some research on what is actually available. SGLI coverage is available in $50,000 increments. The maximum amount of SGLI coverage is for $400,000. SGLI Premium Rates Due to the reduction in SGLI premium rates (since 1 July 2008), down from 7 cents per $1,000 to 6.5 cents for every $1,000 of SGLI coverage, rates are now even more affordable. If you opt for the lowest SGLI coverage of $50,000, premiums will total $4.25 each month or $27 per month if you opt for the maximum $400,000 coverage option for your surviving family members. In addition to the basic SGLI premium rate, an additional $1 is added each month for Traumatic Injury Protection (TSGLI). Whichever option you choose, TSGLI will be automatically added to your monthly …