If you're a member of the military and you're being sent to service, it's essential to review your insurance coverage. This is especially true if you purchased a policy in Texas. To help military personnel better understand their insurance needs, the National Association of Insurance Commissioners (NAIC) provides advice and considerations about auto, home, health and life insurance. When it comes to car insurance, speak to your agent if no one is going to drive your car during your absence or if you are leaving it in someone else's care.
If you let your policy lapse or don't pay premiums on time, insurance companies may not insure you or charge you more when you renew your policy. The Military Service Member Group Life Insurance (SGLI) program offers low-cost life insurance for members of the military and their spouses. When you leave military service, you can convert your SGLI policy to group life insurance for veterans or to private insurance with a participating company. Homeowners insurance usually covers personal property you carry with you while traveling, but most policies don't cover damage in a war zone. However, SGLI and VGLI policies do not include this type of exclusion. The NAIC provides experience, data and analysis to insurance commissioners to effectively regulate the insurance industry and protect consumers.
If your insurance company cancels your policy due to non-payment or any other legal reason, it may be difficult to get a new policy and you may have to pay higher rates. Doctors, attorneys, and other professionals can request in writing that their insurance company discontinue their professional liability policy while they are on active duty. This will cause your coverage to expire and will likely make it difficult to take out insurance after you return home. Upon leaving active duty or the Reserve, members with full-time SGLI coverage can convert their coverage into group life insurance for veterans or into an individual life insurance policy. In addition, many life insurance policies also include exclusions for traveling on any non-commercial aircraft. An important note for members of the military is a provision that is often included in life insurance policies.
Federal law allows active duty service members to defer insurance premiums and payments for their individual life insurance policies while on active duty and up to two years later. It's important for military personnel to understand their insurance needs before they are sent off to service. The NAIC provides advice and considerations about auto, home, health and life insurance, as well as information about the SGLI program. It's also important to be aware of any exclusions that may apply when traveling on non-commercial aircraft or when leaving active duty or the Reserve. Finally, federal law allows active duty service members to defer insurance premiums and payments for their individual life insurance policies while on active duty and up to two years later.
