What are good life insurance companies for a retiree?

2020-09-05T05:47:12-04:00

I retired in 2018. I elected for VGLI, but now that I am 50 years old my monthly payment is $144. Now that I am on a fixed budget, I need to look for a life insurance company that is not so expensive especially when I become older. I would appreciate any advice. Thank you!

Response by Lt Col Jim Coe made Sep 5 at 2020 7:49 AM

2020-09-05T07:49:13-04:00

It depends on your insurance needs to some extent. Recommend you consider:
-contact Edleman Financial Engines. They are financial advisors. Can help with investments and insurance.
-Both USAA and MOAA offer life insurance and are military friendly
-look for a local independent insurance agent who can help you select insurance products that meet your needs without being tied to a single company
-insurance is not an investment or savings program. Policies that say they are often have high commission for seller.

Response by COL David Turk made Sep 5 at 2020 8:25 AM

2020-09-05T08:25:59-04:00

AAFMAA
Www.aafmaa.com
Not for profit run by former military types just for military types.
Very highly rated.

Www.aafmaa.com

Response by SSG Harry Outcalt made Sep 5 at 2020 8:18 PM

2020-09-05T20:18:18-04:00

Call USAA

Response by MSgt Robert Cunningham made Sep 7 at 2020 4:26 AM

2020-09-07T04:26:05-04:00

in less your going to pass real soon - or 20 - 30 yrs or more . - give me your money - I’ll put it in a whole for you. $144. a month . whole life has holes big enough for your money. - ??
maybe you’ll see it again ??
just put it in your credit union savings account and draw interest . - you have to put it in and don’t touch
it. set up your beneficiary.

Response by RDML Brian Luther made Sep 10 at 2020 10:39 AM

2020-09-10T10:39:32-04:00

Mario,

A very timely question since September is Life Insurance Awareness Month. I’m with Navy Mutual and we’re nonprofit, low-cost insurance company who has served military families since 1879. We’re highly rated (Fitch A+ 13-years in a row), our sales force does not receive commissions, and we’re also the oldest federally recognized Veterans Service Organization in the country. I’ll be answering questions on life insurance, SGLI and VGLI at our Live RallyPoint Q&A on Sept. 15 - please join me! Until then, the best advice I can give is to speak to multiple companies. Each individual's financial journey and life insurance needs are intensely personal and some can’t be answered in a blog or without knowing what problem we need to solve.

However, at a high level, VGLI is a renewable term life insurance policy, which means the premium will increase as you age. Level term products (ours is called Level II ‘Plus’) provide relatively low cost temporary coverage at the same pricing and coverage amount for 5-30 years. This flexibility allows you to tailor your insurance protection by the amount and duration required. Term products are less expensive than whole life which covers you as long as you live (with different payment durations) and guarantees a benefit to your survivors. VGLI is term with a five-year renewal rate which will increase in price every age divisible by five which, as you noted, makes it a costly long-term solution. However, VGLI is a veterans benefit in that the coverage is guaranteed without the need for underwriting. I encourage you to look for other options that may better meet your needs but do not cancel your VGLI coverage until you have an approved policy offer in hand. As you know, insurance companies will review your health, family history and other life expectancy risk factors before offering a policy and sometimes the combination results in an application being denied.

Hope this helps. If you have more questions please send them my way for the Live Q&A on September 15th.

https://www.rallypoint.com/answers/life-insurance-awareness-month-live-q-a-with-rdml-brian-luther-ret-on-9-15-ask-about-your-life-insurance-options-sgli-and-vgli-below

Life Insurance Awareness Month: Live Q&A with RDML Brian Luther (ret.) on 9/15. Ask about your...

Join retired RDML Brian Luther for a question and answer session on all things life insurance, including Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI). Luther is the current Chief Strategy Officer at Navy Mutual, a nonprofit Veterans Service Organization whose mission is to provide Members life insurance at as near the actual net cost as possible. Prior to joining Navy Mutual, Luther served as a naval...

Response by PFC Private RallyPoint Member made Jul 15 at 2021 3:30 AM

2021-07-15T03:30:08-04:00

Amazing! Now here you can get the information you need to solve your problems. Also, you can get information from https://www.insurance.agency/ to manage your insurance plan and get better ideas easily.

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Response by CPT Private RallyPoint Member made Jul 15 at 2021 5:34 AM

2021-07-15T05:34:35-04:00

Zander. I have over $1 million in a 20 year term policy for $50 a month.