A question about VGLI (Veteran's life insurance)

[actaeon277]

So, I've had VGLI for decades.
But, the premium goes up as you age, and it's getting a bit pricey.
So, I was wonder what happens if I cancel?
Some insurance policies have a cash value that you get.
But I don't think VGLI looks like that.

I think, if I cancel, I don't get anything.

Anyone know?

 

[wcd]

So, I've had VGLI for decades.
But, the premium goes up as you age, and it's getting a bit pricey.
So, I was wonder what happens if I cancel?
Some insurance policies have a cash value that you get.
But I don't think VGLI looks like that.

I think, if I cancel, I don't get anything.

Anyone know?

How is your policy worded? I would think it is not a term life policy?

 

[actaeon277]

How is your policy worded? I would think it is not a term life policy?

Well, I'm having a hard time finding anything specific.
Which is why I think there is no accumulated value.

 

[BehindBlueI's]

Life insurance comes in two main flavors, whole and term. Term does not accrue cash value. VGLI is term insurance.

 

[Tactically Fat]

Also... The general rule of thumb is that the older you get, the less life insurance you "need" because your other assets have grown, kids grown/out of the house, mortgage paid off, spouse doesn't need the income due to lost wages. Called the "principle of declining responsibility", or something similar.

So....do you need expensive life insurance? Or just *want* it? Not questions you have to answer here for sure. I'm nobody and this ain't no one's business but yours.

 

[Quiet Observer]

So, I've had VGLI for decades.
But, the premium goes up as you age, and it's getting a bit pricey.
So, I was wonder what happens if I cancel?
Some insurance policies have a cash value that you get.
But I don't think VGLI looks like that.

I think, if I cancel, I don't get anything.

Anyone know?

There is no cash value. It only pays when you die. Here is the VA link.

https://www.va.gov/life-insurance/options-eligibility/vgli/

https://www.benefits.va.gov/INSURANCE/docs/VGLI_Flyer.pdf

 

[actaeon277]

Thanks everyone

 

[woowoo2]

Even with the increase in price, it's still a good deal.
I raised mine.

 

[actaeon277]

Even with the increase in price, it's still a good deal.
I raised mine.

Mine just almost doubled.