If you’re a disabled veteran, you may be wondering about life insurance options. Life insurance is important regardless of your age, but even more essential when you have a family to support. There are several options for disabled veterans, and it’s important to know what’s available to you. In this article, we’ll take a look at the options for life insurance for disabled veterans.
What is Life Insurance for Disabled Veterans?
Life insurance is a contract between you and an insurance company. In exchange for paying premiums, the insurance company agrees to pay a specific amount of money to your beneficiaries upon your death. For disabled veterans, there are several options for life insurance.
Service-Disabled Veterans Insurance (S-DVI)
The Service-Disabled Veterans Insurance (S-DVI) program provides life insurance coverage to veterans who have been rated as totally and permanently disabled as a result of their service. S-DVI offers up to $10,000 of life insurance coverage for eligible veterans, and premiums are based on age, gender, and the amount of coverage selected.
S-DVI also offers a premium waiver for veterans under the age of 65 who have been rated as totally disabled for at least six months. This means that the veteran does not have to pay premiums while they are disabled. The premium waiver continues until the veteran is no longer totally disabled or reaches the age of 65.
Veterans Group Life Insurance (VGLI)
Veterans Group Life Insurance (VGLI) is a program that allows veterans to convert their SGLI (Servicemembers Group Life Insurance) to a renewable term life insurance policy. VGLI provides up to $400,000 of life insurance coverage for eligible veterans.
To be eligible for VGLI, veterans must have been insured under SGLI while on active duty and apply within one year and 120 days of separation from service. Veterans who are rated as totally disabled are eligible for an extension of the application period. The premium for VGLI is based on the veteran’s age and the amount of coverage selected.
Family Servicemembers’ Group Life Insurance (FSGLI)
Family Servicemembers’ Group Life Insurance (FSGLI) is a program that provides life insurance coverage to the spouses and dependent children of military members. For disabled veterans, FSGLI is an option for providing life insurance coverage to their families.
The amount of coverage for FSGLI depends on the service member’s coverage under SGLI. The premium for FSGLI is based on the age of the spouse and the amount of coverage selected.
FAQ
What is the difference between S-DVI and VGLI?
S-DVI is a program that provides life insurance coverage to veterans who have been rated as totally and permanently disabled as a result of their service. VGLI is a program that allows veterans to convert their SGLI (Servicemembers Group Life Insurance) to a renewable term life insurance policy.
How much life insurance coverage can I get with S-DVI?
S-DVI offers up to $10,000 of life insurance coverage for eligible veterans.
Are there any restrictions for veterans applying for VGLI?
To be eligible for VGLI, veterans must have been insured under SGLI while on active duty and apply within one year and 120 days of separation from service. Veterans who are rated as totally disabled are eligible for an extension of the application period.
Is there a premium waiver for S-DVI?
S-DVI offers a premium waiver for veterans under the age of 65 who have been rated as totally disabled for at least six months.
How much life insurance coverage can I get with FSGLI?
The amount of coverage for FSGLI depends on the service member’s coverage under SGLI.
Conclusion
Life insurance is essential regardless of your age, but even more important when you have a family to support. For disabled veterans, there are several options for life insurance, including S-DVI, VGLI, and FSGLI. It’s important to know your options and choose the policy that’s right for you and your family.
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