Life Insurance

[Perrotfish]

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Other than SGLI, does anyone here carry a life insurance policy that doesn't exclude death related to military training and/or combat? If so, where did you find it?

 

[NavyFP]

Other than SGLI, does anyone here carry a life insurance policy that doesn't exclude death related to military training and/or combat? If so, where did you find it?

I have a $750K policy with USAA.

 

[pgg]

We've used Navy Mutual for about 15 years now. I pay $41/m for $1M.

 

[Cooperd0g]

Navy Mutual here as well for over 10 years.

 

[bobbyseal]

+1 on USAA term policy. I also have a Northwestern Mutual term policy. Don't buy whole life insurance. Might look into Navy mutual. Never heard of it before.

 

[Cooperd0g]

Navy Mutual is (or at least was when I signed up) cheaper than SGLI. They also didn't have a military aviator clause which USAA did at that time (and still did a few years ago). Not a factor for me anymore, but it was when I wanted the policy.

 

[idq1i]

AAFMA

800k/$35/m. Same for spouse

http://www.aafmaa.com/BrowseProducts/LifeInsurance/LevelTermI.aspx

 

[deuist]

Why are some of you carrying policies over $1 million? I make probably $110,000 a year thanks to the AF. My spouse doesn't need to inherit 9 years worth of salary once I die.

 

[colbgw02]

Why are some of you carrying policies over $1 million? I make probably $110,000 a year thanks to the AF. My spouse doesn't need to inherit 9 years worth of salary once I die.

It sounds like you need to have a conversation with a financial advisor.

 

[pgg]

Why are some of you carrying policies over $1 million? I make probably $110,000 a year thanks to the AF. My spouse doesn't need to inherit 9 years worth of salary once I die.

If you have no kids and your spouse is a debt free private practice spine surgeon, your term life insurance needs may well be different than if your spouse homeschools four children. Most of us are probably somewhere in the middle, but $400K of SGLI doesn't go that far, and a surviving parent and kids don't need to add money to the list of their worries.

Term insurance is cheap. Being a single parent, career or not, with kids to raise and put through college isn't.

 

[Gastrapathy]

Why are some of you carrying policies over $1 million? I make probably $110,000 a year thanks to the AF. My spouse doesn't need to inherit 9 years worth of salary once I die.

Yes she does.

 

[DocRGR]

750K with USAA in addition to SGLI. Total payout from the military in the case of your death is actually about $700K when including survivor benefits, etc. It was important to me that my wife have about $1.5M in addition to current savings. Go high, not low with this kind of thing. Will give you piece of mind when you're deployed.

 

[Amnesiator]

+1 for Navy Mutual. I deployed last year as a Flight Surgeon, and wanted to add to SGLI, so I instinctively went with USAA. Well, USAA has both a deployment clause and a flight order clause, both of which apply to me, so both of which raised my rates. My CO actually recommended Navy Mutual, said that many pilots use them for their low rates and no clauses. Even better, if you take $400k or less, no physical is required. I canceled USAA and signed up with Navy Mutual 2 days before deploying. Highly recommend them!

 

[Chonal Atresia]

$1,000,000 30-year term policy with USAA for $72/month plus SGLI. I signed up several years ago in my mid 30s. I am a healthy non-smoker with no medical problems, run 20 miles per week and not on jump status.

I separate in 8 months (thank god!) and will likely increase the amount of coverage that I carry to 3-4 million as my salary will at least double in private practice. The simplest formula that I have read is that you should carry a policy that pays at least 5x yearly salary. I currently make around 275k-280k/yr (including moonlighting), hence the 1.4 million in combined coverage.

In my opinion if you have a spouse and kids, you need at least an extra million.