I am looking to replace my SGLI since I retired. I know I'm covered for 180 days, but I need new coverage. Can I get some references?

CSM David Heidke — Fri, 19 Aug 2016 09:19:47 -0400

Response by CPT Joseph K Murdock made Aug 19 at 2016 9:24 AM

CPT Joseph K Murdock — Fri, 19 Aug 2016 09:24:44 -0400

USSA

Response by SFC(P) Tobias M. made Aug 19 at 2016 9:27 AM

SFC(P) Tobias M. — Fri, 19 Aug 2016 09:27:55 -0400

NYL is really good. USAA is also really good. I know with New York Life you can take your coverage and transfer it with no medical questions at all if your worried about that.

Response by CAPT Kevin B. made Aug 19 at 2016 9:40 AM

CAPT Kevin B. — Fri, 19 Aug 2016 09:40:34 -0400

Be careful about your choices. I found that in my case the SGLI Basic was cheaper than the commercial stuff. You can get better deals than the SGLI add ons. So that's what I did. Consider a policy that you can cash in tax free later on. They typically don't have any sell value until year 4 but pick up from there. There will be a sweet spot in your overall planning where it makes sense to liquidate it.

Response by CW5 Private RallyPoint Member made Aug 19 at 2016 9:42 AM

CW5 Private RallyPoint Member — Fri, 19 Aug 2016 09:42:26 -0400

I used to be licensed to sell life insurance. I would advise you to get the longest term life insurance you can get for the target amount you need.

A few tips:
1) You are never locked in permanently. A new provider can replace your current policy and you are protected by law that the new policy must be better than the current. So shop once a year to see if someone will provide a better benefit. One caveat: ensure that there will be no lapse in coverage before replacing a policy. Some times there can be a lapse of up to half a year! Also don't get involved with anything that has an early termination policy of any kind that costs you. They shouldn't care as you are just paying for risk management. The money they already received from you is theirs to keep at the expense of a few pieces of paper and ink from a pen.
2) Have a plan for your survivor. If you make 100k a year and the policy is for 1 million, have a plan for investment of the 1 million so that the annual payout should be about 100k. An example is a moderate to low risk mutual fund. This will ensure that the money will most likely never run out. Alternatively, the insurance money could pay off all family debt and military retirement would cover month to month expenses.
3) Whole life is an outdated type of 'insurance'. You are better off with a savings account. Term is especially good for those in good health and who plan on staying that way (no smoking, exercises daily, not obese) as the rates can be very low for a long time. If you have high risk factors, get with a financial advisor before getting insurance to make sure you have a solid long term plan. In fact, a financial advisor may be prudent in any case.
4) Check with many, many insurance providers. Don't play one against the other but out of 8 providers there should be about 4 that are overpriced and 4 that are really close to target. Don't disclose the provider/company names but give them the quotes and ask if they can do any better. Successful agents bargain but they also have limits.

Response by CW4 Private RallyPoint Member made Aug 19 at 2016 9:49 AM

CW4 Private RallyPoint Member — Fri, 19 Aug 2016 09:49:17 -0400

If you want something like SGLI, which gives a little security to your love ones you can get it just about anywhere cheap but if you want to take care of your spouse or kids down the road whole life is the only way to go. Have a step son that is a agent for New York Life and is proud to work for them. USAA would be a good bet, I ended up with a Country Financial whole life policy after my father in law said its one of the best companies to work with and he's semi retired in the investment retirement arena.

Response by SGM Barry Kindred made Aug 19 at 2016 10:30 AM

SGM Barry Kindred — Fri, 19 Aug 2016 10:30:12 -0400

AFMAA and AFBA are good to me.

Response by SSG Guthrie Cook made Aug 19 at 2016 12:16 PM

SSG Guthrie Cook — Fri, 19 Aug 2016 12:16:04 -0400

CSM Heidke,
There are several avenues for you to take in order to get the coverage that you need. I would hesitate to make a blanket recommendation without knowing your specific situation as it pertains to your financial goals and your biggest concerns. They are different for every individual. If this is a conversation you would be interested in having, I would be more than happy to discuss this further.

Response by MCPO Douglas Pennington made Aug 19 at 2016 12:26 PM

MCPO Douglas Pennington — Fri, 19 Aug 2016 12:26:22 -0400

Try Navy Mutual. Good policy's, great prices.250K term for under 42 bucks a month.

Response by SSG Private RallyPoint Member made Aug 19 at 2016 6:23 PM

SSG Private RallyPoint Member — Fri, 19 Aug 2016 18:23:57 -0400

Too easy...I just retired...this morning!...and I'm Working for a Company called Bankers Life....we specialize in life accident and health care. If your interested you can contact me at [login to see]
Vr
Greg S. Gifford SSG (ret)

Response by SSG Private RallyPoint Member made Aug 19 at 2016 6:32 PM

SSG Private RallyPoint Member — Fri, 19 Aug 2016 18:32:14 -0400

I also forgot to mention...I am licensed to sell insurance...this will be my next chapter in life. I would be happy to help you achieve your goals. I know that the VGLI is a 5 year term renewal program which starts at about 58 dollars a month depending on your age. The premium does raise every time you renew...when you read the age of about 65, the monthly will be about 600 dollars a month. These numbers are estimates that I saw on the VGLI sheet this morning as I was leaving the retirements services office...I was there to ask these specific question.

Response by SFC Patrick Weisskopf made Aug 19 at 2016 8:58 PM

SFC Patrick Weisskopf — Fri, 19 Aug 2016 20:58:00 -0400

We are related. My dads last name is Heidke. Grandpa says all heidkes here in america are related. Can't answer your life insurance question though.