The VA has a number of life insurance policies you can obtain.
VA provides Veterans, Servicemembers, and their families with $1.3 trillion in insurance coverage each year. VA also offers a variety of life insurance options, including:
• Servicemembers’ Group Life Insurance (SGLI)
• Servicemembers’ Group Life Insurance Disability Extension (SGLI-DE)
• Veterans’ Group Life Insurance (VGLI)
• Family Servicemembers’ Group Life Insurance (FSGLI)
• Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI)
• Service-Disabled Veterans Insurance (S-DVI)
• Veterans’ Mortgage Life Insurance (VMLI)
VGLI Veterans leaving service have the option to convert SGLI coverage to lifetime renewable group insurance. No health questions will be asked of Veterans who apply for coverage within 240 days of separation. However, Veterans have a total of one year and 120 days to apply for VGLI, and can keep their coverage as long as they desire and pay premiums. Spouses of Servicemembers separating from the military and covered under FSGLI can convert their coverage to an individual permanent plan of insurance with participating private insurers. Spouses must act within 120 days of the Servicemember’s separation to obtain this benefit. Under SGLI-DE, Servicemembers separating from service who are considered totally disabled and unable to work may apply for two years of free coverage. After two years, Veterans automatically qualify for VGLI, as long as the VGLI premiums are paid. With VMLI, severely disabled Servicemembers and Veterans who received a Specially Adapted Housing grant may obtain mortgage life insurance protection, which pays the family’s home mortgage in the event of the Servicemember’s or Veteran’s death. Many Veterans do not realize that VA does not require a 100 percent disability rating to qualify for S-DVI. Even Veterans with 0 percent disability rating may qualify if they meet other criteria. TSGLI covers Servicemembers with SGLI coverage who are seriously injured anywhere, anytime. Veterans who suffered severe injuries in service on or after Oct. 7, 2001, may also be eligible for the traumatic injury benefit.
Accelerated Benefits Option, which provides those insured under SGLI and VGLI with access to up to half of the value of their insurance if they are terminally ill with nine months or less to live.
Decide which insurance option is best for you by reviewing the different programs on VA’s “Life Insurance” Web page.