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Insurance band-aid

Date Posted: 2001-10-08

The August 31 Stars and Stripes stated that in November the Servicemenís Group Life Insurance (SGLI) will be extended to include wives and children of active duty servicemen.

Specific details have not been announced, but should include all dependents that wish to enroll. This, like the SGLI, will be a great benefit for active duty families and is long overdue.

But do not lose sight of the indisputable fact that the SGLI program is an "insurance band-aid" and self-destructs when active duty ends. Then you may enroll in the Veteransí Group Life Insurance (VGLI); this is five-year term life insurance (the insurance premium increases every five years) and becomes excessively expensive in later years. At age 65 it converts to decreasing term (the death benefit reduces in value), to nothing. Hence, the term "insurance band-aid" is obviously appropriate.

See your career advisor for details on the SGLI expansion and VGLI.

By Kelly F. Anderson

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