Posted on Jun 2, 2016
SGM Operations Sergeant
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Posted in these groups: Insurance1 InsuranceC98a4041 SGLI
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COL Chief Operating Officer (Coo)
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Edited 3 y ago
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.
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SGT Tom Carlson
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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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CSM David Heidke
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I have to figure this out too. SGLI stays effective for a few months after you retire, but I need to get a replacement. There was an Army times article a few months back with alternatives, I just need to get on the phone.
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