The Military Money Manual Podcast Military Life Insurance with Jerry Quinn, Armed Forces Mutual (AAFMAA) #190
How much life insurance do military servicemembers need? What about military spouses? Is SGLI enough?
In this episode, Spencer Reese and Jamie sit down with Jerry Quinn, a 40-year Army veteran and executive at Armed Forces Mutual (formerly AAFMAA - American Armed Forces Mutual Aid Association), to discuss everything military families need to know about life insurance.
Topics Covered:SGLI (Servicemembers' Group Life Insurance)
- Understanding the $500,000 term policy for service members
- Spouse coverage rider ($100,000)
- Coverage for Guard and Reserve members
- What happens to SGLI after military separation
Life Insurance Planning Strategies
- The DIME-L method for calculating coverage needs:
- Debt
- Income replacement
- Mortgage
- Education
- Legacy
- "10x income" rule of thumb
- Stacking multiple insurance policies for comprehensive coverage
- Term vs. whole life insurance considerations
Armed Forces Mutual Services
- No war clause or aviation clause coverage
- Survivor Assistance Services (SAS) program
- Death claim processing (often under 30 days)
- Special 501(c)(23) nonprofit status
Transition Planning
- When to apply for life insurance before leaving military service
- Health considerations and timing
- Converting from SGLI to civilian coverage
- Armed Forces Mutual Website: AAFMAA.com
- Military Survivor Planning Checklist (available with free subscription)
- Life Insurance Calculators (on AAFMAA website)
- Career Accession Program (CAP) Loan: $5,000 at 2.5% fixed rate for 60 months
- Daniel Kopp, CFP: Wise Stewardship Financial Planning
- Specialist in military widow/widower financial planning
- Military to Financial Planner Podcast
- Military Aid Societies:
- Army Emergency Relief Society
- Air Force Aid Society
- Navy-Marine Corps Relief Society
- Coast Guard Mutual Assistance
- SGLI is an excellent deal at ~$30/month for $500,000 coverage
- Many military families need supplemental life insurance beyond SGLI
- Apply for additional coverage 6-12 months before military separation
- Update beneficiary designations regularly
- Armed Forces Mutual provides specialized support for Gold Star families
Jerry Quinn served 40 years in the U.S. Army (7 years active duty, 33 years National Guard), retiring as a Field Artillery Officer in June 2025. He now serves as an executive at Armed Forces Mutual, a 146-year-old organization exclusively serving military and veteran families with specialized life insurance products and survivor assistance services.
Contact Information:Armed Forces Mutual
- Website: AAFMAA.com
- Social Media: LinkedIn, Instagram (@armedforcesmutual)
- Subscribe for free resources and calculators
Hosts:
- Spencer
- Jamie
For those needing immediate assistance with military survivor benefits and life insurance claims, Armed Forces Mutual's Survivor Assistance Services team provides comprehensive support including VA claims coordination, DFAS benefit reconciliation, and burial assistance guidance.
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