Life insurance question

[RADAR1797]

Howdy all,

I am looking to increase the amount of life insurance I have now that I am married. I am running into a bit of a problem finding someone that will insure me.

Term Life Insurance:
1. Many will not insure me b/c I am active duty in the AF and highly deployable.
2. Those that will insure me may not pay benefits to my wife if I die in combat, making the insurance speculative at best.

Whole Life Insurace
1. Expensive
2. Acts as basically a low yeild savings account if I don't die prematurely (the prefered method).

Anyone have any suggestions? I would like another $200,000 or more coverage if possible.

-RADAR

[OuTpaTienT]

Department of Defense (DOD) Directive 1341.3 - SERVICEMEN'S GROUP LIFE INSURANCE

Fix Your Insurance

Financial Products Tricks and Traps

Life Insurance: Permanent vs. Term Life Insurance

TIAA-CREF Insurance Needs Calculator

[RADAR1797]

Thanks Out, I will look at those. I already have SGLI, just want more.

-RADAR

[OuTpaTienT]

That 2nd link starts out talking about auto insurance. Just skip that part, but don't skip the whole page...there's a lot of good, common sense advice further down the page.

[M_Six]

I was in the same boat. My insurance wouldn't cover me if I died due to military incidents. I was on flight status and considered a risk. I got the policy anyway because we weren't anywhere near a war at the time and my greatest chance of dying was still an auto or motorcycle accident.

It's been a long time since I've been in, but won't the military let you increase your SGLI by contributing more each month?

[RADAR1797]

M_Six,

I maxed out my SGLI at $250,000. I cannot increase it anymore.

-RADAR

[Imanage]

Check out your local agent at www.firstcommand.com

They are really an independent financial planning service for military. I got hooked up with them way back in the 80s and have made out well with the mutual funds recommended by them that I systematically invested in and insurance coverage that covered active duty and off.

If you're starting a family, it pays to get professional advice on things like this.

Check out www.usaa.com also. If they insure your car, they might have what you need for life insurance.

[Richard Cranium]

If you get "professional" advice, ask yourself are they unbiased ?
What do they have to gain from your decision.

A rule of thumb around here is if you have a family and a mortgage, get enough to pay off the home and another 200k or so.

If you're single, forget large insurance and put the premiums in the bank.
A super safe investment is EEEE Savings Bonds.