For Army, Navy and Air Force, the spouse’s birth date in DEERS determines the premium rate to be collected. If the spouse’s birth date is incorrect in DEERS, the incorrect premium rate will be collected. And if the spouse’s birth date is not in DEERS, premiums will be collected at the maximum rate.
For Army, Navy and Air Force, the spouse’s date of death must be reported to DEERS via RAPIDS in order to stop premium collection.
FSGLI Beneficiary
The servicemember is the beneficiary of the FSGLI coverage, so no naming of a beneficiary is needed. A servicemember is not entitled as beneficiary if he/she is convicted or pleads guilty to involvement in the death of the spouse or the dependent child. In such cases, the beneficiary or beneficiaries are determined under 38 USC 1970(a).
Beneficiary Financial Counseling Service (BFCS)
BFCS is available to a servicemember who claims the FSGLI upon the death of a spouse. BFCS provides free personal financial counseling to beneficiaries of FSGLI policies. The servicemember will be notified of this benefit when they receive the payment of the proceeds of their FSGLI.
Conversion
When the FSGLI coverage ends under certain circumstances, there is120 days of free coverage and the spouse can convert the spousal FSGLI coverage to a commercial life insurance policy. If the insurance is converted within the 120 day period, proof of good heath is not needed. Dependent child coverage cannot be converted. The spouse can get information about conversion by contacting the Office of Servicemembers’ Group Life Insurance (OSGLI) by telephone or letter.
Telephone number: 1-800-419-1473. Address: 290 W Mt Pleasant Ave Livingston, NJ 07039-2747
Accelerated Benefits Option (ABO)
Servicemembers with FSGLI coverage have access to up to 50% of the face value of the spousal coverage through the ABO. The ABO is available in $5,000 increments. In order to qualify for the ABO, the spouse must have a medical prognosis of life expectancy of nine months or less. Only the servicemember can apply for ABO and the benefit will be paid only to the servicemember.
