They say you can’t take it with you, but when you purchase life insurance from USBA, you definitely can take it with you. Whether you are transitioning out of the military, planning to retire as a federal employee, or changing jobs as a veteran, any life insurance you purchase from USBA is portable. That means you own it, and it goes where you go.
So why is portability important when it comes to life insurance? Let’s take a look at what happens when your life insurance is not portable.
If you’re a member of the U.S. military, who meets eligibility criteria, you’re automatically covered by SGLI. When it’s time to transition out of the military, your SGLI coverage ends 120 days from your date of separation. You’re given the option to convert your policy to VGLI, a renewable 5-year term life policy designed specifically for veterans. While this is an important option, you need to be aware that there are limitations on the coverage you can purchase. VGLI provides you with up to a maximum of $500,000 of insurance coverage. It is issued in $10,000 increments up to the amount of SGLI you had at the time of separation.
If you are a federal employee, you are covered by federal employee group life insurance (FEGLI). When you retire, you’ll experience either a reduction in coverage or an increase in premium. And if you leave your federal employment, your FEGLI will be terminated altogether.
if you’re a veteran, working in the civilian world, each time you change jobs, you start over with life insurance that’s offered by your new employer. As you age, buying a new life insurance policy tends to become more expensive. Plus, you never know what will be offered by each new employer as you progress through your career.
Any of these scenarios could leave you in a position where you need more coverage.
USBA can help. We offer our members a range of coverage options that will go with you wherever life takes you next.
Even better, life insurance from USBA lets you combine coverage to provide up to $750,000* in benefits for your family. Depending on your stage of life, you can use our policies as a supplement to or replacement for your VGLI , FEGLI or employer-sponsored life insurance.
At USBA, we are proud to offer different coverage amounts and terms so you can choose the policy that best meets the needs of you and your family. You can provide peace of mind at a rate that works for you. For example, $100,000 worth of coverage starts at $5.75 per month for our most popular 15 Year Group Level Term Life Insurance policy.**
A decision about life insurance is important, so we encourage you to consider the range of features and benefits that come with USBA’s portable group life insurance products and services. Best of all, our plans do not change due to transition, separation or retirement. Please click to get a free quote on life insurance from USBA or call 877.297.9235 to talk to a USBA Product Specialist who can answer your questions.
* The overall maximum coverage for each Member/Associate Member is $650,000 under all USBA-sponsored Group Life Insurance Policies, with the option for those ages 69 and below, if approved, to add up to an additional $100,000 of Traditional Whole Life (G-10648-0), for a maximum of $750,000.
** Example premium for a 24-year-old Female on a Preferred Rate policy.
USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.