by Guest » Thu Nov 28, 2013 12:17 pm
I was in the Navy from 1978 to 1992 and had life insurance that the federal government offered. When I retired, they dropped my policy. I was told that I wouldn’t get the money I paid for it. But recently someone told me that I should have gotten it back. Is this true? If it is, can I file it now in order to get it?
Posted: Fri Nov 29, 2013 05:06 am Post Subject:
What you had while in the Navy was Term life. Such things are only helpful as long as you are paying into it. There were hopes of getting some money back had it been a Whole life policy. But even that case, chances were that you would likely not.
The thing is if you are not taking up anything extra, like with USAA or NCOA (don’t know whether exists any longer or not), there is nothing for your to receive.
Posted: Mon Dec 02, 2013 09:45 pm Post Subject:
Servicemembers' Group Life is not a cash value insurance product, and your coverage ended some 20+ years ago. At the time you left active duty, you were eligible to convert to Veterans' Group Life, also not a cash value product. I doubt that you converted you coverage.
Either way, there is nothing to collect after having paid premiums for 14 years or more.
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