As a member of the military, there are unique considerations to take into account when it comes to insurance, especially during deployment.

This article will provide an overview of different types of insurance that military members and their families may have, as well as the impact of deployment on their coverage and benefits.

Types of Insurance for Military Members

Here are some of the most common types of insurance that military members may have:.

Life Insurance: The Servicemembers’ Group Life Insurance (SGLI) program provides low-cost life insurance for service members. Coverage extends to $400,000, and as of 2020, costs 7 cents per $1,000 of coverage per month.
Health Insurance: Military members and their families are eligible for TRICARE, a comprehensive health care program that provides coverage for everything from routine check-ups to emergency care.
Auto Insurance: USAA is a popular insurance provider for military members and their families, offering competitive rates and special discounts.
Homeowners/Renters Insurance: Like auto insurance, USAA provides coverage for homes and apartments. Military members may also want to consider specialty insurance providers, like AFI (Armed Forces Insurance).
Disability Insurance: Servicemembers’ Group Disability Extension (SGDLE) provides coverage for up to two years when a service member suffers an injury or illness that prevents them from performing their duties. After two years, if the disability is expected to be permanent, the member can apply for disability retirement.

Impact of Military Deployment on Insurance Coverage

Deployment can affect insurance coverage in a number of ways, depending on the specific policy. Here are a few potential considerations:.

Life Insurance: If a military member dies while in combat, their SGLI policy will pay out the full amount to their designated beneficiaries. However, if they die while not on active duty, the amount paid out may be reduced.
Health Insurance: TRICARE coverage extends worldwide, which means that military members can receive care wherever they are stationed or deployed. However, if a member is deployed to an area that is considered “hazardous,” they may be required to obtain additional insurance coverage.
Auto Insurance: If a military member is deployed overseas and leaves their car behind, they may be able to suspend their auto insurance policy so they don’t have to pay for coverage they’re not using.
Homeowners/Renters Insurance: If a military member owns a home and is deployed, they may be able to rent out their property while they’re away. They may want to consider additional rental property insurance to protect their investment.
Disability Insurance: If a service member is injured while on active duty, their disability coverage may provide them with monthly benefits until they are able to resume their regular duties. If the injury is permanent, the member may be eligible for disability retirement.

Other Considerations for Military Insurance

In addition to the types of insurance and coverage considerations listed above, there are a few other things that military members and their families should be aware of when it comes to insurance:.

Changing Coverage: While deployed, it may be difficult to change your insurance coverage. Make sure to plan ahead and adjust your policies accordingly before leaving.
Beneficiaries: Make sure that your designated beneficiaries are up-to-date on all of your policies, and that they know how to access your benefits if needed.
Emergency Contacts: Make sure that your insurance providers have up-to-date emergency contacts, in case they need to get in touch with someone while you’re deployed.
Fraud Protection: Unfortunately, military members are often targeted by fraudulent insurance providers. Make sure to do your research and only work with reputable providers.

Conclusion

Military members and their families have unique insurance needs, and deployment can add an additional layer of complexity to an already-complicated system.

However, with proper planning and awareness, it is possible to navigate the insurance landscape and ensure that you and your loved ones are protected.