After dedicating 20 years to paying for a $400,000 SGLI policy at $25 per month, totaling $6,000, I was completely blindsided during the retirement process when I learned that this coverage was ending. The realization hit me hard, especially when I discovered that maintaining the same coverage through Veterans’ Group Life Insurance (VGLI) would cost between $200-300 per month. The sticker shock left my blood boiling, and I knew I had to make some tough decisions.
Diminished Health at Age 43 Meant Higher Premiums
By the time I retired at 41, my health had deteriorated significantly compared to when I joined at 21. I had more health issues, both seen and unseen, which I knew would limit my chances of securing a similar policy with low monthly payments. The thought of listing all my ailments for a new policy was daunting, and the emotional toll of the sticker shock prevented me from seeking new coverage.
To me, this felt like a shady way of doing business—offering high-cost life insurance policies to veterans who are likely unfamiliar with their options and dealing with multiple health issues that reduce their choices. If I had known then what I know now, I would have opted for a low-cost, high-coverage whole-term life insurance policy while I was young and healthy, rather than choosing SGLI.
Post-Military Job Not Secured and Unknown Salary
The uncertainty of my next job and salary, combined with the frustration of learning that SGLI ended after retirement, led my wife and me to decline the VGLI coverage. To this day, I still don’t have life insurance, which often keeps me up at night with guilt and fear that my family won’t be taken care of when I’m gone.
The Birth of Armed With Assets
These experiences were a major reason I started Armed With Assets (AWA). One of my primary goals with AWA is to secure my own life insurance policy by earning generational wealth. But more importantly, I want to help other veterans navigate these challenges and build their own generational wealth and not let the sticker shock of a life insurance policy keep them from securing their families financial future.
Wrapping Things Up
The journey of transitioning from military life to civilian life is filled with unexpected challenges, with SGLI ending being just one of them. My experience with SGLI and VGLI opened my eyes to the gaps in information and support that many veterans face. Armed With Assets is my way of giving back to the veteran community, ensuring that others are better prepared and informed about their options.
Thank you for reading. If you found this post helpful, please share it with other veterans who might benefit from this information. And don’t forget to follow Armed With Assets for more tips and guidance on securing your financial future.
