What is VGLI?
“Â¢Ã‚Â VGLI is a program of post-separation insurance which allows service members to convert their service member group life insurance coverage to renewable term insurance. Members with full-time SGLI coverage are eligible for VGLI upon release from service.
How Much Coverage is Available?
“Â¢Ã‚Â VGLI coverage is issued in multiples of $10,000 up to a maximum of $400,000. However, a service member’s initial VGLI coverage amount cannot exceed the amount of SGLI they had in force at the time of separation from service.
“Â¢Ã‚Â Effective April 11, 2011, VGLI insureds who are under age 60 and have less than $400,000 in coverage can purchase up to $25,000 of additional coverage on each five-year anniversary of their coverage, up to the maximum $400,000.Ã‚Â No medical underwriting is required for the additional coverage.
Other features include:
“Â¢ Ã‚Â The VGLI’s premium rates are based on age only.
“Â¢Ã‚Â No physical or background health check is required. Members with PTSD are not excluded.
“Â¢Ã‚Â One can choose how often to pay premiums, including discounts if premiums are paid early.
“Â¢Ã‚Â No enrollment or membership fees.
“Â¢Ã‚Â Special benefits for the terminally ill, such as requesting a payment of up to 50% of your VGLI coverage if you are diagnosed with an illness that results in a life expectancy of 9 months or less.
To find out if the VGLI is right for you, visit http://www.insurance.va.gov/sgliSite/VGLI/vgliFaq.htm.