Life Insurance

[NookyBooky04]

I'm thinking about getting a life insurance policy before I go to OCS. I assume my rates would go sky high with an occupation such as Naval Aviation, but I'm really clueless about such things. Do any of you have life insurance aside from the standard military deal? Can anyone chime in on this for me?

 

[Brett327]

I'm thinking about getting a life insurance policy before I go to OCS. I assume my rates would go sky high with an occupation such as Naval Aviation, but I'm really clueless about such things. Do any of you have life insurance aside from the standard military deal? Can anyone chime in on this for me?

Do you have a family/dependents?

Brett

 

[Purdue]

Contact Navy Mutual. Rates are better than SGLI (which is all you should need unless you have a family). Plus, it comes with a $5000 5 year loan at only 1.5% That's just silly not to take the loan.

Plus, (correct me if I'm wrong here) SGLI cannot be carried over into the civilian world... bu the Navy Mutual coverage can be. So you're still safe even after retirement and into your second career.

I have $100k worth of coverage, and I pay like 4 or 5 bucks a month. You can take it all the way up to $400k coverage if you want.

 

[Godspeed]

Do any of you have life insurance aside from the standard military deal? Can anyone chime in on this for me?

I am certainly not an authority on life insurance, but from what I understand, the military has the best deal out there. I pay $16/mo for $250,000 of coverage. If i'm not mistaken you can pay 32/mo for 500k. You won't find rates like that anywhere in the civillian sector, or so my salty master chief tells me.

Why would you not want to get your life insurance through the military?

 

[Purdue]

I am certainly not an authority on life insurance, but from what I understand, the military has the best deal out there. I pay $16/mo for $250,000 of coverage. If i'm not mistaken you can pay 32/mo for 500k. You won't find rates like that anywhere in the civillian sector, or so my salty master chief tells me.

Why would you not want to get your life insurance through the military?

SGLI only goes up to $400K... and it costs $3.25 a month per $50,000 of coverage (http://www.insurance.va.gov/sgliSite/SGLI/sgliPremiums.htm)

So, $100,000 coverage is $6.50 a month. $400k coverage is $26 a month.

As for why people would want a substitute to the military's SGLI:
Navy Mutual is what a lot of people have (as I mentioned earlier...) and is just as reputable. Plus cheaper. if you go here: http://www.navymutual.org/products/flexterm.htm

You can see Navy Mutual gives you higher coverage at a cheaper price (maxing out apparently at $600k coverage for $23 a month. so, more coverage for less than the $400K price of SGLI.

 

[Brett327]

I'm going to presume you guys don't have dependents, so could you please tell me why you'd want life insurance?

Brett

 

[Purdue]

I'm going to presume you guys don't have dependents, so could you please tell me why you'd want life insurance?

Brett

I'm planning ahead. Open with NavyMutual while in the service, and you lock in coverage at a good rate.

My family aren't millionaires. If something terrible were to happen, atleast my siblings could still pay for college. And, it may not be much, but hitting the lottery might help atleast distract them from the pain if I were to do something stupid and heroic.

At $4 a month... eh, why not? Plus, I have debts I'd rather not pass on to my parents. (not $100K... but still, stuff that I need to plan for)

 

[KimberlyD]

I'm going to presume you guys don't have dependents, so could you please tell me why you'd want life insurance?

B/c someday EVEN YOU will have dependents & you won't always be young &/or healthy. Buying insurance w/ a rider that allows you to purchase more whole &/or term at the healthy rate as your needs change, while you're young & healthy is advisable for anyone.

 

[Flash]

Plus, (correct me if I'm wrong here) SGLI cannot be carried over into the civilian world... bu the Navy Mutual coverage can be. So you're still safe even after retirement and into your second career.

Actually, you can get Veterans' Group Life Insurance (VGLI) if you leave the service, I think you have to sign up within 90 days of seperating/retiring. It does not look like that bad of a deal.

http://www.insurance.va.gov/sgliSite/VGLI/VGLI.htm

 

[KimberlyD]

Flash, VGLI is the WORST deal out there. Incredibly expensive & it's still term, not whole life.

Nooky, your rates are going to be better once you get your Commission (the insurance companies DO care that you have 100% free health insurance & figure you'll use it thus living longer) but PLEASE, when you get a free minute & are running around all Smurfy, walk over to FFSC & ask Leonard to sign you up for the life insurance information class.

 

[Steve Wilkins]

MOST people do NOT need whole life insurance. We've been over this before here. Term liife is adequate for most people's needs.

 

[Flash]

Flash, VGLI is the WORST deal out there. Incredibly expensive & it's still term, not whole life.

Nooky, your rates are going to be better once you get your Commission (the insurance companies DO care that you have 100% free health insurance & figure you'll use it thus living longer) but PLEASE, when you get a free minute & are running around all Smurfy, walk over to FFSC & ask Leonard to sign you up for the life insurance information class.

Can you please explain? It looked good to me.......

 

[KimberlyD]

MOST people do NOT need whole life insurance. We've been over this before here. Term liife is adequate for most people's needs.

Whole life in the amount of $10K is considered by the experts to be what you should have so that even if you're 85 when you die, you can be buried.

Attending the life insurance class I mentioned would be how you could personally calculate how much term & for how many years you need it, in other words, calculate when you'll be finished raising kids, paying for the mortgage, etc...

VGLI is incredibly expensive compared to buying life insurance when you're young. This is where Navy Mutual Aid is an excellent resource, they have a great calculator that shows that purchasing a minimal whole life policy ($10K) at 22 will save you thousands compared to converting your SGLI to VGLI at 42 years old.

 

[NookyBooky04]

My thoughts exactly. I have dangerous hobbies, and I have chosen a dangerous job. The least I could do is make sure my niece and nephews can go to whatever college they want, and go there in a brand new beemer. It's only 30 bucks a month, why not?

I'm planning ahead. Open with NavyMutual while in the service, and you lock in coverage at a good rate.

My family aren't millionaires. If something terrible were to happen, atleast my siblings could still pay for college. And, it may not be much, but hitting the lottery might help atleast distract them from the pain if I were to do something stupid and heroic.

At $4 a month... eh, why not? Plus, I have debts I'd rather not pass on to my parents. (not $100K... but still, stuff that I need to plan for)

 

[HOORAH]

I am certainly not an authority on life insurance, but from what I understand, the military has the best deal out there. I pay $16/mo for $250,000 of coverage. If i'm not mistaken you can pay 32/mo for 500k. You won't find rates like that anywhere in the civillian sector, or so my salty master chief tells me.

Why would you not want to get your life insurance through the military?

FYI that's a term life policy.