sweetness62

One form included in the acceptance packet was a form to elect to receive up to $400,000 in life insurance. Did some research to discover cost, because no info was included. Cost (effective 7/1/08) will be 6.5 cents per $1,000 of coverage per month. So, the 400,000 coverage will cost $27.00 a month. (The premium includes an additional $1.00 per month for Traumatic Injury Protection coverage (TSGLI), which is mandatory and added automatically.) You can take a reduced coverage amount. Thought I'd share what I found out - Anyone have any other info or advice on this topic?

zachogden

Thanks for the info, sweetness62. We filled this out last night and I was curious as to what the payments would be.

haroldg48

Take it, it's a great deal, and most "regular" life insurance companies won't cover death in military service.

Intel53

My sister is an insurance underwriter. She said the FIGLI insurance and rates available to military and civil service can't be beat. When my husband joined the Navy in '76 (later transitioning to a civil service career and now retired) he took out the max available and still has it today (though the rates will increase over time - they are still a bargain when compared to the alternatives). I am over 20 years civil service and did the same thing. Once you have it coming out of your paycheck you get used to it and you can carry it as long as you are a government employee.

haroldg48

Here's a link that may help.

Unlike most insurance including Federal Employees Group Life for civil servants,
Servicemembers Groups Life premiums are constant regardless of age. It is alo convertible when you leave the service.

SGLI Page (U.S. Department of Veterans Affairs)

CGFamily

True that the SGLI is a good product at a good price. However, when you are active duty for a few years, shop around with USAA, MOAA, Navy Mutual, and other providers of life insurance. In the last couple of years, they have become incredibly competitive to SGLI, including the spouse & child options.

One thing to always keep in mind, this insurance is tied to your active duty status. That can change at any time, for a number of reasons. A medical reason to leave the service can equal a problem with continued life insurance at a decent price. Chances are, this will come at a time in your life when you have others depending upon your income contribution (spouse, child, parent).

Also, when you retire, the VGLI is much more expensive. Now that you are older, the other companies mentioned above are not able to offer you the best premium rate because of age and other issues that show up on a medical exam.

Bottom line: Take the SGLI now, but as you grow older into those 20s and 30s, look to another company to provide insurance that is not tied to your employment status with the Coast Guard.

sweetness62

CG Family - thanks for the very valuable advice. Much appreciated