An Overview Of Veterans Group Life Insurance (VGLI)
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While serving in the military, your life insurance needs will be covered by SGLI, or Servicemembers Group Life Insurance. After leaving the military, your SGLI goes away, but your life insurance needs don’t. That’s why there’s Veterans Group Life Insurance (VGLI) to continue to protect you after your tour of service has ended.
An Overview Of Veterans Group Life InsuranceVGLI is a renewable term life insurance program that picks up where SGLI left off. Any servicemember who has full time coverage under SGLI can convert to VGLI upon leaving the service. The Department of Veterans Affairs oversees the program that is administered by the Office of Servicemembers’ Group Life Insurance. Veterans can receive coverage up to $400,000, although their coverage cannot be greater than the amount of coverage they had under SGLI at the time of discharge.
Who Is Eligible For VGLI?Any SGLI servicemember who is released from active duty, any member of the Ready Reserves with SGLI who is released from assignment, any member of the Individual Ready Reserve or an Inactive National Guard, any member of the Inactive Reserve Corps or Public Health Service or any servicemember with part-time SGLI who sustains a duty-related injury or disability making him or her unable to obtain standard premiums are eligible for the VGLI program.
How Can Veterans Get VGLI?Veterans should receive an application from the Office of Servicemembers Group Life Insurance within 45 to 60 days following leaving the service. The veteran then has up to one year and 120 days to apply for VGLI. If this window passes, the veteran can no longer be considered for VGLI. If you submit your application in the first 120 days, you do not need to provide proof of health or the first premium with your application. After the first 120 days, you will need to provide these things, so it is important that you get your application in as soon as possible. If you have not received your application within 60 days of discharge, contact the OSGLI immediately.
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