If you are of average or better health, I recommend shopping around for comparable coverage with a term policy from a reputable insurance company. Conversely, if you have medical issues, or are uninsurable, VGLI may be your best option because o proof of medical insurability is needed if elected within 240 days of separation/retirement.
As an insurance professional it would be in your best interest to talk to a couple of agents. From what I understand VGLI can get a bit expensive. I work for the Knights of Columbus. The basic rule of thumb I use is cover mortgage/utilities/groceries if the budget allows. If the budget is a bit higher I recommend about $1,000,000 in coverage for every $50,000 in income you have.
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