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VA Life Insurance
The Veterans Administration Web site, http://www.insurance.va.gov,
provides important information for the only categories of
VA life insurance available today to disabled veterans, to
current and separating service members. For example, service
members who are totally disabled at the time of discharge
can keep their Service members Group Life Insurance (SGLI)
for up to one year at no cost.
Veterans Group Life Insurance
You can convert your SGLI life policy to Veterans Group Life Insurance (VGLI)—a five-year renewable term policy, up to $400,000, renewable as long as you live. SGLI for a service member's spouse and children is automatic up to the lesser of $100,000 or the service member's amount. Children automatically receive $10,000. Coverage for the family ends 120 days after certain conditions. The spouse may convert SGLI to a commercial policy with a participating insurer within this 120-day period, but children have no conversion option. For more information, go to the above Web site or call the Office of SGLI at 800-419-1473.
Department of Labor and USERRA
The U.S. Department of Labor Web site, http://www.dol.gov/vets/welcome.html,
provides detailed information in the Uniformed Services Employment
and Reemployment Rights Act (USERRA) Guide, including your
employment rights and, your employee-insurance rights. In
general, insurance rights (aside from other federal laws,
such as continuation rights for health insurance under state
and federal laws like COBRA) are not protected by USERRA and
may be subject to provisions of the insurance policy and personnel
policies of an employer.
For Service-Disabled Veterans
Two other life insurance programs are available to some service-disabled veterans:
- Service-Disabled Veterans Insurance (S-DVI)
provides up to $30,000 of life insurance. The first $10,000
of Basic S-DVI is available in both ordinary life and term-life
policies. Premiums are waived if the veteran is totally
disabled and if application is made within two years of
being rated for a service-connected disability. Once a notice
is received waiving premiums for Basic S-DVI, the service-disabled
member is eligible for an additional $20,000 of life insurance
if an application is received within one year of receiving
the notice.
- Veterans Mortgage Life Insurance (VMLI)
is a decreasing term life insurance plan that pays off a
mortgage of up to $90,000 if you die after you receive a
Specially Adapted Housing Grant because you suffered the
loss of use of both legs, or blindness in both eyes plus
the loss of use of one leg, or the loss of use of one leg
with residuals of disease or injury that affect balance
or propulsion, or the loss of use of one leg together with
the loss of use of one upper extremity that affects balance
or propulsion. The premium is based on your age at the time
of application and the amount and number of years remaining
on your mortgage.
Watch for Deadlines
You are responsible for meeting deadlines for applying for this life insurance, because your eligibility for any of these programs is at stake.
For more information, call the Department of Veterans Affairs at 800-669-8477.
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