What are the premiums for VGLI?

The monthly premium will increase: • 5 cents per month from $2.25 to $2.30 per $1,000 of coverage for VGLI members age 70-74, and • 10 cents per month from $4.50 to $4.60 per $1,000 of coverage for VGLI members age 75 and older.

Why is VGLI so expensive?

A major drawback to VGLI is that your coverage is tied to the amount of SGLI coverage you previously had in place. VGLI rates are affordable for younger veterans, but maintaining this coverage becomes quite expensive in later years. This is because the only factors determining VGLI premiums are coverage amount and age.

Can VGLI be cashed out?

VGLI has no cash, loan, paid-up or extended insurance values and does not pay dividends. Application for insurance or an increase in the amount of coverage may also be made through 1 year and 120 days from separation, however, evidence of good health may be required.

Do I have life insurance as a veteran?

Service-Disabled Veterans’ Life Insurance (S-DVI) provides life insurance coverage to Veterans who have been given a VA rating for a new service-connected disability in the last two years. Totally disabled Veterans are eligible for free coverage and have the opportunity to purchase additional life insurance.

Can I change my VGLI coverage?

You can increase your VGLI coverage by up to $25,000 on the five-year anniversary date of your coverage policy if you meet all of the following criteria: You have an active VGLI policy. You must request the increase during the 120-day period prior to the 5-year anniversary of your policy.

Is VGLI permanent?

VGLI is a term insurance program for anyone retiring or separating from the military. It requires no medical exam, regardless of any service-connected conditions, and it can be kept for life, unlike most private insurers’ term life insurance policies. But insuring less healthy and older people increases VGLI’s costs.

Do veterans have free life insurance?

Benefit Description Servicemembers’ Group Life Insurance (SGLI) is a low-cost group term life insurance program for Servicemembers. Totally disabled Veterans are eligible for free coverage and have the opportunity to purchase additional life insurance.

When do I get my VGLI insurance rates?

VGLI premium rates are based on your age and the amount of insurance coverage you want. Note: On April 1, 2021, we lowered VGLI premium rates. Choose your age to find monthly premium rates as of April 1, 2021. Age 29 and below

How to reinstate veterans group Life Insurance ( VGLI )?

Apply through the Office of Servicemembers’ Group Life Insurance (OSGLI), using the Prudential website. Apply by mail or fax. Fill out the Application for Veterans’ Group Life Insurance (SGLV 8714). To reinstate a VGLI policy that has expired, you’ll need to fill out an Application for Reinstatement of VGLI Coverage (SGLV 180).

How to convert whole life insurance to VGLI?

Get a letter from OSGLI confirming that you have VGLI coverage (called a VGLI Conversion Notice) and give the letter to the agent who takes your application. Note: The conversion policy must be a permanent policy, such as a whole life policy. You can’t convert to other types of policies, like term, variable life, or universal life insurance.

How to convert your VGLI policy to osgli?

To convert your VGLI policy: 1 Choose your new insurance company. View our list of companies that take part in this program (PDF) 2 Apply at the local sales office of your chosen company. 3 Get a letter from OSGLI confirming that you have VGLI coverage (called a VGLI Conversion Notice) and give the letter to the agent who takes your application.