American Financial Consulting

We are licensed with one priority—you and your family. Therefore, our team is strongly committed to helping you find the best annuity, life and health insurance coverage policies customized to fit your needs, goals, and budget so that you and your family can experience and enjoy the best things in life worry-free!

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Indexed Universal Life (IUL) insurance is permanent life insurance. Some investors referred to this as an advanced life insurance product while Veterans Group Life Insurance (VGLI) is a term policy for ex-members of the military that continues the group coverage they had while in active service.

Veterans’ Group Life Insurance (VGLI) vs Indexed Universal Life Insurance (IUL)

 Insurance Policy Type? Term insurance policy Permanent Life insurance
Any retirement plan? No Yes, Risk free retirement saving plan
Policy Premium rate Yes, Premium rate based on your age and policy value. Every 5 years the rate goes up. Gets very expensive after age 60. For $400K death benefit: At age 64 -69 premium $588/month At age 70-84 premium $904/month At age 75-79 premium $1712/month View VGLI premium rates Yes, IUL Premium rate is based on your age, coverage, and health.  Fixed premium. Never change
At age 64 & above some of you may not need insurance but need more money VGLI is expensive. You may cancel it!!! IUL will provide you Retirement with Terminal illness, Chronic illness, & Critical illness policy
Premium Recovery No Recovery Get your money back within 6 years
Is there a Death Benefit? Yes, Policy Face Value Yes, Policy Face Value and increase
Is there any education saving No Education saving benefits – cash-value account
Is there a loan option? No There is no age limit when you withdraw or take out a loan from your savings plan. Pay no income tax on cash accumulation over the years
Is there rider option No Add several riders for financial protection under unexpected circumstances
Is there any contribution limits? NA No limit on contribution to increase cash-value account
Fixed or Level premium? Change every Five year based on age Policy premium is fixed and flexible. Never change.
Are premium rates increased for smokers? No. Premium rates are the same for smokers and non smokers Yes and No. It’s depend when your stop smoking. Premium rate is based on health questions.
Will I need to answer questions about my health? You have to apply within 1 year and 120 days for VGLI.  No, If you apply within 240 days there will be no health questions.  Yes, If you apply after 240 days there will be health questions. Yes, there are health questions. Policy approval rate may be a little higher if you are a smoker. For more information, please ask a Licensed Financial Advisor/ Insurance agent.
Are premium rates based on age? Yes, Insurance policy premium rates are based on your age and the face value/death benefit.
view VGLI premium rates
Yes, Insurance policy premium rates are based on your age and the face value/death benefit.
Are premiums rates different for men and women No, Premium rates are the same regardless of gender. Yes, but there is not much difference.
Will anyone help me in figuring out the right amount of insurance coverage? Yes – VGLI has an objective Insurance Needs Calculator to help you determine how much coverage you need. Yes, Licensed Financial Advisor/Insurance agent will help you
When is my insurance coverage effective? Your full insurance coverage amount is effective as soon as you are approved and your premium is paid. Your full insurance coverage amount is effective as soon as you are approved and your premium is paid.
Will my insurance coverage end at a specific age or after a period? No, Policy coverage will not end unless you request it or fail to pay premiums. No- Your IUL coverage will not end as long as you pay the premium.
Can I be excluded from coverage due to vocation or avocation? No, The policy does not exclude applicants based on their job or recreational activities. No- there will be no change to the coverage and policy
Can I choose how often to pay the premiums? Yes – You can choose your premiums: monthly, quarterly, semiannually or annually. Yes – you can choose to pay your premiums: monthly, quarterly, semiannually or annually
Are there special benefits for the terminally ill? Yes – You can request a payment of up to 50% of your VGLI coverage if you are diagnosed with an illness that results in a life expectancy of 9 months or less. Yes, Automatelicly at no cost, the policy provides three free riders: Terminal Illness, Critical Illness, and Chronic Illness
Is there a contestable period? No – VGLI has no contestable period. That means there is no waiting period between when your coverage begins and when a claim would be paid. No waiting period. It’s active once you pay a premium and approve.
Can I manage my insurance coverage Yes – VGLI has a full service web site. Yes, every year you can ask your insurance company for Illustration and full service website available to you

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