Compare Life Insurance packages.  Your Serviceman’s Group Life Insurance (SGLI) will expire 120 days after your retirement date.  Veterans Group Life Insurance (VGLI) will be offered to you during your transition.  Historically it’s been more expensive than other insurance companies so check out the current rates.

It’s easier to get new insurance when you’re already covered, so you may want to purchase a policy before you leave the service.  Remember to submit your application for new insurance before your SGLI expires so you have no lapses in coverage.

If you’re single with no dependants, you don’t need life insurance unless you want to make someone very happy when you die!  This will be a savings for you not to have to pay premiums.

If you have dependants, you’ll want to be covered for at least an amount equal to your liabilities.  This is so your family can pay off all the bills and not lose any of your property.  Of course, the amount of coverage you select is your choice.  Please take the time to research various types of coverage and the cost of premiums so you and your family are comfortable.

Check for free comparison quotes from several companies delivered immediately online.  Also, check with any groups you may belong to like the Navy Reserve Association, MOAA and other professional associations or clubs.  They often offer insurance at low group rates as part of their membership benefits package.

Check out these resources:

Veteran’s Life Insurance Program

Insurance.com Provides fast, free quotes plus company comparisons.
Navy Reserve Association
MOAA

This is part of a complete step-by-step military retirement checklist. I’ll be posting weekly action steps here, so please subscribe over in the right-hand column so you’re sure to get each update.