Life Insurance for Veterans

Life insurance is one of those things we tend to avoid. But as a service member, you’re automatically provided life insurance. It may be one of the smartest moves you’ve made — whether you know it or not.

Why? Life insurance is essential for your family’s financial health. Your family (or whoever you listed as your beneficiary upon entering the military) could receive up to $400,000 if you should die. If you have family or others who depend on your income, life insurance leaves those you leave behind secure.

Leaving the military: Consider converting your current life insurance

Unless you declined Servicemembers’ Group Life Insurance since joining the military, you have coverage. SGLI is offered by the Department of Veterans Affairs, and active-duty, National Guard and Reserve members can obtain up to $500,000 of life insurance. You can buy additional, affordable coverage for your spouse and each dependent child.

When you leave the military, you may want to convert your SGLI into a Veterans’ Group Life Insurance policy. To maintain your family’s financial health and peace of mind with affordable coverage, here’s what you need to know:

• Coverage. You can continue life insurance coverage after leaving the service, at the same or lesser amounts as your SGLI. Remain in the National Guard or reserves after active duty, and you can keep your SGLI.
• Enrollment period. The VA has extended the enrollment period for VGLI by 90 days because of the COVID-19 pandemic. If you’re applying between June 11, 2020, and June 11, 2021, you now have one year and 210 days from your date of separation to apply for VGLI. If you apply for coverage within 330 days of your date of separation during this period, you won’t have to answer any health questions. Read about eligibility details.
• Costs. Premiums are based on your age. Check out VGLI premium rates. Use the Insurance Needs Calculator to assess your life insurance needs.
• Applying. You can apply for VGLI through eBenefits or download and complete this form and mail it to the Office of Servicemembers’ Group Life Insurance.

Questions? Military OneSource can help you navigate the ins and outs of life insurance while you’re in the military or your options for a year after your service. Call us at 800-342-9647.