Life Insurance for soldiers (SGLI) costs 6.5 cents per month per $1,000 of coverage at the current time (June, 2013). To calculate that, you take the number of thousands of dollars of coverage you are receiving (soldiers are automatically enrolled for $400,000) times that factor. 400 times 6.5 cents comes to $26/month. With the TSGI protection added for $1/month, the total premium comes to $27/month.
Keep in mind that, under current VA benefits there is no time when you will be able to convert that Term policy to Permanent insurance, or buy a Permanent policy, through the Veterans Administration. So while that is a very reasonable price for $400,000 of life insurance, it is a good idea to get a private permanent policy on the side while young and healthy enough to get a good rate.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Private life insurance is available to service personnel. If a company decides that soldiers make poor risks they will include war exclusion. I am not aware of companies including war exclusion currently. The price though will be the same as anyone in the same age group with the same medical profile. Actually you may find that because of the vigorous lifestyle that a soldier might qualify for preferred rates.
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Keep in mind that, under current VA benefits there is no time when you will be able to convert that Term policy to Permanent insurance, or buy a Permanent policy, through the Veterans Administration. So while that is a very reasonable price for $400,000 of life insurance, it is a good idea to get a private permanent policy on the side while young and healthy enough to get a good rate.