<p>Is it recommended that plebes sign up for the maximum available under SGLI?</p>
<p>what is SGLI?</p>
<p>^^^
Servicemen's Group Life Insurance. An unfortunate reality but a low cost insurance while in the military. I never noticed the payments which were directly deducted from pay.</p>
<p>Ours was, I think, 10K. I understand that the new one is much greater and has levels of coverage. Depending on the premium and allocation for family members take as much as you can. You will never notice the deduction. I think it may also be convertible at the end of your term of service but not sure.</p>
<p>I signed up for the $400,000.</p>
<p>I only signed up for 50,000 will up it maybe when a graduate and go active duty.</p>
<p>Our son also signed up for, I think, $50,000. There's no real reason for an 18 year old with no financial obligations to be insured for $400,000--in our opinion.</p>
<p>yeah I signed up for 100,000 I think. 400,000 is a lot of money for someone who has no family obligations yet. You should really just leave enough behind to cover any expenses.</p>
<p>I figuerd that $26 a month wasn't going to hurt me financially, and my beneficiaries are my sisters, so in the unlikely event of my death, they each get $200,000 to pay off school.</p>
<p>I signed up for 50,000 because my parents and I agreed that 400,000 is way too much for me since I don't have any financial responsibilities to anyone. You can change the amount whenever, so when I join the fleet I can increase that.</p>
<p>One should research this completely. A disability and separation which would render one ineligible for commercial life insurance could prove disastrous. However, SGLI may be converted to VGLI at this point and VGLI can further be converted to whole life insurance with no additional proof of insurability.</p>
<p>Also, Navy Mutual Aid Association has a parallel plan which is more cost effective and has a few additional benefits. It should also be considered.</p>
<p>An example would be the discovery of diabetes or cancer while at the Academy and ultimate separation from the service. The amount of insurance in place at that time will probably be the most that they can obtain throughout the remainder of their life. Whereas with SGLI or NMAA, they would be able to convert whatever they had in place at the time to whole life should they eventually obtain a family and desire more insurance.</p>
<p>It is definetly worth the cost. A couple of things to remember, when you get married change your beneficiary. I know of several people who unfortunately didn't and their spouse did not get the money.</p>
<p>Second, if you become a flyer, getting life insurance privately will cost a lot more since your risk is higher. </p>
<p>Finally 69 is correct, g forbid you are seperated for a medical condition it may show up quickly and you will not be able to get further insurance.</p>
<p>Insurance is similiar to life, you need to be proactive for the just in case scenario</p>
<p>69er and bullet have good points. This is not as obvious as it appears. There's probably NONE among plebians ... or Mids for that matter ... that merit traditional "need" for $400K/life insurance.</p>