SGLI After Dropping to the IRR?

[marharri]

Perhaps this belongs in a military forum, but I'm about to finish my 6th year in the USMC Reserves and I was wondering what options I have as far as life insurance. Currently, I have $400,000 wife has $100,000 and 3yo daughter has $15,000. I am 30 yo and am a smoker. What can I expect after I stop paying $28/mo and drop to a non-drilling status? Should I just wait until I'm older or try to get VGLI?

 

[WinoBlues]

There are many companies that you qualify for now. A few if you have orders to the sandbox.

Being a smoker is a bigger deal than being a Marine. One thing to keep in mind, is that you want a company that will pay on a disability waiver due to act of war, which is most of them.

I would not wait till you are older. Now is the time.

Thank you for your service.

If I may be of service, email me @ WinoBlues@gmail.com I am not trying to writing you. But I would be happy to help.

Edit: I assume you will be inactive reserve.

Perhaps this belongs in a military forum, but I'm about to finish my 6th year in the USMC Reserves and I was wondering what options I have as far as life insurance. Currently, I have $400,000 wife has $100,000 and 3yo daughter has $15,000. I am 30 yo and am a smoker. What can I expect after I stop paying $28/mo and drop to a non-drilling status? Should I just wait until I'm older or try to get VGLI?

 

[Fisher]

All what Wino said. Thank you for your service, dude.

 

[marharri]

Ok, sounds good guys. I won't be deploying again unless a Presidential recall of the IRR comes. Of course, that has never happened and if there was a big enough reason for the President to consider it, most of us will likely already have voluntarily come back from the inactive.
I was hoping I could keep something like SGLI where my health isn't assessed, my smoking is disregarded, is affordable, and doesn't argue about your cause of death with multiple clauses. I assume this doesn't exist, so if I want it, I think I'm stuck with VGLI. If it does exist, I'd like to just wait another 10 years until I'm at least 40 or so.

 

[somarco]

At $0.65/$1000/month SGLI is a good deal for a healthy, young smoker.

VGLI is a different story, with rates that increase in 5 yr brackets as you age. The $400k on you is a good rate until you approach 50 and then not so good. Many will end up converting their VGLI around age 45+.

As with the others who have responded, thank you for your service to our country.

 

[WinoBlues]

At $0.65/$1000/month SGLI is a good deal for a healthy, young smoker.

VGLI is a different story, with rates that increase in 5 yr brackets as you age. The $400k on you is a good rate until you approach 50 and then not so good. Many will end up converting their VGLI around age 45+.

As with the others who have responded, thank you for your service to our country.

Ditto on the VGLI. Very expensive option compared to a truly convertible term policy. And SGLI being a great rate.

Check out term4sale.com. It will give an idea of the rates. Compare those to the VGLI rates long term.VGLI Premium Rates Also the conversion options, like most group plans, is more limited than what is available. Add the value of a Disability Waiver and no cost Accelerated Death Benefit. And convertibility of the child rider.

I have done this for my son.

 

[BNTRS]

Don't discount your good health despite being a smoker. A smoker isn't a smoker isn't a smoker at every company. If everything else checks out good you don't take as much of a whack in premium. And most will change rates if you quit.

VGLI looks ok for younger people, but much like group insurance, it's truly beneficial for those who can't get coverage or get highly rated coverage due to health problems. If smoking is the only ding, you'll most likely do better on an individually underwritten basis.