In
May 2005, President Bush raised the maximum SGLI coverage to
$400,000 from $250,000. He also increased the death gratuity for
soldiers killed in the line of duty to $100,000 from $12,500
According to Pentagon statistics, 96 percent of service members have SGLI policies and over 160,000 military personnel pay for additional supplemental commercial life insurance meaning there's not much need for more supplemental life insurance.
But what about car insurance?
Most insurance companies require you to have continuous coverage to keep your current rates. This can create a significant problem if you're deployed overseas for six months or a year.
However, most states are now prohibiting insurance companies from penalizing military personnel called to active duty.
If your state still allows insurers to raise rates or deny coverage in this fashion, there is one thing you can do if you store your automobile and no one else will be using it during your deployment. Cancel your liability coverage but maintain comprehensive insurance to protect your auto against theft or vandalism. Remember to reinstate your liability insurance when you take the vehicle out of storage.
According to Pentagon statistics, 96 percent of service members have SGLI policies and over 160,000 military personnel pay for additional supplemental commercial life insurance meaning there's not much need for more supplemental life insurance.
But what about car insurance?
Most insurance companies require you to have continuous coverage to keep your current rates. This can create a significant problem if you're deployed overseas for six months or a year.
However, most states are now prohibiting insurance companies from penalizing military personnel called to active duty.
If your state still allows insurers to raise rates or deny coverage in this fashion, there is one thing you can do if you store your automobile and no one else will be using it during your deployment. Cancel your liability coverage but maintain comprehensive insurance to protect your auto against theft or vandalism. Remember to reinstate your liability insurance when you take the vehicle out of storage.
