Protecting Those Who Served: An Overview of Veterans’ Group Life Insurance (VGLI)
For over 50 years, the Department of Veterans Affairs (VA) has been offering life insurance to safeguard the nation’s heroes. Introduced in 1974 in collaboration with Prudential’s Office of Servicemembers’ Group Life Insurance (OSGLI), Veterans’ Group Life Insurance (VGLI) ensures that service members transitioning to civilian life can maintain their life insurance.
Today, nearly 455,000 veterans are covered under this group policy, which is overseen by the VA, with a combined coverage of $97 billion. This represents a significant achievement in the VA’s commitment to providing earned benefits. VGLI provides renewable group term insurance, allowing service members with existing Servicemembers’ Group Life Insurance (SGLI) to convert their coverage.
Eligibility and Application
Veterans have a window of one year and 120 days from their separation date to apply for VGLI. A significant perk is that if they apply within the initial 240 days after separation, they don’t have to answer health-related questions.
Coverage and Benefits
VGLI policies range from $10,000 to $500,000, though the coverage amount cannot exceed the SGLI coverage at the time of separation. Additionally, coverage can increase by $25,000 every year after the first anniversary and every five years after that, up to a total of $500,000, until the age of 60.
Program Evolution: Key Milestones
The VGLI program has seen several important developments over the years:
- May 1974: Program Launch
- October 1992: Renewal Provision Introduced
- July 2008: Premium Reduction for Those Aged 30 to 64
- April 2011: Buy-Up Option of $25,000 Made Available
- November 2012: “No Health” Application Period Extended to 240 Days
- April 2021: Premium Reduction for All Age Brackets
- March 2023: Coverage Increased from $400,000 to $500,000
Program Administration and Application Process
VGLI is supervised by the VA and managed by OSGLI. The application process is designed to be straightforward; veterans are guided through every step, including automated data retrieval where possible and the presentation of required medical questions, which can be completed online. Applications are assessed instantly, and veterans are notified of their coverage approval, pending payment and, if needed, proof of SGLI coverage.
Additional VA Life Insurance Programs: VALife
The VA provides a broad spectrum of life insurance benefits to service members and veterans. In addition to VGLI, the VA’s Veterans Affairs Life Insurance (VALife) program offers guaranteed acceptance whole life insurance for veterans aged 80 or younger with any degree of service-connected disability (0-100%) and no application time limit. Veterans aged 81 or older may qualify if they apply within a specific timeframe and meet specific criteria. The application and eligibility process for VALife is entirely automated and online. You can conveniently apply, receive an immediate decision, and enroll in VALife online.
To get more information about VGLI and VALife, visit the program websites: VGLI and VALife.
Contact Information
For more information you can contact the Office of Servicemembers Group Life Insurance (OSGLI) at 1-800-419-1473 or by sending an email to [email protected].
