You have to go to your dispursing office and fill out a form saying that you do not wish to participate at this time. I believe that they were merging the DK rating with the PN rating, or something of the like. I have had to do this every year that I was in the Navy. The reason being that they will automatically start deducting the SGLI payment out of your pay every year. I was really PO'd by this, but I just filled out that form every year and kept my mouth shut.
I don't know why he did it. But, here is why I did it. I am unmarried, no kids and my family is very well off. So, being the financial savvy guy that I am, I said to myself that if I were to just put that 20 a month into a long term investment it would yield many times more capital over the course of my enlistment (plus, the life of the long-term investment). So, putting 48 months of $20 payments into a LTI and with exponential interest over the course of say 20-30 years would be much more than the total payout of the SGLI. Of course, I didn't just invest that money. I also had 50% of my military income transfered to my own private IRA instead of the TSP. It just made much better financial sense. TSP yielded around .01% during my first year of service. But, my Mutual funds yielded 20% the next year.
Originally posted by kylea1627: How do you go about getting out of the SGLI program?
Death takes you out of the paying premium end of the program and lets your beneficiary live happy afterward. If you're married and declining SGLI, your wife will need to sign off on the deal.
