What are the benefits of having a life insurance policy beyond SGLI or VGLI?

2017-08-07T11:20:28-04:00

Navy Mutual offers a wide range of high quality term and whole life insurance products and annuities to meet every kind of life insurance need. And our policies never include military restrictions or fine print.

Visit navymutual.org to learn more.

Response by SGT Tony Long made Aug 7 at 2017 1:22 PM

2017-08-07T13:22:59-04:00

If you have a spouse and/or children don't believe that nothing will ever happen to them. My stepson died on us from a enlarged heart at age 18 and my wife's first born died at 6 months old. On my step son I was happy that we were covered because his funeral cost over 8 thousand dollars.

Response by SPC Jeff Hogan, M.S., M.P.S. made Aug 9 at 2017 11:47 PM

2017-08-09T23:47:53-04:00

Only term life. Sure it's possible you won't ever see it; but, if you do triple your income and continue to save until retirement if you don't use it the idea is you won't need it.

Response by Lt Col Jim Coe made Aug 10 at 2017 11:37 AM

2017-08-10T11:37:39-04:00

Each person needs to evaluate their need for life insurance based on their family and economic situation, so this advice isn't for everybody. One of the biggest advantages of having insurance beyond that which the military provides is the option to buy continuing term insurance or more traditional life insurance in the future. This is an option in some policies for which you pay more and it's "baked in" to other types of policies. The rates at which you could buy the future insurance may also be included in the options. This is important because military service may render the service member uninsurable or very expensive to insure due to illness, injury, or disability. Government-provided life insurance will disappear when the Service Member is discharged or retires. Commercial life insurance through an employer and the individual will be all they have to provide coverage for their family in the event of their death.

Response by MSgt James Bowers made Aug 10 at 2017 4:49 PM

2017-08-10T16:49:55-04:00

If you have no dependents, have prepaid and made funeral arrangements there is no need for any life insurance. Make a will, and make sure your heirs have current info on any documents they will need, along with combinations for safes and you have done all that needs done. My children do not need anything i have built, because I taught them to build their own wealth. My job as a parent was to raise good people and be financially irrelevant to them.

Response by CW4 Private RallyPoint Member made Aug 12 at 2017 11:59 AM

2017-08-12T11:59:48-04:00

The main reason for life insurance IS to take care of your loved ones. It's a for sure thing we all will use it at one time. The main thing is trying to identify if you can afford just term or whole life. Term is just like SGLI meaning it is only worth the policy face value if you pass away but if you ever decide to quit it your out the money you spent on the policy. With a good whole life policy there are options of how you want to not only pay for the policy but also how you would like to grow your policies value. I believe that with all the counselling that the military stuffs down our throats on stupid policies made by some left nut liberals we could eliminate those and design a yearly class on finances. Most everyone I know is ignorant about life insurance as I was and still am but with a son in law that went to school and is enjoying the benefits of helping others with insurance I am very grateful even at my retirement age but it's more expensive the later you start. Like with every other thing that involves you giving your money to a company represented by a salesman you do have to be careful. Get many quotes and challenge the person that is saying my companies policy is better than that. I can get anyone interested the contact info for

Response by SSgt Boyd Herrst made Aug 13 at 2017 5:18 PM

2017-08-13T17:18:35-04:00

Veterans group life is or was for so long then you were given civilian options to convert to.. it may have changed some..

Response by AN Christopher Crayne made Aug 15 at 2017 6:17 AM

2017-08-15T06:17:21-04:00

I would see if my VGLI was sufficiently strong enough to care for my children and family. I'm also factoring into the number of other things that may need financial coverage. i.e. Funeral arrangements ( unless they approve my request), loans, unpaid bills, etc. I would consider supplemental health insurance coverage to off set any surprises thrown at my family.