Life Insurance for Military Spouses

Life insurance for military spouses comes in two main forms. The government issued policies from FSGLI, and private policies purchased independently. FSGLI rates are extremely low, but tied to military employment. Private policies are considerably more expensive but are independent of military service.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: May 10, 2021

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The Rundown

  • Military spouses have the option of purchasing a dependent life insurance policy through Family Servicemembers’ Group Life Insurance (FSGLI)
  • FSGLI policies are very affordable; however, they are tied to the servicemember’s military status and don’t continue after retirement
  • A military spouse can purchase a private life insurance policy but it will likely be expensive

If you are a military spouse looking for life insurance for military spouses, there are two main options available. The FSGLI program, and private life insurance policies.

Keep reading to learn the pros and cons of each option and find out more about how to get affordable life insurance for military spouses.

Are you looking for life insurance for military spouses and want to start comparing private policies right away? Enter your ZIP code above, and we will help you find affordable rates available now.

Who offers life insurance for military spouses?

There are two main ways a military spouse can get life insurance. The first is through a spousal policy; the second is through a private insurer.

Military spouses do get a discount life insurance in the form of a spousal policy. This is a life insurance policy tied directly to the life insurance policy of the military member.

The most popular of these is the life insurance policy offered by FSGLI, a branch of the SGLI, or Servicemembers Group Life Insurance plan.

A private insurer policy is just a life insurance policy offered by a financial institution unassociated with the military or government.

These are completely independent of their status as a military spouse and don’t usually come with any military spouse benefits. This means that they are more expensive than an FSGLI policy.

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What is the most affordable life insurance option for military spouses?

The policies offered through the FSGLI program are more cost-effective than private life insurance policies through other insurers.

Here’s a look at their rates compared to other life insurance providers offering a $100,000 policy.

For this term life insurance quote, we used a female at the ages of 30, 35, 40, and 45 in excellent health with a term of 15 years.

Average Monthly Life Insurance Rates by Company and Age
Age FSGLI Average Monthly RatesHaven Life Average Monthly RatesMutual of Omaha Average Monthly Rates
Under 35$4.50$8.63$10.02
35-39$5.30$8.87$10.79
40-44$7.00$10.28$12.69
45-49$10.00$12.79$15.44

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Keep in mind that FSGLI monthly rates will be on top of whatever the monthly rate is for the servicemember’s policy costs.

However, even considering this fact, the policies offered by the other life insurance providers are considerably higher.

Pros and Cons of FSGLI vs. Private Insurance

The biggest pro of a FSGLI policy is the price. You cannot compare the price to any private policies on the market right now.

The main con is that a FSGLI policy is tied to military service. If the military member leaves the military, the FSGLI coverage will expire within 120 days if you cannot find another insurer to take it on.

Conversely, that is the biggest pro of private policies. They are not tied to anything but your ability to pay your premiums on time.

Neither policy is right or wrong. Just take the time to look at your finances and make the decision that works for your family.

Do you want to start looking for private life insurance for military spouses? Enter your ZIP code below, and we will help you find a policy that is right for you today.

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