After SGLI Insurance?

[Tonedrvr]

Can anybody recomend a good term life insurance company to replace SGLI when I transition out of the military? I see adds all the time advertising lower rates than SGLI and I don't know the reputation of any of the companies.
Right now I'm leaning towards the army and air force mutual aid association www.aafmaa.com. Do you know if they are a good company or can you tell me of a better one?
I am also 4 years out from having cancer (all good now) and hope not to be hammered to hard on my medical past.

Thanks!

 

[Gunfighter]

Check with USAA. www.usaa.com

 

[CWGrizwald]

Usaa

I just retired and got a term policy from USAA. Veterans Group Life Insurance is a rip off. USAA offered a pretty good policy although I pay a bit more because I fly light airplanes (I tried to explain that in Vegas, it's more dangerous driving to the airport than actually flying-but they wouldn't have it). Overall, I'm happy with the policy. They did try to push a whole life thing, but too much smoke and mirrors for my simple mind.

 

[AHTTD]

We use term-life through www.navymutual.org and are happy ...

/s/ AHTTD

 

[volunteer]

aafmaa is great! I have had a policy with them for 8 years now. Actually both my wife & I have a policy. They do not charge extra if you are a pilot. The people have always been great to deal with. I highly recommend them.

 

[CCDiscoB]

Veterans Group Life Insurance is a rip off.

Why is that? I was thinking that's what I would use when I get out.

 

[Deuce130]

I once called USAA for Life Insurance and was sorely disappointed. They advertised a million buck life insurance policy for 44$/month. After talking to them, I only qualified for 600K at 78$ a month b/c: 1: I was a military pilot 2: There was a war on. I told them I thought that was discrimination, they told me that they had to make sure the company didn't go bankrupt. I almost exploded once I heard that. USAA? Bankrupt? Please. And, by the way, that was the SECOND time I had the bankrupt comment made to me by a USAA insurance agent, the first time was after I filed a claim for Hurricane Ivan they didn't want to pay. I wonder if they train their peeps to say that?

 

[scoreboard]

Why is that? I was thinking that's what I would use when I get out.

Its a rip off because the premiums you pay are outrageous for the benefit. My case, I pay about 200 a month for SBP. My wife would only get about 1500 a month if i die.

If I died tommorrow: 1500 month x 12 = 18000 a year. Lets say she dies in 30 years, so she makes 216,000 dollars NOT tax free. Oh, that payout goes down 1500 bucks, every month I live. If I died next year, she would only get 198K.

The bottom line is, I have a 750K policy that costs me 80 ish a month, good till I turn 75. Thats 750K at time of death. the extra 110 per month saved for the next 30 years = 39,600 which can be used to extend the contract or buy a car, By then, it just doesn't matter.

 

[CWGrizwald]

VGLI vs SBP

Don't confuse Veterans Group Life Insurance with the Survivor Benifit Plan (SBP). VGLI is an option to continue SGLI but at much higher costs. You can ususally find a comparable term policy for a lot cheaper from one of the afore mentioned companies. SBP continues a portion (around 50%) of your retirement pay to your spouse for the rest of her life once you kick the bucket, but it can also be pricey (however they take the money out of retirment pay pre-tax). Some folks take it others don't, but to deny it, at retirment out processing, your spouse has to be briefed by someone at the MPF and has to sign off that you don't want it.
Prost!
Griz

 

[Slim]

If you are going to fly commercial after you get out, forget USAA!!!

I received a similar reponse minus the bankruptcy comment. Like Duece130, I told USAA, in writing, they were discriminating against a sizeable number of current members who (a) are pilots and (b) are retired military. I also told them I expect better of them as a current member.

My neighbor insurance salesman, also retired OHARNG, helped me obtain a 20 year term life policy from First Penn Pacific Life Insurance. It's less than $500 annually and replaced my SGLI and they don't hold your flying against you.

Good luck...fly safe!