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Financial Benefits for Active Duty Navy and Veterans

Duty Navy and VeteransDuty Navy and Veterans

Serving in the United States military is one of the largest commitments and sacrifices an American adult can make. Many businesses recognize this and reward both active-duty military members and veterans. Below are some of the best financial benefits specially curated for active-duty navy and navy veterans.

Banking and Credit Cards

Many banks have military benefits. Sometimes banks will work with credit card companies or debit card companies to provide additional benefits for active-duty military members, veterans, and sometimes their families as well. Whether or not a person qualifies for these benefits will depend on which bank they are usually. Banks and credit unions that have been established by military veterans are usually the best bet for receiving these benefits.

As an example, both active duty Navy and veterans can sign up for an American Express credit card through certain banks and credit unions. This credit card company gives military members and veterans extra bonus points when they spend a certain amount of money within a specific amount of time. These bonus points can be used for a variety of savings later on.

College and Book Fees

Most veterans and active duty Navy members who served for at least 90 days after September 11, 2001 should qualify for the Post-9/11 GI Bill. You may also qualify if you were honorably discharged or earned a Purple Heart, even if you served less than 90 days. 

How much of your tuition the GI Bill covers will depend on what you qualify for. If you qualify for the maximum benefits, then the bill will cover the full tuition amount of in-state tuition for a four-year or less university/college. If you are in school more than half time, then the bill will also give you an allowance to pay for housing, whether or not you decide to live in the dorms. Lastly, you may qualify for up to $1000 a school year to spend on books.

A lesser-known GI Bill that can help both veterans and active duty Navy is the Montgomery (Active Duty or Reserves) Bill. Active duty members can qualify if you served for at least two years, were honorably discharged and you already have a high school diploma, GED, or some college credits. Selective Reserve members can qualify if they have at least a six year service obligation or are an officer also agreeing to serve for at least six years. 

Life Insurance 

The United States’s Veteran’s Affairs department has several different types of life insurance policies that active duty and veteran Navy members can sign up for. Many of these policies can also cover family members. Below is a short list of the life insurance and other life insurance-adjacent policies the VA offers.

  • Servicemeber’s Group Life Insurance 
  • Family Servicememner’s Group Life Insurance
  • Traumatic Injury Protection
  • Veteran’s Group Life Insurance
  • Service-Disabled Veterans Insurance
  • Veteran’s Mortgage Life Insurance

Even if you are, what the VA calls “totally disabled” or terminally ill, you can still qualify for certain life insurance policies. Spouses who are totally disabled are not likely to qualify for life insurance, but spouses who are terminally ill may still qualify. Some people may also be able to have a SGLI Disability Extension or get a waiver for policy premiums. 

All of these policies have different qualifiers and accept different members. Make sure to check out all of these to find out which one best fits your needs. Once you pick one of these, you should be able to access your policy online through the VA website.

These are just some of the financial rewards and benefits that Navy members and veterans may qualify for. Most of the benefits listed in this article will also work for military members from other branches of the United States armed forces. Of course, since most of these benefits come directly from the government, military members will need to apply for them before they can start receiving them. Make sure to apply to whatever you can to get as many benefits as possible.