Life Insurance for Servicemembers and Veterans
Because of your service in the armed forces, you and your family are eligible for many types of insurance both during active service and after your discharge.
Active Duty Life Insurance
During active service, members of the armed forces and their families are automatically eligible for:
- Servicemembers Group Life Insurance (SGLI)
- Family Servicemembers Group Life Insurance (FSGLI)
- Traumatic Injury Protection Program (TSGLI)
You have the option to increase, decrease or decline your coverage under any of these plans. As of July 1, 2014, the rate for SGLI is 7 cents per $1,000 of coverage. So, a service member choosing the maximum of $400,000 of coverage would have $28 taken out of his or her monthly salary. TSGLI is provided at a cost of $1 per month.
FSGLI, which covers spouses and dependent children, has its own premium rates depending on the amount of coverage requested and the age of the spouse. Those rates can be found on the VA’s website.
Post-Discharge Life Insurance
After you are discharged from service, you can continue to receive life insurance through the VA. If you were eligible for SGLI insurance, you will be eligible after discharge for either:
You can convert your SGLI insurance into either VGLI or S-DVI if you submit your application soon after your discharge. The deadlines for each policy vary, and you should check with the VA about which deadlines apply to you. If you apply in a timely manner after discharge, you will not have to submit evidence that you are in good health. If you apply later than the conversion period, you may have to submit such evidence and be approved for life insurance.
Other Insurance Coverage
Additional types of life insurance exist for veterans with specialized needs. For example, veterans with service-connected disabilities who own a home and received a Specially Adapted Housing Grant can apply for Veteran’s Mortgage Life Insurance, which will pay up to $200,000 to your mortgage holder in the event of your death.
Other veterans who have served in earlier wars, such as WWII or the Korean War, may be eligible for specialized insurance policies. To learn more about these policies, check out the additional life insurance programs offered on the VA’s website.
If you would like additional resources, contact Vets National Advocates at 1 (877) 777-4021 and we can direct you to the information you need.
