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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

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Life insurance for military members

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: When I retired from the USN after 20yrs, I never received any mailings to convert my sgli to vgli and by the time I realized this it was past the deadline to convert. So I am left with with some options I am looking at; The following are mentioned at the website: Military Benefit Association, Armed services mutual benefit association, Armed Forces Benefit Association, Navy Mutual Aid Association, This company was not included for some reason: Uniformed Services Benefit Association. The MIB website states there insurance is better and cheaper the vgli.Anybody have life insurance with these companies or any input?

A: Keep in mind that you do not need to go through an association to get the best insurance at the best prices. These associations that offer commercial individual life insurance have the same plans and rates as are available to the general public. This is a matter of state insurance law that prohibits insurance companies from offering discriminating rates based on association membership. Any local agent or lading online providers of life insurance can offer the same rates. If you have to pay to be a member of the association then the insurance could actually cost more. It might be worthwhile to seek out a local financial adviser who specializes in former military members and government workers because they are more familiar with the these options.


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