SGLI
I am assuming that you are referring to the Serviceman's Group Life Insurance (SGLI) - the $400,000 insurance coverage. It is a GREAT deal, Sign up for the full premium and coverage. It is cheap. I am pretty sure that you will not be able to find a better deal out there for fixed premium term coverage. And it is easy. There is no underwriting - coverage is automatic if you sign up and allow the premiums to be deducted from the paycheck. Granted, the kids do not have a risky job right now (unless you consider Plebe Year to be hazardous to health and welfare), but later on, their profession will, most likely, rate them up for life insurance coverage. I don't know what the rules are for opting in later if you initially opt out, or increasing coverage up to the max if you initially start out at a lower level (like $100,000 instead of the maximum $400,000). You might look into this if premium dollars are a concern, or if you think that $400K is overkill. However, I believe that any active duty service member, especially one with dependents or a close family member (like parents or siblings) who is not covered at the max is not taking the long view. The same rationale could apply to Midshipmen. Accidents and other not-so-good things do happen (i.e., life happens).