Veterans’ life insurance refers to life insurance programs specifically designed for members of the military and veterans of the armed forces. These insurance programs offer various coverage options to provide financial protection and support for service members and their families.
There are several types of life insurance programs available to veterans and active-duty military personnel:
Servicemembers’ Group Life Insurance (SGLI):
SGLI is a low-cost group life insurance program available to active-duty members of the Army, Navy, Air Force, Marines, and Coast Guard, as well as members of the National Guard and Reserves. It provides coverage up to a certain limit, and service members can elect to increase or decline coverage.
Veterans’ Group Life Insurance (VGLI):
VGLI is a life insurance program that allows veterans to convert their SGLI coverage to renewable term life insurance after leaving the military. Veterans can apply for VGLI within a specific time frame after separation from service, without the need for a medical exam.
Family Servicemembers’ Group Life Insurance (FSGLI):
FSGLI provides life insurance coverage to the spouses and dependent children of service members insured under SGLI. Spousal coverage is available in increments, and dependent children are automatically covered for a specific amount.
Service-Disabled Veterans’ Insurance (S-DVI):
S-DVI provides life insurance coverage for veterans who have been rated as totally disabled due to a service-connected disability. It offers various permanent plans and term insurance options.
Veterans’ Mortgage Life Insurance (VMLI):
VMLI is designed to help severely disabled veterans pay off their home mortgages in the event of their death. It is available to veterans who have received a Specially Adapted Housing (SAH) grant for assistance with housing modifications due to their disabilities.
Other Private Insurance Options:
In addition to the government-sponsored programs, veterans and military personnel can also explore private life insurance options from various insurance companies to meet their specific needs.
It is important for veterans to carefully review their life insurance options and assess their coverage needs based on their individual circumstances, financial goals, and family situation. The U.S. Department of Veterans Affairs (VA) administers most of the veterans’ life insurance programs, and veterans can contact their local VA office or visit the VA website for more information and assistance in choosing the appropriate life insurance coverage.