MIL additional SGLI?

Discussion in 'On Topic' started by NisAznMonk, Nov 28, 2007.

  1. NisAznMonk

    NisAznMonk New Member

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    Do any of you have anything in addition to your SGLI? I'm reading the Air Force times and there is an ad for www.aafmaa.com

    It says that I can get an additional $600k in life insurance for $27/month. It sounds like a pretty good deal for my beneficiary (parents, future wife, etc.) but I've also heard about scams that come from these. Has anyone done this? Could someone take a gander at this website and let me know if its legit?
     
  2. jmx2323

    jmx2323 OT Supporter

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    sgli is only good untill you are done with the military....I would spend the money on a life insurance play you can keep when you get out
     
  3. NisAznMonk

    NisAznMonk New Member

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    any suggestions?
     
  4. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    I called up USAA and got an additional $400k in coverage for a few extra bucks a month. $300k in Term and $100k in Permanent. The money on my permanent builds on top of the $100k and costs more than the Term. Right now after just a few months my cash in value is $270 and it's collecting interest @ 5% - definately recommend getting permanent on top of your SGLI (I know USAA wouldn't let me get permanent right away, I had to call and convert after 1yr - even then the guy was real hesitant to let me convert the full $400k Term Policy)
     
  5. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    The younger you do it, the better.
     
  6. NPH

    NPH Guest

    Just get a whole life insurance with a reputable company. It's insurance till the day you die (meaning no temp shit like the SGLI). With whole life, it does not expire as it would with SGLI or a term-like insurance policy. Once your term-life expires, that's it and if you want to renew or get a new policy at that time your premium might be higher. With whole life, your premium stays the same as long as you keep making the planned payments, so start now when you're young and keep the bitch until you die.
     
    Last edited by a moderator: Nov 28, 2007
  7. NisAznMonk

    NisAznMonk New Member

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    Yeah but payments are $200/month vs. the $45/month for 30yr term life @ USAA. I won't decide right away, but hopefully it'll happen when I take leave. USAA won't write me a new policy while I'm OCONUS anyways unless I was in Germany (I guess thats why TurboManiacal was able to do it).
     
  8. NisAznMonk

    NisAznMonk New Member

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    Yeah I have thought about that too. I am going to ask more questions because I don't think just straight up term insurance will be good enough.
     
  9. NPH

    NPH Guest

    Wow.. Didn't know it was that expensive. That figure will look better in about 20 years from now though :hs:
     
  10. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    Like I said (I made my posting on the fly - busy here at work) I called up and got the initial Term policy for $400k - after one year I converted $100k of that to Permanent. The $300k remaining Term Policy expires worthless in 2067 or something like that. The Permanent expires in 2070 with a cash value of $273k or something like that.

    I pay $110 / mo for the two policies. $50 for the $100k Permanent & $60 for the $300k Term.
     
  11. NisAznMonk

    NisAznMonk New Member

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    Did USAA give you that estimate? Or was there some formula you used to come up with that? Thanks for the tips :)
     
  12. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    I bought two policies that mature in twenty years when I was 18. I bought them from www.woodmen.com
    I am happy with the coverage, I can borrow against them at any time. When they mature, I can stop contributing and let the interest pay my monthly payment.
     
  13. NisAznMonk

    NisAznMonk New Member

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    Was the amount of the monthly payments a factor when you chose the www.woodmen.com policy? Is there something else that I should also look at when shopping for life insurance?
     
  14. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    You have to look at what you can afford vs how much coverage you want. I wanted a plan that I paid into for a short time (20 years is a short time for life insurance) and then never had to worry about. There are others that mature when you are 60 or so, the best thing to do is talk with a representative and find out which product fits your needs. Woodmen may not be the company for you, shop around, but be very careful who you do business with. One of the benefits of Woodmen is that by purchasing a policy, you are actually becoming a member of a fraternal benefit society, meaning you have a say in what the company does, similar to a stockholder.
     

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