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Veterans Insurance

Veterans' life insurance refers to various insurance programs designed specifically for members of the military, veterans, and their families. These programs provide financial protection and benefits to servicemembers and their loved ones in case of death, disability, or other qualifying events. Here are some key points about veterans' life insurance:

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  1. Types of Veterans' Life Insurance:

    • Servicemembers' Group Life Insurance (SGLI): This is a group term life insurance available to active duty servicemembers, members of the National Guard and Reserves, and certain other individuals. Coverage is automatic for eligible members and provides low-cost life insurance protection.

    • Veterans' Group Life Insurance (VGLI): VGLI is a program that allows servicemembers who have SGLI coverage to convert their coverage to renewable term insurance upon leaving the military.

    • Family Servicemembers' Group Life Insurance (FSGLI): FSGLI provides life insurance coverage to spouses and dependent children of servicemembers insured under SGLI.

    • Service-Disabled Veterans Insurance (S-DVI): S-DVI provides life insurance coverage to veterans who have been given a VA disability rating for a new service-connected disability within the last two years.

  2. Benefits:

    • Provides financial protection for servicemembers and their families in the event of death, disability, or other qualifying events.

    • Offers low-cost insurance options compared to private sector insurance.

    • Allows for conversion of SGLI to VGLI for continued coverage after leaving the military.

  3. Cost and Premiums:

    • Premiums for SGLI are deducted automatically from servicemembers' pay.

    • Premium rates for VGLI depend on the age of the insured and the amount of coverage selected.

    • Premiums for FSGLI and S-DVI vary based on the coverage selected and the age and health of the insured.

  4. Application Process:

    • SGLI coverage is automatic for eligible servicemembers.

    • To apply for VGLI, servicemembers must apply within one year and 120 days from separation from service.

    • FSGLI coverage is automatic for eligible servicemembers with SGLI coverage, and coverage for spouses and children must be elected.

    • S-DVI requires application through the Department of Veterans Affairs (VA) and eligibility is based on service-connected disability status.

  5. Policy Management:

    • Servicemembers can manage their SGLI coverage through their respective branches of service.

    • Veterans can manage their VGLI and FSGLI coverage through the VA.

    • Policyholders can update beneficiary information and make other changes as needed.

  6. Other Resources:

    • The Department of Veterans Affairs (VA) provides information and assistance regarding veterans' life insurance programs.

    • Financial counselors and advisors within the military and VA can offer guidance on selecting and managing life insurance coverage.

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