To the great men and women of the US Marine Corps, we give you many thanks for your dedicated service. We deeply appreciate your protection of the United States. The Marines Corps is a historic fighting force well known for their service and performance standing watch over America. This article is designed to help you find the best life insurance products at the lowest rates for Marines. Purchasing military life insurance can be confusing, but we are here to help make it simple. Here is what you will need to know to become a smart life insurance shopper.
Purchasing your life insurance on the civilian market will always will always produce the best life insurance rates.
It can also be a simple and smooth process when you have the right agent or broker to help you. You have quite a few excellent choices for military life insurance today. We want to make sure you understand what they are. This will help you to receive the best life insurance rates possible.
If you still are an active member of the Marine Corps or you have just been discharged, this article should definitely help you make the correct decisions.
Many Marines have purchased their military life insurance through the SGLI.
The SGLI (Service Members Group Life Insurance) offers life insurance to members of the armed forces. It is purchased often because the military member is being deployed and going overseas. SGLI can work well because you can purchase life insurance at a risky point in your life. Also with SGLI you not be declined because of the threat of going off to a war zone. At this point SGLI is your one and only choice where you can purchase up to $400,000 in coverage.
After a combat tour of duty has been completed many service people convert their policy to a VGLI plan design.
Once your active duty overseas is over and you are possibly being discharged, many military men and women will make a change to a VGLI (Veterans Group Life Insurance) policy. You can purchase a life insurance policy from VGLI for less premium once you are discharged or at least out of harm’s way. The SGLI policies are normally purchased when an individual joins a branch of the military. They are usually then deployed to a potentially hazardous destination for active duty.
The veteran’s administration (VGLI) Veterans Group Life Insurance policies have a rate increase every five years.
These plans are in essence a five-year renewable Term life policy that includes a rate increase every 5 years. If you are in decent health your premiums would be drastically less with a conventional life insurance product. Conventional policies have level premiums that do not go up. Take a look at a sample of the VGLI rates with a $400,000 face amount. Especially pay attention to the higher age groups starting with 50-54 years of age. Life insurance for Marines cost much less on the standard civilian life insurance market. Check out these age groups.
- 29 & Below – $32.00 per month
- 30 to 34 – $40.00 per month
- 35 to 39 – $52.00 per month
- 40 to 44 – $68.00 per month
- 45 to 49 – $88.00 per month
- 50 to 54 – $144.00 per month
- 55 to 59 – $268.00 per month
- 60 to 64 – $432.00 per month
- 65 to 69 – $600.00 per month
- 70 to 74 – $920.00 per month
- 75 & Up – $1840.00 per month
The youngest age category of 29 and below have rates that are higher than conventional Term life insurance. The older age categories have incredibly high rates that most Americans could not even afford. Conservatively speaking if you were age 55-59 your premiums would be $3,216.00 per year. The age 60-64 veterans would be paying $5,184.00 per year.
The final age group of 75 and over would have an annual premium of $22,080.00 per year. See the rate chart on the VGLI website.
If an individual is in very poor health, these policies may work for you. Some veterans in good health consider purchasing life insurance through the VGLI. Life insurance offered from the conventional companies in the US will be the only way to go. These 5 year rate increases are brutal to the wallet and don’t make sense. Especially when there are so many other great options to choose from. If you are shopping for military life insurance for veterans, the civilian market is the best option.
There are three main types of life insurance on the market today that you should understand. This is important to know.
You should always have a basic understanding of the three main types of life insurance. I want to make sure you understand these before we move along.
Term Life Insurance is the most commonly purchased plan design today because it costs the least. Term is a temporary product that has a specific time period. They have Term periods such as 5, 10, 15, 20, 25 and 30 years. They have the lowest premium by far and they can be converted into a permanent plan design also. If you need a high death benefit, Term is the way to go.
Universal Life and Whole Life insurance are permanent plan designs that never terminate like low cost Term life insurance.
Universal Life Insurance is a permanent plan design which will normally last your entire life. There is no need to worry about your policy expiring and having no life insurance when you still need it. Universal Life cost more than Term but you will always remain insured as long as you keep paying your premiums.
Whole Life Insurance is an old permanent plan design that uses a cash value system. It is one of the oldest plan designs on the market. This cash value is generated by an interest rate that builds up through the years. The Whole Life insurance products have been eliminated by many life insurance companies because of their much higher premiums. They are not competitive insurance products any longer and are seldom purchased. For all practical purposes, whole life has been replaced by the much more cost effective Universal Life plan design.
Let’s take a close look at your other options for purchasing low cost Term life insurance.
This article is about your other options available from the civilian market for much less money straight across the board. This life insurance is what any civilian would apply for and very well you can too. There are many new military life insurance products to choose from. The most common plan designs are Term life insurance and the permanent version referred to as Universal life.
Here are the main factors that will enable you to be able to apply for life insurance for Marines on the civilian market.
- How much time are you going to be spending overseas?
- Are there any plans for deployment in the next 12 months?
- What are your current duties & responsibilities?
The most important question regarding life insurance for a Reservist, National Guardsman or full time regular Marine Corps is. What is your “Deployment Orders Status”.
If there are no deployment orders pending for the next 12 months you have a green light to purchase excellent life insurance products with very competitive premiums. This is your best option by far over purchasing a VGLI policy in respect to cost and policy benefits.
What difference does it make if I am a full time regular Marine or have a Reserve status?
This is an excellent question that we have to clarify to the fullest extent. If you are a National Guardsman or a Reservist you can purchase any life insurance product you wish. The only requirement is as long as you do not have deployment orders pending for the next 12 months. If you are a active member of the Marine Corps with no deployment order pending you can apply. There would be companies that have specialty markets for the full-time Marines.
Prudential, MetLife & American General have excellent underwriting provisions for Military Personnel.
These are offered by Prudential, MetLife and also low rates are offered from AIG American General. The underwriting time for American General takes a little longer than most of the other companies. Their rates are normally the lowest in the industry for full time Marines.
If you are in the Reserves or the National Guard like I had mentioned earlier in this article, any company would be fine as long as you do not have deployment orders.
How much will Term life insurance cost for a US Marine who is applying for life insurance on the civilian market?
If you apply for life insurance, your rates will be based on the usual underwriting criteria below:
- Your Current Age
- Health History
- Tobacco Status
- Height & Weight
- Occupation (If Hazardous)
- Sports (If Hazardous)
- Driving Record
Keep in mind that the above list applies to fully underwritten policies. These types of policies have the lowest rates available. Simplified issue life insurance which is also referred to as Non-Med policies can be approved in 24-48 hours. They do cost more because the life insurance companies do not know as much about your health history. They have to add some extra buffer premium for the added risk they take. I always recommend the fully underwritten policies so you can receive the lowest premiums possible. Military life insurance for veterans is not high risk life insurance.
What happens if I have any pre-existing medical conditions?
Applying for life insurance with medical conditions such as high blood pressure, high cholesterol, anxiety, height & weight issues and many others are very common today. We work with these medical conditions for our applicants on an everyday basis. A quick and simple medical pre-screen will help direct you to the correct company to apply with and help you to receive the lowest rates.
A medical pre-screen takes just a few minutes and is totally confidential and simple to perform. Insurance agents can take care of this for you and get you on track to a smooth application process. We find that pre-screens are vital to take the guesswork out of the application process and receive the lowest premiums. Choosing the correct life insurance company for your specific needs is very important to assure the lowest life insurance rates.
How do I go about applying for affordable life insurance for Marines?
You can compare Term life along with Universal Life on our free life insurance quote engine on the right. You can compare the lowest rates from the most competitive and trusted life insurance companies. Don’t hesitate to contact us 7 days a week by calling (800)897-5699 for answers to all your questions.
If you are looking for the best Term life insurance quotes, you can call us toll free for a quick quote right over the phone. Our application process is also very simple with applications done by telephone vs. the old paper applications.
Use our life insurance quote engine to compare the best Term life insurance quotes online.
Term life insurance will always have the lowest premiums when compared to other plan designs on the market. Most people today are now comparing life insurance quotes online to save time. Many consumers today want to speed up the process and they choose No Medical Exam life insurance. No Medical Exam plans can be approved within 24-48 hours. You can find the best life insurance rates with no medical exam on our websites quoting system. Run our quoting system for immediate life insurance quotes
Working with an independent agent will enable you to compare all the best life insurance companies.
Independent insurance agents are also known as brokers. They have complete access to all the best life insurance companies. State Farm agents and Farmers agents for example are referred to as captive agents. They only have one company to show you which will never be competitive. In today’s life insurance market, looking at only one company will be a huge handicap.
Our office utilizes over 40 of the best life insurance companies. We use such carriers as Prudential, Banner Life, Transamerica, Protective Life, and Assurity Life. We also use Voya, MetLife, Aviva, AXA Equitable, ING, SBLI, Fidelity Life and many more. Check out our Top 12 Life Insurance Companies blog post where you can get some more information about the excellent companies we use.
Helping military personnel find the best life insurance rates is very rewarding to us. Don’t hesitate to call us for assistance.
If any of this sounds confusing to you, don’t worry. Our no obligation service will allow us to do all the leg work for you so you don’t have to. Finding the lowest rates and applying should be a simple process when you are using an agent or broker. Call us with any questions you have and we can answer them over the phone within a matter of minutes. Remember to use our website’s quote engine where you can receive immediate life insurance quotes with no cost or obligation.
Thank you very much for your service as a United States Marine!
Thank you very much for being a member of the Armed Forces and protecting America. We cannot thank you enough! Take a moment to read our about us page to learn more about us and our business. Activate our quote engine to compare the best life insurance rates and receive immediate life insurance quotes in less than a minute.
You can begin comparing the best rates for military life insurance, feel free to use the quoting form on this page. We can help you understand the different plan options available and give you some good peace of mind. Give us a call 7 days a week and we will be glad to help. Thank you very much for taking the time to read this article, we appreciate your interest.