Separating...Insurance Overload

[DrEvil]

I currently have USAA and I'm going to be self-employed. I lined up Anthem under my business, and that's covering Health and Dental. Now (me being single), I assume I need Life Insurance and Disability protection. What else, and with whom do you recommend for these?

I saw from the TAP class the VGLI, which is guaranteed (life ins). Is it worth taking, or are there better?

Is USAA good to stick with for insurance options or do you recommend anyone else? Insurance overload...anyone that can help steer me is greatly appreciated. Not sure what's out there, what I need, who to go with without getting insurance raped!

Thanks!

 

[Snoopy58]

Being single & self-employed, I can fully understand disability insurance... but life insurance? Do you have people who depend on you for their support? The "usual" answer is, wife & kids. Are you supporting kids or parents or a sibling who would be in bad shape if your income was no longer there for them? If not, you may well be able to save $ on life insurance.

 

[DrEvil]

Nope, I'm solo, no strings attached, baggage, etc. Question is, if I don't get LI now, will it be that much more down the road?

Is USAA a good resource for Life/Health/Disability insurances, or are there preferred companies for this? All I know is USAA from military time. I am using Anthem for Health/Dental, as recommended by my parents. Foreign turf here!

 

[TonyC]

Build Wealth

Nope, I'm solo, no strings attached, baggage, etc. Question is, if I don't get LI now, will it be that much more down the road?

Do you carry Auto insurance for autos you might buy someday?

Build Wealth

 

[Slim]

Don't use VGLI. Yes, it's available for life...at very steep premiums compared to SGLI.

I obtained a 20-year, 250K policy from First Penn Pacfic. The annual premium is $400.

USAA isn't very friendly to airline pilots, despite the fact that many former military pilots (I'm retired, non-rated) become airline pilots and continue as USAA members.

I continue to use USAA for home owners' and auto insurance.

 

[fredflyer]

You are right, Dr. E., the longer you wait to get life insurance, the more it will cost. But, like snoopy and tony said, you have to consider what it is for. Someone explained it to me pretty well, You want to carry life insurance until your kids can support themselves, which, in my humble opinion is about 20 years old. (although I may be way off on this) So you want to carry an insurance policy that will take you through this time. If you get a policy now, just because rates are lower, and wait 5-10 years to have kids, (most policies you can get are 20 years, some are 25) then the policy will expire when your kids are only 10 or 15 years old, and you'd have to get a new one (which would be much more expensive). Just something to think about.
Oh, if you don't ever want to have kids or get married, then forget about what I just said.

 

[DrEvil]

Welp, currently no sig other, no kids, just dogs, so I think the answer is to hold off on Life Insurance.

Is anyone out their self-employed and have any recommendations for Disability Insurance?

Thanks all! I know a little OT for airline stuff, but as an AF pilot, separated, this is the best resource for the 411.