View All Articles arrow icon. If you want to continue holding a life insurance policy, you can convert the Servicemembers Group Life Insurance (SGLI) to the Veterans policy (VGLI) without proof of good health or after a physical. But the shorter a marriage, the less valuable such an award is. We had 2 years to do our analysis, between my retirement from the Army and her retirement 2 years after mine, during which time our dental needs were covered by her Active Duty Tricare Dental Plan. You can also convert your SGLI policy into a civilian policy within 120 days from the date you left the military. For a lot of people, term insurance is an appropriate choice for several reasons. After either of these Qualifying Life Events (QLEs), you must take action and enroll in a TRICARE retiree health plan so that you and your family members don’t have a gap in your TRICARE coverage after retirement. If you don’t think that you’ll earn more than $400,000 over the course of your post-military career, then perhaps VGLI is right for you. Learn more about VGLI. Simple, because your insurance policy should cover you for the period of time that you expect to have an insurable loss. Privacy Policy. Until the new Blended Retirement System starts, the current military retirement benefits only consist of the High-3 system as an all-or-nothing pension that requires vesting at 20 years of service. There may be times where you decide that VGLI is not worth it. ... SBP is analogous to a life insurance policy on the military retirement. Over time, you may find yourself paying a LOT more for VGLI than you would for similar term coverage. It’s to replace long-term earnings potential. If you decide that you’ll need to pursue a commercial policy, how do you do so? If you’re a veteran looking to transition into civilian life, some places may be more comfortable than others. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. Your TSGLI & FSGLI are dependent upon your ability to maintain SGLI coverage, so you will also lose that coverage when you are no longer eligible for SGLI. Once enrolled in VGLI, you will have the opportunity to increase your coverage by $25,000 on your one-year anniversary and once every five years thereafter, up to the legislated maximum of $400,000, until age 60. Full coverage after retirement or separation. Ryan uses Personal Capital to track and manage his finances. Enter your information to join our mailing list. Time to drop the disability coverage and review your other plans. You will want to start researching insurance at least a year before your transition, for several reasons: If you do not intend to file a claim at the time you apply for insurance, you can obtain a policy without having to disclose health concerns that you don’t know about. Your pension is the first element of your financial plan. placement on the Temporary Disability Retirement List (TDRL), VGLI Customer Service Phone Calls: Percentage of calls answered within 20 seconds. However, you might find that a $1 million to $2 million policy will protect against that loss of income, while allowing you to protect your major assets: house, cars, college savings, etc. It can be helpful to stay in touch with people you worked with in the military. The first thing to realize is that SGLI is only available for 120 days after separation from service or retirement. 1. Provide a rough overview of things you should consider as you’re going through your transition. We work with Direct Life to offer you the best prices for military life insurance. SGLI requires zero underwriting, and all servicemembers pay the same rate regardless of sex, age, physical condition, or smoking status. Additionally, whole life insurance has a cash value that can be accessed through a loan, or be converted to an annuity, to supplement retirement income when insurance is no longer necessary. Retirement & Post Military Employment Whether you are close to retirement, a veteran, or looking for post military employment, use these tips and resources to go back to school, use your skills and training to apply for civilian jobs, and adjust to life after the military. Doug ... Life Insurance, Dependency and Indemnity Compensation, and Survivor Benefit Plan. First, in many cases, you can purchase a 10, 20, or 30 year level-term policy. Life policy give you several options to transition from SGLI to VGLI smoking status also! 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