Should Reservists carry their own life insurance?

2019-05-03T02:49:50-04:00

Should reservists carry their own life insurance? I understand SGLI is more for traumatic injury but since reservists spend more time as civilian and if something happen from civilian injury or accident...should we purchase our own commercial life insurance? Both of us covered under SGLI by the army

Response by SFC Private RallyPoint Member made May 3 at 2019 4:09 AM

2019-05-03T04:09:15-04:00

Sgli is servicemembers group life insurance. Has nothing to do with traumatic injury. Even as a reservist you are covered full time so long as you are under a satisfactory drilling status. https://www.benefits.va.gov/insurance/sgli.asp

Servicemembers' Group Life Insurance (SGLI) - Life Insurance

Low cost group life insurance provided by VA to Servicemembers

Response by SFC Private RallyPoint Member made May 3 at 2019 4:47 AM

2019-05-03T04:47:51-04:00

When I was younger (like, your age) I carried SGLI and term life insurance for an additional half million. When you're in your 20s it's dirt cheap and highly recommended. In your 30s it gets more expensive and less necessary.

Response by LTC Eugene Chu made May 3 at 2019 5:35 AM

2019-05-03T05:35:51-04:00

Avoid whole life insurance...

I stupidly bought a policy when I was younger to supplement my SGLI. Although some salespeople push it as a dual investment and insurance product, premiums are higher and returns are mediocre.

Response by MAJ Javier Rivera made May 3 at 2019 6:04 AM

2019-05-03T06:04:56-04:00

SGLI covers you so long you are in good standing as a drilling reservist. It’s cheap and unless you have other factors there is no need for it. Nevertheless, each person has different need. A good financial advisor can help you so long you understand that they will (is how they make money) suggest you to purchase additional insurance. Not always bad but you need to be smart about it!

Response by MSgt Private RallyPoint Member made May 3 at 2019 6:30 AM

2019-05-03T06:30:39-04:00

I have the SGLI through the reserves and I also have life insurance through my employer.

Response by SFC Private RallyPoint Member made May 3 at 2019 8:09 AM

2019-05-03T08:09:58-04:00

I carry term life for an additional 1M, but I also have 4 kids and a husband

Response by 1SG Eddie Smith made May 3 at 2019 4:58 PM

2019-05-03T16:58:22-04:00

SGLI Traumatic Injury is part of the SGLI policy, it was added sometime after Sep 10th, 2001. If your SGLI policy does not cover you during non-duty time, then yes, look at all available options. Not sure of your SGLI coverage in a non-duty status.

Response by SGT Private RallyPoint Member made May 3 at 2019 7:45 PM

2019-05-03T19:45:17-04:00

It depends on your circumstances. If the $400k coverage with the SGLI isn't adequate for your needs, then by all means you should get additional life insurance elsewhere.

Response by Lt Col Karamjit Aujla made Jan 9 at 2022 3:30 AM

2022-01-09T03:30:23-05:00

I will say "YES" because SGLI is good as long as you are in the military. After retired from the military you can get VGLI. But VGLI is very expensive. The premium goes up every after 5 years. I will never recommend to buy VGLI. It may be okay under some medical conditions.

I recommend to buy Index Universal Life Insurance when you are in military. The premium will never goes up for life and at age 60 or 65 you will withdraw TAX FREE money for life.

I will say to buy IUL while you have SGLI.
Call me if you need more information. I will be happy to explain your more.
Lt Col Aujla
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