Did you know the Department of Veterans Affairs (VA) has provided life insurance to protect our nation’s heroes for over half a century? Veterans’ Group Life Insurance (VGLI) was launched in 1974 as a partnership between the VA and Prudential’s Office of Servicemembers’ Group Life Insurance (OSGLI). This program ensures that service members could keep their life insurance coverage after leaving the military and transitioning to civilian life.
Today, VGLI covers 455,000 veterans with a total of $97 billion in coverage, a significant milestone in the VA’s history of providing earned benefits. VGLI is a renewable group term insurance policy. It allows separating service members with existing Servicemembers’ Group Life Insurance (SGLI) the option to convert and maintain their life insurance protection.
To apply for VGLI, veterans have a window of one year and 120 days following their separation date. If they apply within the first 240 days after separation, they are not required to answer any health questions.
VGLI coverage is available in amounts ranging from $10,000 to $500,000, but it cannot exceed the amount of the veteran’s SGLI coverage at the time of separation. Furthermore, coverage can be increased by $25,000 on the first coverage anniversary and every five years thereafter, up to the $500,000 maximum, until age 60. The VGLI program has a strong history of providing key benefits:
- May 1974: Program launch
- October 1992: Provision for renewal
- July 2008: Premium reduction for ages 30 through 64
- April 2011: Buy-up option of $25,000 introduced
- November 2012: “No Health” application period extended to 240 days
- April 2021: Premium reduction for all ages
- March 2023: Coverage increased from $400,000 to $500,000
VGLI is supervised by the Department of Veteran’s Affairs and administered by the OSGLI. Veterans can apply for VGLI seamlessly, with each step of the process guiding applicants, from automatic data retrieval to presenting medical questions. Applications are evaluated instantly. If coverage is approved, the veteran is immediately informed, pending receipt of payment and, if required, proof of SGLI coverage.
In addition to VGLI, the VA provides other life insurance benefits to service members and veterans. The newest program, Veterans Affairs Life Insurance (VALife), offers guaranteed acceptance and whole life insurance for veterans aged 80 or under with any level of service-connected disability (0-100%). There is no time limit to apply. Veterans aged 81 or over may qualify if they meet specific criteria and apply within a certain timeframe. The VALife application and eligibility decision are entirely automated and online. Apply, receive an instant decision, and enroll in VALife online.
To learn more about the VGLI and VALife programs, veterans can visit the following program websites: VGLI and [VALife]([insert VALife URL here]).
