As a military family, there are a number of benefits available to you through military benefit associations that you may not know about including a variety of supplemental insurance plans. See the list below to learn more!
Supplemental Accident Coverage
While accidents are rare, they do happen more often than we’d like to think. Supplemental accident coverage or Accidental Death & Dismemberment (AD&D) is inexpensive and can be purchased for the entire family. There are several options for accident policies offering a range of coverage amounts. Many military benefit associations like ASMBA include small AD&D policies at no cost as part of their membership package.
Servicemembers' Group Life Insurance (SGLI) Coverage for Spouses
As a military spouse, you may or may not work outside the home, but that doesn’t mean there wouldn’t be a financial loss if something happened to you. Most military families only carry $100,000 of SGLI coverage on the spouse. Is that enough? What would your family do without you? Who would take care of your children, and all the other things you handle day in and day out?
Making sure there is enough coverage on the spouse is critical to almost every family, but particularly military families. There are lots of great plans out there, and rates are very competitive among all military associations, so it’s a good idea to shop around for the best plan for your family. Most associations have limitations on how much you can get on the life of any one person, but you can take out coverage from more than one association to get the amount you need. ASMBA has a variety of spouse plans to choose from, as well as supplemental coverage for children.
Level Term Insurance Plans
Service members have $400,000 of SGLI coverage. That may seem like a lot, but how far would it really go? Would you need to pay off a mortgage, a car, mounting credit card bills? What would be left to meet your other needs?
Term insurance is a great way to bridge that gap. Term plans offer an excellent value and allow many options to customize coverage for service members and spouses. These plans provide coverage for a fixed number of years, often with renewal options at the end of the term. And, because the military as a whole is in better health than the general population, rates are extremely affordable.
Term insurance plans offered by military associations often include benefits that are specifically designed with the needs of military families in mind — benefits you wouldn’t get with a commercial company — such as:
- Customizable options for term length including 10, 20 or 30-year terms with varying amounts of coverage up to $500,000
- A living benefit of up to 25% of your coverage amount should you suffer a terminal illness or injury while you are still alive
- An emergency death benefit - usually paid to your beneficiary within 24 hours of verification of death
- Suspension of premium if deployed to a war zone and partial suspension of your family’s premiums if you are killed in combat
- Continuing coverage regardless of changes in health even if you leave the service
- Quick decision time for rapid deployment and more
Long-Term Care Insurance
Long-term care insurance can provide vital financial security for your family by protecting your retirement savings and alleviating the unnecessary strain of paying for long-term care needs out of pocket. Recent changes in long-term insurance rules now allow for greater flexibility of protection as well as options for spouses and family members to share in the benefits of one policy.
Cancer Protection Policies
Many cancer protection plans can be purchased for military members and spouses alike and offer coverage in the event of a cancer diagnosis.
Hospital Care Plans
Hospital stays are expensive and often unplanned, and basic medical insurance doesn’t always measure up. Hospital cash plans are flexible, affordable plans that help safeguard your family against unexpected hospital expenses.
These are just a few of the benefits available to military families through military benefit associations. Many also offer a variety of discounted programs and services from companies like Dell, LifeLine, ID Theft Assist, Insurance Lockbox, My Notification Service and more.
If you’re not a member, consider joining. Most military associations are run by active or retired military who know what it’s like to serve. Because they have been where you are, they work hard to ensure that you and your family get the very best. These organizations often offer flexibility that large commercial companies can’t.
“So where do I start”?
There are countless reputable military associations to choose from including ASMBA, AFBA, USAA, USBA and more. All plans offer valuable benefits and personal service to their members.
ASMBA offers packages for every type of insurance coverage mentioned. Here are just a few examples:
Supplemental Accident Coverage
ASMBA has a Platinum Accidental Death & Dismemberment policy which offers $50,000 in coverage for as little as $3 per month. This plan features four individual and family coverage options and requires no medical exam. Coverage levels top out at $200,000.
Cancer Protection Policies
ASMBA has the CancerGuard™ plan which allows you to apply for up to $100,000 of coverage to protect the military service member and/or spouse in the event that the policy holder is diagnosed with cancer. The money is paid directly to you in a lump sum. Being hospitalized or under treatment are not required and the benefit is paid in addition to any other coverage you might have.
Hospital Care Plans
The SecureCare™ plan from ASMBA with a cash benefit of up to $200 per day is paid directly to you. With a hospital cash plan, you can use the money towards costs not covered by basic health insurance, like child care, meals, or hotel stays. And, the SecureCare™ plan from ASMBA pays double benefits for each day the covered person is confined to an intensive care unit or hospitalized for the treatment of cancer. Coverage for outpatient surgical treatment and emergency room visits are also available.
At ASMBA, every time you call, a staff members answers — there are no automated menus. Military families, now more than ever, are busy and stressed, and no one understands that better than a military association.
