Is there any risk in dropping sgli to $50 k (to keep the traumatic injury benefit for a dollar or whatever that is), and replacing 450k of sgli with a 1mil policy from navy federal (rep said it had no war or aviation exclusions) for half the premium price?
Considering doing this but just feel sketched out like there must be some catch or exclusion I’m missing. I guess I just trust sgli to pay out more than I trust navy fed to pay out, but j have no basis for this and from what I can tell the navy fed has no exclusions (except the Suicide one).
Sgli vs private life -navy fed
byu/Ok_Bear3255 inMilitaryFinance
Posted by Ok_Bear3255
3 Comments
It’s super cheap, why not.
Term insurance is cheap if young and healthy. SGLI is expensive for most in good health. Shop rates though, Navy Fed may not be best deal and make sure the insurance company has a good rating so theyll be financially viable long term. A+ or better is what Ive heard to look for. An insurance broker like Zander can get you qoutes from many companies to compare.
I switched from SGLI once I realized I could get a longer term for less money a month and don’t regret it!