Veterans Tip of the Week – Veterans’ Group Life Insurance, Get It While You Can!
This is a good tip for any current servicemember or recently separated veteran, please share widely.
I don’t know of anyone who, while in service, was not paying an allotment for something called Servicemembers’ Group Life Insurance or SGLI. This is the military’s general life insurance policy for its members. If you act within the program time-frame, you can change SGLI into Veterans’ Group Life Insurance or VGLI when to leave the service. The window of eligibility is very short. You have to apply for the program within 18 months from separation. If you miss this window, you are on the open market for life insurance.
Why consider VGLI? Because if you apply within the 18 month deadline, there is no physical required, only a few health related questions to be answered. Even better, if you apply within 240 days from separation (i.e., 8 months), there are no questions either. VGLI is a good option for recently separated veterans with health issues, like the service connected disabilities we have been talking about. #gogetrated. Qualifying for life insurance with pre-existing conditions is a real problem for many, so this is a good option if you have that issue.
The one down side to VGLI is that premiums (what you pay monthly) are scaled to the amount of insurance (up to $400K) and your age (in 5 year brackets). So, as you get older, your premiums will go up. There is a big jump when are in your 70s.
Bottom line: This is a great earned benefit if you would otherwise have trouble qualifying for life insurance. As time goes on, you can always consider other options. The key take-away is to not miss the eligibility window of 240 days from separation for no physical and no health questions, or 18 months for no physical (some health questions). After 18 months, you are on your own.
As always, please feel free to PM me if you have questions regarding you VA Benefits. If I don’t know the answer, we will find it together. #gogetrated
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Greetings my name is Rich,
I own U.S Veterans and I am a Veteran. I am making a website to help and inform US Veterans. I have many sites I own so I am a little slow at times. For those of you that have been following me this is my final answer for this website U.S. Veterans! I will be populating and updating it over the next few months as the site grows I hope to open it up more for veterans to log into and help and inform others of their experiences by early 2021.. I hope you find something helpful here and be sure to check back for updates. I have many news sites, you will find the RSS Feeds for those sites on U.S. Veterans.