Long Term Life Insurance Shopping

[halibuthunter]

I'm shopping around for a long term life insurance policy and I was hoping some of you may be able to tell me what companies you chose or offer suggestions regarding shopping around for a policy. I'm about 5 months from retiring and for what the survivor benefit plan is going to cost me I can easily afford a 20 year $1M policy with some money left over in my wallet. I would like to start the policy in the next 2 months, before I turn 40, but USAA will only allow you to go as high as $500K while still on active duty. Like all of you I'm hoping to join the big show after I retire, so I'll need a policy with no restrictions on flying. Thanks!

 

[Falconjet]

Insurance

I also took the gamble that the "survivor benefit" insurance was too expensive for my situation. You can buy a lot of insurance for the 165 buck or so a month I would have had to give up in order to get Survivor Benefit. I got quotes from USAA and Armed Forces Coop and TROA before I retired. The Armed Forces and others were generally cheaper than USAA, but each was just slightly different enough to make direct comparison difficult. I ended up getting insurance through my current employer but there are a ton of military associations that offer term insurance. I would also look for quotes online because there are a lot of companies out there selling insurance and some of them might be cheaper than the former military associations as well. I got my quotes over the phone from each company but USAA also sent me a big package with their program and called me several times to see if I would bite.

 

[Aplus9]

Here's who I use.

Falcon,

I am not sure of your exact needs, but I went with USBA. I checked USAA and a couple of others. Good company if you are still flying military. I may go with whatever SWA offers when I finally get trained, but I at least have this to cover me during the interim.


Aplus9



http://www.usba.com/usba/index.asp

 

[Slim]

Try First Penn Pacific.

My neighbor (retired Army National Guard) helped me find them. They don't hold flying against you. I was looking for something to replace SGLI. They did. I use their policy, ICW company paid insurance and it works well. They make their money if you choose a payment option other than annual payments.

Fly safe!

 

[Aplus9]

Found out some reserve units offer SGLI, even for part timers. I might have to check with mine to see if they do the same. The squadron picks up the premium if you don't work for a pay period (a month), and then they take it out from your next pay check. Later


Aplus

 

[Slim]

All reserve components offer SGLI. If one elects to turn it down, he/she must do so in writing. The current maximum is $250,000. If one doesn't get paid for a drill period in a calendar month, the amount is recouped prom the next pay cycle.

Before I retired, my SGLI coverage cost $21 monthly. Spousal SGLI is also available. I don't know much about it. It was a new product offered as I retired.