MIgrated the "Vet HR/S1" into this page Here is the comparison for SGLI/VGLI - other options.
While there is just a letter changed in the acronym. There is a major difference between these programs. Here are some:
*Coverage/Cost*
SGLI - The lowest cost insurance period for the coverage amount of $500k. Usually is around $31 a month.
VGLI - Starts at the rate & coverage you ended with during service. Then every 5 years the rate goes up.
*Med exam: most insurances require this.*
SGLI & VGLI - None.
*Claiming Death Benefit*
SGLI - must keep OSGLI (Office of SGLI) up to date with who the beneficiary is. It's a bit complicated, yet extremely important to have that record and access up to date.
VGLI - as this is run through an insurance carrier (like Prudential) the policy can be updated through their client platform.
*Enrollment*
SGLI - Automatic in service; you can opt for lower premium/opt out.
VGLI - must be enrolled within a time window after service
*Special Coverage*
SGLI -Accelerated Death Benefit & a Traumatic Injury Protection (access to an amount for some types of injuries). Family Coverage: $100,000 for spouse, $10,000 for dependent children (FSGLI).
VGLI - Accelerated Death Benefit: in the case of being diagnosed with <9months to live; 50% of the policy may be accessed (only for insured)
*Cash Accumulation*
SGLI & VGLI: none - They are term insurance.
You'll only find this benefit with whole or universal type policies.
*Is it enough?*
SGLI - It can be, depending on the family's needs. For lower rank and less service: It could cover around 10x annual income. At the point of retirement ~2x-3x annual income.
VGLI - See above. It's also exclusive to the Veteran.
**use a calculator, or have a chat with me to determine overall insurable need**
*What else is there*
In Service - Some insurances have limited access to service members, however having coverage for a spouse and dependents is important as well.
Past Service - Calculate and ensure you're insured
More info: reply, chat with me, or setup a short call some time.
While there is just a letter changed in the acronym. There is a major difference between these programs. Here are some:
*Coverage/Cost*
SGLI - The lowest cost insurance period for the coverage amount of $500k. Usually is around $31 a month.
VGLI - Starts at the rate & coverage you ended with during service. Then every 5 years the rate goes up.
*Med exam: most insurances require this.*
SGLI & VGLI - None.
*Claiming Death Benefit*
SGLI - must keep OSGLI (Office of SGLI) up to date with who the beneficiary is. It's a bit complicated, yet extremely important to have that record and access up to date.
VGLI - as this is run through an insurance carrier (like Prudential) the policy can be updated through their client platform.
*Enrollment*
SGLI - Automatic in service; you can opt for lower premium/opt out.
VGLI - must be enrolled within a time window after service
*Special Coverage*
SGLI -Accelerated Death Benefit & a Traumatic Injury Protection (access to an amount for some types of injuries). Family Coverage: $100,000 for spouse, $10,000 for dependent children (FSGLI).
VGLI - Accelerated Death Benefit: in the case of being diagnosed with <9months to live; 50% of the policy may be accessed (only for insured)
*Cash Accumulation*
SGLI & VGLI: none - They are term insurance.
You'll only find this benefit with whole or universal type policies.
*Is it enough?*
SGLI - It can be, depending on the family's needs. For lower rank and less service: It could cover around 10x annual income. At the point of retirement ~2x-3x annual income.
VGLI - See above. It's also exclusive to the Veteran.
**use a calculator, or have a chat with me to determine overall insurable need**
*What else is there*
In Service - Some insurances have limited access to service members, however having coverage for a spouse and dependents is important as well.
Past Service - Calculate and ensure you're insured
More info: reply, chat with me, or setup a short call some time.
MIgrated the "Vet HR/S1" into this page đź‘Ś Here is the comparison for SGLI/VGLI - other options.
While there is just a letter changed in the acronym. There is a major difference between these programs. Here are some:
*Coverage/Cost*
SGLI - The lowest cost insurance period for the coverage amount of $500k. Usually is around $31 a month.
VGLI - Starts at the rate & coverage you ended with during service. Then every 5 years the rate goes up.
*Med exam: most insurances require this.*
SGLI & VGLI - None.
*Claiming Death Benefit*
SGLI - must keep OSGLI (Office of SGLI) up to date with who the beneficiary is. It's a bit complicated, yet extremely important to have that record and access up to date.
VGLI - as this is run through an insurance carrier (like Prudential) the policy can be updated through their client platform.
*Enrollment*
SGLI - Automatic in service; you can opt for lower premium/opt out.
VGLI - must be enrolled within a time window after service
*Special Coverage*
SGLI -Accelerated Death Benefit & a Traumatic Injury Protection (access to an amount for some types of injuries). Family Coverage: $100,000 for spouse, $10,000 for dependent children (FSGLI).
VGLI - Accelerated Death Benefit: in the case of being diagnosed with <9months to live; 50% of the policy may be accessed (only for insured)
*Cash Accumulation*
SGLI & VGLI: none - They are term insurance.
You'll only find this benefit with whole or universal type policies.
*Is it enough?*
SGLI - It can be, depending on the family's needs. For lower rank and less service: It could cover around 10x annual income. At the point of retirement ~2x-3x annual income.
VGLI - See above. It's also exclusive to the Veteran.
**use a calculator, or have a chat with me to determine overall insurable need**
*What else is there*
In Service - Some insurances have limited access to service members, however having coverage for a spouse and dependents is important as well.
Past Service - Calculate and ensure you're insured
More info: reply, chat with me, or setup a short call some time.
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