Hi Again Everyone,
Over the weekend my wife, child, and I visited a friend and BBQ'd some steaks. I just had some dental work completed and could not chew on the right side. Of course I attempt to swallow a piece that wasn't.. well chewed all the way. Needless to say it did not go all the way down and was not a fun experience.
However, one good thing did happen! It reinvigorated my desire to purchase some additional life insurance and reinforce to the wife where our assets are located! She was not to happy with me sitting her down with spreadsheets lol
Quick rundown about our situation:
I am 34 years old and in the USAF (E-7) with 14 years time in service. My wife wife is a stay at home mom. At 20 years of service I will qualify for a pension but could stay longer to gain an additional 2.5% every year. If something was to happen to me after I retire my wife is eligible for half the pension amount through SBP.
Right now I have $400k SGLI insurance but that will expire after I leave the military. We can transfer over to the VGLI but it is an extremely expensive plan(VGLI Premium Rates - Life Insurance
). I was thinking about purchasing an additional 30 year term life insurance policy. USAA is quoting approximately $25/month for $300,000. This would last until I am in my 60's and almost eligible for whatever version of SS exists.
Would you purchase an additional level term life insurance policy now while we are young in addition to the SGLI? The ultimate goal is to keep the family well provided for should something prematurely happen.