Should I enroll in VGLI (Veteran's Group Life Insurance)?

Question

I just recently got out of the military and am eligible for the veteran's life insurance. I was wondering if it is something I should capitalize on or if there are better policies out there for me. I'm still young and this is a new thing for me. I am able to get as much coverage as I had with the Army up to $400,000. Should I max it out? Thanks, Johnny C.

Answer 1

First decide if you need insurance. Who is dependent on your income? If no one, you do not need insurance. Second decide if you need term insurance or whole life. Most likely term would be best. Then compare the rates from VGLI to USAA. If you are healthy USAA might be less expensive. Again, make sure you need insurance before you do anything else.

Answer 2

I tell you what, I am not an insurance salesperson at all. But there is an excellent policy for ex-military to convert their SGLI into the civilian sector. A subisidiary of Mutual of Omaha, calle United of Omaha has this policy. They even have policies with vanishing premiums, I have one of these such policies. A vanishing premium is one that eventually builds up enough cash value to pay the premium itself. I have a whole life with annuity policy through them called an Ultraflex plan. Also check out Academy Life, you can do so through your local NCOA chapter. Life Academy has no war clauses and my father just told me who has sold both that Academy Life's plans are better suited to military. Hope this helps.
Another thing, Always when looking at insurance ask them their rating with AM Best and Standard's and Poor. The rating means their solvency rating.

Answer 3

It's worth applying for since it's a one shot deal and you can't go back to get it. Wish I would have when it was offered and they would have deducted the premium from my disability compensation. It is worth it; the older you get the harder and more expensive it becomes to get life insurance. It may not be worth maxing out, but get enough to cover the bills should something happen. When a better policy comes along or comes available, you can always change over.

Answer 4

May, I suggest You call USAA they are a GREAT Insurance Company. They cattier to military and their family's They have very good rates, don't get a lot of insurance unless you need it, but you also need to look down the road and consider your future family needs. I would compare the two companies, and then make your decision. The younger you are the lower the premium so do it soon.

Good luck,

Dave k

Answer 5

If it doesn't cost any money, then what have you got to lose. If it cost money and you have a family of your own then I think the best thing to do is to get the life insurance. That's exactly what I would do if I had a family of my own.

Answer 6

yes, you should get it becuase since this is a "Group" policy, it normally tends to be alot cheaper than what an "individual" policy would cost you if you. I am assuming that this is a term policy that we are talking about if so, just make sure that you can convert this policy later on ln life to something permanet in the event that you may need to do that. Other than that, I say get as much of it as you can

Answer 7

Vgli Rates

Answer 8

Vgli Cost

Answer 9

often, crew regulations exclude advantages if the lack of existence resulted from suicide - era. human being regulations have suicide clauses that in maximum states are 2 years lengthy and in some states a million 3 hundred and sixty 5 days lengthy. for the time of that era they are going to exclude paying advantages if the lack of existence resulted from suicide; if so the provider is in uncomplicated phrases required to refund to the beneficiary (pastime free) the costs the insured had paid for coverage.

Answer 10

I think it depends