Consider Traumatic Injury Insurance
The United States Department of Defense (DoD) instituted a traumatic injury protection plan as part of the Servicemember's Group Life Insurance (SGLI) program. Under the SGLI, men and women who meet eligibility requirements can elect for traumatic injury insurance. The insurance costs a monthly premium of just $1. Payouts are between $25,000 and $100,000, depending upon the nature of the injury.
The insurance is similar to death and dismemberment insurance. It isn't meant to compensate the injured person for lost compensation. For that, you'll need disability insurance. You should also note that certain kinds of injuries aren't covered by SGLI. These include:
- Injuries sustained during a suicide attempt
- Self-inflicted injuries
- Medical or surgical treatment of an illness
- Injuries sustained as a result of using illegal substances
Traumatic injury protection terminates when the service member ends all SGLI coverage or leaves military service. The beneficiary for all traumatic injury insurance payouts is the injured service member.