What Type of Life Insurance Is Available To Veterans?
There are several different types of benefits that the Department of Veterans Affairs (“VA”) can offer. These benefits sometimes depend on the status of the person in question (are they on active-duty, a veteran, a spouse, or a dependent). This is far from an exhaustive list, but covers the most common types of benefits bestowed upon veterans and their dependants.
There are four main types of life insurance. First, service members’ Group Life Insurance (SGLI) is the low-cost life insurance for service members (active duty and reservists). It is available up to $400,000 (in $50,000 increments). SGLI coverage begins when you enter service or change your duty states and expires 120 days after getting out of the service (totally disabled members can apply for up to 2 years of free SGLI coverage after discharge). Next, there is Traumatic Injury Protection under Service members’ Group Life Insurance (TSGLI) is a traumatic injury protection injury protection rider under SGLI. Any member of the uniformed services covered by SGLI is entitled to payment for a traumatic injury that results in severe losses. These benefits usually pay between $25,000 and $100,000 depending on things like the type of injury and what type of loss the member suffered. Then there is the Veterans’ Group Life Insurance (VGLI) which is a lifetime renewable type of life insurance for veterans for up to $400,000 (in $10,000 increments) but not more than the original amount of SGLI. The premiums are based on age, but if you apply within 120 days following separation, no health questions are asked. After the 120 days, you have 1 year to apply for VGLI, but you must be in good health. If you are on the 2 year disability extension, then you are automatically converted to VGLI. Finally, there is the Family service members’ Group Life Insurance (FGLI) which automatically covers the spouse and children of service members insured under SGLI up to $100,000 (in $10,000 increments) but not for more than the original SGLI amount.
There are two other less common types of insurance for service members. This includes Service-Disabled Veterans Insurance (also known as “RH” insurance). This is for veterans who receive a service-connected disability rating of 0% or more from the VA. The maximum insurance is $10,000 of basic coverage, but if there is total disability the amount of insurance can increase to $20,000. Finally, there is the Veterans Mortgage Life Insurance (VMLI) which provides coverage on the home mortgage of severely disabled veterans who receive a specially-adapted housing grant. VMLI will pay a maximum of $90,000 of mortgage insurance directly to the mortgage lender for an outstanding mortgage.
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