Is SGLI Term Or Whole Life Insurance?

  1. 1805 POINTS
    Samuel Smith
    Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
    Single Guideline Level Premium is the premium(lump sum) that would be required to pay a policy up within the first 7 years of the policy issuance. Therefore, if I have a $500,000 face amount and for illustration purposes let's assume the lump sum I would need to invest in order to pay the premium up without having to make monthly premiums is $21000. While these figures are not calculated with a quotaqtion system it illustrates why having a life insurance policy is a good investment because I can pay the monthly premium and if the monthly premium is $100 I trade my $100 for a protection amount of $500.000. My wife and children would never scold me for wasting money.
    Answered on November 25, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    The SGLI that is offered by the VA (Servicemembers Group Life Insurance) is Term insurance. However, it will stay in effect until you are discharged from the service. At that time, you can convert it to VGLI, which is also term insurance, but can be renewed for the lifetime of the insured person.
    Answered on December 4, 2013
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