Veteran’s Group Life Insurance
What Does Veteran’s Group Life Insurance Mean?
Veterans’ Group Life Insurance (VGLI) is a benefit available to service members who leave the U.S. Armed Forces. While serving, members can purchase life insurance through the Servicemembers’ Group Life Insurance (SGLI) Program. After leaving the military, they can apply to continue their coverage through the VGLI program. The amount of life insurance a service member has under the SGLI program will be their total coverage in VGLI. For example, if they had $100,000 in coverage while in the Armed Forces, they could maintain that same amount. As of 2015, every five years after enrolling in VGLI, they can increase their coverage by an additional $25,000, up to a maximum of $400,000.
Insuranceopedia Explains Veteran’s Group Life Insurance
Service members have one year and 120 days after leaving the Armed Forces to apply for continued life insurance coverage through VGLI. If they apply within 240 days of separation, they are not required to provide proof of good health to maintain their coverage. This is especially valuable for service members who were injured during their service and may not qualify for regular life insurance.
The cost of Veterans’ Group Life Insurance is determined solely by the service member’s age. Factors such as gender, health, tobacco use, and lifestyle do not impact the price of VGLI.
