How Does VGLI Compare To Other Insurance Programs?
Just like other insurance plans you may be considering, it is important to evaluate whether VGLI will meet your life insurance needs. You may want to consider if:
- the premiums will be affordable for you;
- the coverage is enough to meet your needs or will serve as a supplement to other coverage; and
- term insurance is your best option.
To help you consider these issues, we have developed a worksheet for you to compare VGLI to other insurance products you may be considering. We have already checked off the key features of VGLI for you. Simply print the worksheet, add in the names of other plans you are considering and any additional program features and compare...
VGLI Comparison Worksheet
| Program Features |
VGLI |
Other
Plan 1 |
Other
Plan 2 |
Lifetime Renewability |
Yes
Once you obtain VGLI, you can keep your policy as long as you wish provided you pay your premiums. |
|
|
Term Insurance |
Yes
VGLI is term insurance. Premiums will increase as you get older. There are no cash or loan values. |
|
|
Health Requirements |
No
There are no good health requirements if you apply within 120 days from separation. |
|
|
Automatic Coverage Reductions at Higher Ages |
No
Your coverage will never decrease unless you request it. |
|
|
Free Coverage |
Yes
You can obtain a free extension of your SGLI coverage if you are not working due to injuries incurred in service. Your VGLI goes into effect automatically after the extension ends. |
|
|
Conversion Option |
Yes
Can be converted to a whole life policy at any time. |
|
|
Other Plan Feature #1: |
|
|
|
Other Plan Feature #2: |
|
|
|
Other Plan Feature #3: |
|
|
|
Premium Rate |
VGLI Premium Rate Table |
|
|
Important Note: Don't forget that if you determine VGLI should be a part of your life insurance portfolio:
- you only have 1 year and 120 days from your date of separation from service to apply for VGLI coverage, AND
- if you are in poor health, you should apply within 120 days from separation. There is no health review during this period.
Return to Assessing Your Life Insurance Needs and Options
|
