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life insurance

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navsup

BDCP Supply
Does anybody know where i can find more info about our life insurance plan. When i got picked up last october I just signed for 250k amount that is 16 a month, i think. Now I am in a insurance class and realized I dont know anything about that policy. My wife and I want to evaluate our needs but I need more info about what I have.

Some of my questions include,
What exclusions are there?
How to change the face value?
I dont even know if it is whole life/term etc...


Any help??
 

phrogdriver

More humble than you would understand
pilot
Super Moderator
It's a term policy. I won't get into the whole term/whole debate here, but this term policy is a very good deal since it is subsidized by Uncle Sam.

$250K is the max. Your spouse is eligible for up to $100K and children are eligible for an amount I've forgotten. You can pick lower amounts, but not higher. To change it, you just redo the form in your admin office. Also, you can switch your policy to VGLI (Variable Group Life Ins) when you leave the military, up to the amount you had on active duty. This is a good reason to stay at the max even if you are adequately insured already. VGLI does adjust its rates as you age, but is still a pretty good deal.

It really doesn't have any significant exclusions I'm aware of. However, I believe that if your death is considered a result of your misconduct, you won't be covered. This is VERY rare, though. You have to have been killed while robbing a bank or such in order for you not to be covered.
 
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