Veterans Group Life Insurance

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Veterans Group Life Insurance

Also called VGLI. Term life insurance offered by the Veterans Administration in the United States to former service members who purchased Servicemembers Group Life Insurance while they were in the military. Veterans who sign up for VGLI within 120 days of discharge are not required to submit evidence of good health to be eligible. Premiums are the same for both male and female veterans and are not higher for smokers. Likewise, veterans may not be excluded for mental problems such as post-traumatic stress disorder.
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To learn more about VGLI and the opportunity to increase coverage, visit http://goo.
100) Traumatic SGLI coverage is not available for FSGLI and VGLI policy holders.
106) Servicemembers who decline SGLI coverage or select less coverage than the maximum allowed must also be furnished with general information regarding the purpose and role of life insurance in financial planning, various types of life insurance policies, availability of commercial life insurance, and the relationship between SGLI and VGLI.
154) If the proceeds are to be paid in a lump sum, a personal interest bearing checking account, an Alliance account, will be opened for the SGLI or VGLI beneficiaries.
The OSGLI will send an SGLV Form 8714, Application for VGLI, to a servicemember within forty-five to sixty days after his or her separation or discharge which the servicemember must fill out and return.
A spouse cannot convert her or his FSGLI policy to VGLI, but can convert it to a commercial policy under the same conditions as a servicemember.