SGLI/VGLI/Private Policy

[fredbull337]

New to the forum. I have done a few searches on this topic but I had some specific questions I was wanting to get answered. I myself am a Veteran who had VGLI at one point. Upon getting my contract with Mass and Ohio National I realized what many of you already know....that I could do better than VGLI.

My question is do any of you have experience pitching private term policies to soldiers and veterans? I feel like if they have VGLI then its an easy sell. I have actually already had success with a few. But what about SGLI? Have any of you tried to sell to active duty? I know the majority of them don't have enough coverage. I can easily get 30 or 40 active duty guys in a room for a little presentation. Is this something I should pursue? I feel like SGLI for smokers is a good product but what about the non smokers? You could literally double the amount of coverage they are getting from SGLI for $6 bucks more than what they are currently paying. Also if you were to do this would you pitch the 10, 15, or 20 year term? Not every soldier is going to be a "lifer" so i guess it just comes down to each soldier's career goals? If they are going to stay in for the full 20 and have 18 years left they might be better just keeping the SGLI and supplementing it with a private policy? If they are planning on getting out in 3 years would you consider writing them a 10 year term and then possibly doing a 20 year term on the 9th year of the first term policy? That way you keep the premiums the same but get them a little more coverage?

Just want some thoughts on this before I pursue it.

Thanks guys

 

[VolAgent]

Two comments when dealing with active duty.

1. Ensure that the policy you sell will not have any exclusions related to their service. As I recall, SGLI covers them regardless of duty assignment.

2. Make sure that you comply with any company and state rules regarding selling to members of the military. Due to past bad practices, there may be additional rules you have to comply with and forms that must be completed.

Otherwise, if you can put them in a better position, go for it!

 

[paytoplay]

VolAgent makes some very good points.

To tag along, with respect to exclusions, be sure to consider the exclusions of a waiver of premium rider. Many companies no longer have "war" exclusions in their base policy forms, but these types of exclusions are common in waiver of premium riders. The last thing you would want to have happen is for the service member to suffer a disabling injury while deployed (even an accident on a military base could be excluded), and then not have life insurance because of the exclusion in a waiver rider. The SGLI has a very good waiver benefit for service members.

If someone has SGLI sell other life insurance as a supplement not as a replacement.

 

[goillini52]

Just don't sell them American Amicable.

 

[WinoBlues]

Just don't sell them American Amicable.

American Amicable life insurance & CENTRAL NATIONAL BANK OF TEXAS Money Scam - YouTube

Scumbags ...................

 

[AdrenalineMP]

If someone has SGLI sell other life insurance as a supplement not as a replacement.

As a veteran myself, and having seen/heard of various scumbag insurance and financial services operators taking advantage of servicemen, I have to concur with paytoplay.

Only supplement SGLI, don't replace it. It is not in your or the serviceman's best interests to replace.

Besides, any changes to SGLI requires the soldier to go through a whole goat rope of checks and balances with his chain of command and admin personnel specifically to ensure he isn't getting screwed by someone, or making a bad decision on his own.

Also, having SGLI is a requirement for qualifying for VGLI when he leaves service. That isn't an option that should be thrown out the window to save a few bucks now. VGLI is expensive but, he can qualify for it no matter how messed up his body/mind may be when he eventually leaves service.

 

[Jeff1212]

VGLI is expencive most people in the mililrary have good coverage with sgli up to 450,000 until they get out and coerage is 24 7. you got to get family guy getting out and need coverage goin back to the civilian world just my idea. USMC RET

 

[WinoBlues]

VGLI is expencive most people in the mililrary have good coverage with sgli up to 450,000 until they get out and coerage is 24 7. you got to get family guy getting out and need coverage goin back to the civilian world just my idea. USMC RET

Welcome to the forum.
Thank you for your service.
Your last sentence - Ah, What?

 

[babybella2]

I have a client with a VGLI and he is 58 at 60 it becomes not affordable. However, I do not know what that premium rate is. They do not have any kind of illustration just a certificate of insurance. To compare before i replace it I am unable to find additional info

 

[TIMOTHY SEBASTIAN]

I have a client with a VGLI and he is 58 at 60 it becomes not affordable. However, I do not know what that premium rate is. They do not have any kind of illustration just a certificate of insurance. To compare before i replace it I am unable to find additional info

VGLI Premium Rates - Life Insurance
You can convert those things to whole life through a bunch of different companies guaranteed issue guaranteed non-smoking rates. I would try to convert a portion of it for FE. I don't know what to tell you if he still wants $400k in coverage though. That's a little much at 58 I would think.