Veterans Group Life Insurance

As a veteran, it’s important to ensure the financial security of your loved ones, especially after your death. One way to do this is to enroll in the Veterans Group Life Insurance (VGLI) program, which offers comprehensive life insurance coverage at an affordable price. This article will provide an overview of VGLI, including how it works, eligibility requirements, benefits, and frequently asked questions.

What is VGLI?

VGLI is a life insurance program designed specifically for veterans. It’s a continuation of the Servicemembers’ Group Life Insurance (SGLI) program that active-duty military members are enrolled in. VGLI provides veterans with the opportunity to convert their SGLI coverage to a renewable term life insurance policy after they leave the military.

How does it work?

To enroll in VGLI, veterans must apply within a year and 120 days of leaving active duty. Once enrolled, VGLI coverage is renewable every five years, up to age 75. The premium is based on the veteran’s age and the amount of coverage they choose. VGLI offers coverage in increments of $10,000, up to a maximum of $400,000.

If a veteran becomes disabled after leaving the military but before their VGLI coverage expires, they have the option to convert to the Veterans’ Mortgage Life Insurance (VMLI) program, which provides coverage for their mortgage.

Eligibility Requirements

To be eligible for VGLI, veterans must meet the following requirements:

• Be a veteran who was discharged under conditions other than dishonorable
• Be insured under the SGLI program at the time of separation from the military
• Apply for VGLI within one year and 120 days of separation

Benefits

VGLI offers numerous benefits to veterans and their families. These benefits include:

• Flexible coverage options, with coverage amounts ranging from $10,000 to $400,000
• Affordable premiums, which are based on the veteran’s age and the amount of coverage they choose
• Portable coverage that can be continued even if the veteran changes jobs or leaves the military
• Simplified underwriting, which means veterans do not need to undergo a medical exam to qualify for coverage

Frequently Asked Questions

How do I apply for VGLI?

To apply for VGLI, veterans need to complete and submit form SGLV 8714, Application for Veterans’ Group Life Insurance. The application can be submitted online or by mail.

How much does VGLI cost?

The cost of VGLI depends on the veteran’s age and the amount of coverage they choose. Premium rates can be found on the VA’s website.

Can I increase my VGLI coverage?

Yes, veterans can increase their VGLI coverage every five years, up to the maximum of $400,000.

Can I cancel my VGLI coverage?

Yes, veterans can cancel their VGLI coverage at any time. To cancel, they need to complete and submit form SGLV 8715, Request for Termination of Insurance.

Conclusion

Veterans Group Life Insurance offers comprehensive life insurance coverage at an affordable price, making it an ideal option for veterans who want to ensure the financial security of their loved ones after their death. By enrolling in VGLI, veterans can enjoy flexible coverage options, portable coverage, and simplified underwriting. If you’re a veteran who is eligible for VGLI, we highly recommend considering this life insurance option.