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Old 07-18-2008, 01:07 PM
 
Location: San Antonio
1,289 posts, read 3,259,311 times
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I'm getting ready to retire and I'm thinking about my post-military life insurance needs.

Is it cost effective to convert my SGLI to VGLI and take another policy to cover the difference?
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Old 07-18-2008, 03:13 PM
 
Location: Western Bexar County
3,823 posts, read 13,136,489 times
Reputation: 1895
Quote:
Originally Posted by goodmanm View Post
I'm getting ready to retire and I'm thinking about my post-military life insurance needs.

Is it cost effective to convert my SGLI to VGLI and take another policy to cover the difference?
From what I read it can be costly. You might go with military-associated life insurance companies like AFBA and ASMBA (web sites below):

Welcome to AFBA (http://www.afba.com/afbamain/index.shtml - broken link)

Military Insurance Plans, Veterans Insurance - Armed Services Mutual Benefits Association

BTW: I have policies with both.
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Old 07-18-2008, 03:39 PM
 
Location: Living in Paradise
5,702 posts, read 21,912,770 times
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Evaluate and/or compare the cost. I declined after my retirement because my employer provided a better insurance and I can keep if I decide to leave at a rate that is better.

So what are you plans and will a new job (if going back to work) provide sufficient insurance http://bestsmileys.com/clueless/1.gif (broken link)or a better deal...
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Old 07-19-2008, 12:08 AM
 
Location: Forests of Maine
29,723 posts, read 47,495,927 times
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Does your home mortgage include a policy? In some states it is required, so our does.

If I die the mortgage is paid off.

So I see no need of further insurance for me.
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Old 07-19-2008, 04:45 PM
 
Location: Western Bexar County
3,823 posts, read 13,136,489 times
Reputation: 1895
Quote:
Originally Posted by forest beekeeper View Post
Does your home mortgage include a policy? In some states it is required, so our does.

If I die the mortgage is paid off.

So I see no need of further insurance for me.
I've been offered this type of insurance before but it was not cost effective. Also, they offer the same for your wife but at a higher cost. IMO, it is better to go with a term (20 years or more) life insurance.
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Old 07-19-2008, 08:40 PM
 
Location: Living in Paradise
5,702 posts, read 21,912,770 times
Reputation: 2968
Quote:
Originally Posted by forest beekeeper View Post
Does your home mortgage include a policy? In some states it is required, so our does.

If I die the mortgage is paid off.

So I see no need of further insurance for me.
For my mortgage is an option, I'm in Florida
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Old 07-19-2008, 09:58 PM
 
6,351 posts, read 18,883,763 times
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We were able to get pretty decent term life insurance through our credit union as well as additonal coverage through our new employers after I retired.
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Old 07-23-2008, 07:56 AM
 
Location: San Antonio
1,289 posts, read 3,259,311 times
Reputation: 917
Quote:
Originally Posted by sunrico90 View Post
Evaluate and/or compare the cost. I declined after my retirement because my employer provided a better insurance and I can keep if I decide to leave at a rate that is better.

So what are you plans and will a new job (if going back to work) provide sufficient insurance http://bestsmileys.com/clueless/1.gif (broken link)or a better deal...
I plan on getting employment in the area that I'm in.

I appreciate everyones comments.

Looks like I'm going to have to shop around......
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Old 07-23-2008, 09:15 AM
 
Location: Forests of Maine
29,723 posts, read 47,495,927 times
Reputation: 17577
Quote:
Originally Posted by goodmanm View Post
I plan on getting employment in the area that I'm in.

I appreciate everyones comments.

Looks like I'm going to have to shop around......

And assess if life insurance is truly a need for you in your situation.
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