The Department of Veterans Affairs offers a variety of military life insurance benefits to better protect your family financially in the event of your death. For example, the Servicemembers Group Life Insurance (SGLI) provides an affordable life insurance option for active duty military service members. This type of life insurance is provided automatically by the VA once you qualify.
Servicemembers Group Life Insurance (SGLI): After being enrolled in SGLI coverage, you can be eligible to receive up to $400,000 in life insurance. Typically, the insurance coverage is made at a rate of $50,000 each payment. Servicemembers Group Life Insurance is provided free-of-cost and extends for an additional four-month period after you leave the military.
Note: SGLI members who have a total disability may qualify for a free extension period of two years after leaving the military.
Typically, Servicemembers Group Life Insurance coverage only requires a premium of a few cents for each $1,000 in coverage provided. SGLI coverage can range from $50,000 to the $400,000 maximum. The price of the monthly premium can vary depending on the amount of coverage you wish to purchase.
Veterans’ Group Life Insurance (VGLI): Veterans will have access to Veterans’ Group Life Insurance (VGLI) is a life insurance option available to military veterans and retired service members. Once you leave the military, you can transition from SGLI coverage to VGLI insurance. The coverage provided by Veterans’ Group Life Insurance ranges from $10,000 to $400,000 in coverage.
Your veteran’s life insurance will start at an equal amount of coverage as you had when you were receiving SGLI. You can choose to increase your coverage amount once every five years if you choose to do so.
Important note: There is a time limit of one year and four months to apply for VGLI coverage after leaving the military. Applicants who wait more than 240 days to apply for coverage will also need to prove to the military that they are in good health. However, signing up for VGLI before the 240 days will not require this additional verification.
Service-Disabled Veterans Life Insurance (S-DVI): This type of military life insurance is for veterans who are living with a disability. In order to qualify for S-DVI, your disability must be related to your military service. Additionally, you must have received an honorable discharge in order to be eligible. Furthermore, you may be eligible for S-DVI even if you received a disability rating of 0% as long as you are still in good health and apply within a two-year period.
Service-Disabled Veterans Life Insurance customers will be able to receive up to $10,000 in primary coverage with an additional $30,000 in supplemental coverage. The price of your monthly premium may vary depending on the plan you choose and your age when applying.
