Insurance Policy Discounts for Military Personnel

As a servicemember, you're entitled to many financial benefits that can be delivered as either government or private-company benefits. These can include significant discounts on automobile, health, life and homeowners' insurance. This article will explore the extent of these insurance discounts and how best to obtain them.

Automobile Insurance

The most prevalent type of insurance benefits program is automobile insurance. These are offered by many insurance companies to support active and retired military personnel. The key is to understand how much auto insurance you need and carefully compare the best rates among providers.

All servicemembers are obligated to carry the amount of auto insurance required by their home states, or by the country of service if they're deployed overseas. Once you determine the necessary amount of insurance, then carefully research competing auto insurance sites for their discount programs and reduced rates.

Be sure to understand variations on coverage when deployed into combat zones or how the provider will handle coverage if your vehicle is stored for a lengthy period of time during deployment.

For example, major companies such as Geico prominently advertise appreciable discounts for members of the military. The company commissioned a special Military Assistance Team comprised of former U.S. military to develop these special programs and services. Whether active duty, retired, or a member of the National Guard or Reserves, qualified Geico military customers can be eligible for up to a 15 percent discount on their total premium. In addition, the company offers discounts to military related organizations and provides expanded Emergency Deployment Discounts for personnel who deploy to combat zones. Additional information is available on the company's website at www.geico.com/information/discounts/military-discounts/.

Health and Life Insurance

The government provides its own competitive health and life insurance plans in the form of VA policies. However, a growing number of private insurers are following the lead of automobile insurers by offering policies tailored to military personnel.

A good example is insurer USAA -- a San Antonio-based organization started by veterans who wanted to help insure each other's autos.

The company has grown to serve millions of retired and active military personnel with discounted auto, health, life and other insurance products. You can read more about them at www.usaa.com.

Like other insurers that cater to military policyholders, USAA offers unique life insurance benefits tailored to the demands of a military lifestyle. In addition to basic term and life insurance options, these can include an accelerated review of coverage prior to deployment, coverage during a time of war, additional protection on top of Servicemembers' Group Life Insurance benefits, and an extra severe injury benefit. USAA also offers a smoother transition to civilian life with the promise of coverage with no medical exam.

Private insurers also offer health plans designed for military personnel or at a discount to servicemembers. For example, Humana Military Healthcare Services offers TRICARE plans for the armed forces, as well as unique programs such as the Warrior Navigation Assistance program to help military men and women make sense of complicated health care systems. The company's military specific portal is www.humana-military.com.

You may also find less obvious insurance discounts available to servicemembers, and a growing number of companies offer discount pricing on pet insurance policies for military personnel.

Whatever type of insurance you pursue, and whichever discounts you find, make sure to do your homework and comparison shop in order to make the most of your dollar. By taking your time and carefully evaluating all offers, you should be able to realize substantial savings from advertised market rates on automobile, health and life insurance policies.

For more information on finding the right insurance policy for your military family, visit Military.com's Insurance Center.

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Ethan Ewing is a veteran consumer financial services and online marketing executive. He manages all aspects of Bills.com, a leading consumer finance website that provides practical financial advice and free financial tools and resources. Ethan is a driving force behind Bills.com’s growth. He has held leadership positions at two Experian companies and built a lead generation business for Ameriquest Mortgage. He holds a BA from Denison University.

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