This discussion had 0 comments so was begging for someone to get the ball rolling.

How's this? SGLI is a good start for an active duty person. When you have kids, you'll probably need a bit more life insurance. Purchase a $100,000 policy when you find out you're going to be a parent, and add another $100,000 for each additional dependent.

Good luck!

This is for Flintla or anyone else.

I am searching for more insurance and came across ASMBA. Do you know how reputable they are? I have checked sites but basically same information.
Do you know anyone that has received a claim from them. Thanks

Armordillo,

SGLI is a very good insurance policy. I wish I could purchase life insurance for $20.00..once husband retired from service, we could no longer obtain SGLI, but use AFBA. You need to make sure that the policy is a 30 fixed..cause lets say you are 22,that policy is good until you reach 52..during this time, you marry, have children, than you will be happy that you did this. Now, at 52 you have to find something else...rates rises about for $100,000 at the rate of $48.00 and up a month...your health plays a major factor! I pay close to $1,000 a year for one policy for $100,000..you do the math. At your rates as of now is $22.00 look ahead and obtain more insurance and get it locked in at 30 years. Once you hit 50, you need to reinvest for another 30 years, after 50, insurance usually don't give 30 year term...You indicate that this is fine for married military, but also good for single ones also. They have their mom and dad plus siblings if they are interesting in leaving money for them. You should have a will to stipulate how you want the money to be used.

SGLI is a good thing. But, buyer beware!!!! Pay attention and Note that you are automatically signed up for the MAXIMUM amount and the MAXIMUM reduction to your pay. That is no accident. That is probably fine for married soldiers. But, most single soldiers would be better off with 100K insurance and INVEST the $20 a month $240 per year) you would save. If you have the willpower and discipline to save the money. Even if you don't save the money and you spend it on beer at least you get to enjoy the $240 dollars instead of giving it to the Admirals' and Generals' Yacht Club. Remember, when you sign up for huge amounts of insurance you are betting you will die and the Admirals and Generals are betting you won't and the odds are in their favor. Last thing. When you turn in your form 3268 SGLI Election and Certificate to reduce your insurance to a reasonable level, DO NOT be surprised at all if it takes 5 tries and two years to get the form through. You might never find out why it does not go through or on who's desk it is gathering dust or if a computer somewhere is designed to just IGNORE it. Again, probably no accident. Caveat emptor. Get the name and phone number of the clerk you turn your form into and his boss. Call them every 30 days.

Thanks ferfurr, it's good to see someone is interested.

Yes, 8-10 times is a good rule of thumb, but it has a "one size fits all" flavor to it. Remember, military member's beneficiaries have a variety of benefits. They include:

Death Gratuity
- $12,420 non-taxable
- $100,000 in combat zone or performing training for combat or hazardous duty
Unpaid pay and allowances
- Unpaid basic pay
- Payment up to 60 days of accrued leave
- Travel and per diem expenses
- Transportation of eligible family members to home of record
- Shipment of household goods
- Unpaid installments of variable reenlistment bonuses
Basic Allowance for Housing
- 180 days of government housing or BAH
Servicemembers Group Life Insurance
- $400,000 unless lesser amount is requested
Survivor Benefit Plan
- If the member has served 20 years or more, the spouse and, in some cases, eligible children, receive 55% of the retired pay to which the member would have been entitled based on the years of active service if retired on the date of death

And don't forget Social Security
- Paid to spouse or a divorced spouse, age 60 or over, or a spouse or divorced spouse regardless of age with children of the decedent under age 16 or disabled. Monthly payments are also paid to children until age 18 or 19 if a full-time student at a primary or secondary school.

Health Care
- Eligible family members of active duty members who died while on active duty, who were on active duty for at least 30 days before death, will continue to be treated as active duty family members for one year after their active duty sponsor dies.

You may also have access to base privileges such as access to the commissary and the exchange

So, if you figure in these benefits with your SGLI coverage, you have a significant foundation to build on to secure your families' future.

I've heard 8-10 times what your income is so that the spouse can live off the interest.