NEW YORK, March 10, 2023 (Newswire.com) - Aflac: The military typically takes care of many of veterans' needs, including providing inexpensive life insurance. But in some cases, it might be more favorable for you to consider other life insurance options. Some important factors that can help you decide on a life insurance policy include researching providers and comparing policy types. Here's what you need to know about how life insurance for veterans works and how you can find the best life insurance plan.
How life insurance for veterans works
When you are no longer an active-duty military member, there are four options that you can consider for life insurance:
You can let your servicemembers' group life insurance expire and buy private life insurance. This option is best for veterans who have no severe health conditions, as they will qualify for a cheaper policy.
If you're happy with your current SGLI, you can convert it to veterans group life insurance. This needs to be done within 485 days of leaving active duty.
If you know you want private insurance but currently have health concerns, you can convert your SGLI to private life insurance within 120 days of leaving active duty without taking a medical exam1.
Lastly, you can convert your SGLI to a VGLI and then convert the VGLI into private coverage. There are providers who allow veterans to convert a VGLI into a civilian policy at any time without a health screening. You're able to have more time to compare different quotes for private life insurance to make sure you're getting the best rates. Here are a few ideas that can help you with finding the best life insurance policy:
When you're researching a life insurance provider, look at customer reviews to see how good their service has been. The National Association of Insurance Commissioners has a complaint index that evaluates whether a company received more or fewer complaints than expected. J.D. Power also has a customer satisfaction ranking where you can see how a company is ranked compared to others. Beyond reviews and ratings, look into whether a provider offers the specific policies and features you need. It's also a good idea to make sure the life insurance company is financially sound by looking them up on independent rating agencies, such as A.M. Best and Fitch.
Compare policy types
Two common types of life insurance policies are term life insurance and whole life insurance. While two companies may carry the same policy type, what each insurance company offers will vary. Compare each company by the specific type of insurance you're considering to see which one is the best fit for your needs.
Compare life insurance quotes
In most cases, an insurance company will offer you a free quote online. It's important to get quotes from several companies as rates will differ. You could contact an independent insurance agent who works with different insurance companies or use a website that can get you quotes from multiple companies. Comparing quotes between different insurance companies can guide you to the best coverage at an affordable price. Be sure to follow all these tips when you're looking for a life insurance plan that fits your needs as a veteran.
1 U.S. Department of Veterans Affairs. "Servicemembers' Group Life Insurance (SGLI)."
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
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Original Source: Aflac: How to Find the Best Life Insurance for Veterans