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The most important copy of the DD 214 for the individual is the long form copy. It is the standard form needed to obtain benefits such as GI Bill or government employment priority. There are eight original DD214 copies. All but Member 1, the "short form" copy, contain information as to the nature and type of discharge, and the re-enlistment code.
Insurance coverage similar to SGLI is replicated by a few other private organizations. These include the Military Benefit Association (MBA), the United Services Automobile Association (), the Army and Air Force Mutual Aid Association (AAFMAA), the Uniformed Services Benefit Association (USBA), the Armed Services Mutual Benefit Association (ASMBA), and the Navy Mutual Aid Association (NMAA).
Upon separation, they receive Department of Defense Form 214, Certificate of Release or Discharge from Active Duty (DD 214), which verifies their military service. [1] Former service members must present DD 214 to receive Veterans Administration benefits. [2]
Life insurance death benefit payouts are tax-free, whereas beneficiaries will need to pay taxes on annuity earnings and death benefits received from pensions, 401(k)s and IRAs.
Using the same scenario with three beneficiaries (A, B and C) set to receive a $300,000 death benefit, if beneficiary C dies, the death benefit would now be split equally between the two remaining ...
Death Benefit Type. Description. Payout Conditions. All-Cause Death Benefit. Covers most causes of death, found in traditional life insurance policies (term, whole, universal life).
Retirees are furnished with the DD 214, though a U.S. military retirement is not characterized as a discharge as retirees may be recalled to active duty, under certain circumstances, until they have achieved a total of 30 years of service. The DD 214 is a summary of military service.
The Basic coverage also provides an "Extra Benefit" for employees who die before age 45; total Basic and Extra Benefit coverage is the BIA multiplied by an "age multiplication factor", which starts at 2.0 for employees 35 and younger and decreases by 0.1 for each year until age 45 when the Extra Benefit is no longer available.