Veterans Group Life Insurance, or VGLI, provides lifetime life insurance coverage for veterans after separation from service. A veteran is eligible to receive the same amount of coverage under the Veterans Group Life Insurance program that he had under the Servicemembers' Group Life Insurance plan, explains the U.S. Department of Veterans Affairs. A veteran may also opt to decrease his life insurance coverage in increments of $10,000.Continue Reading
A Veterans Group Life Insurance participant may increase his coverage amount by $40,000 each year until he reaches the age of 60. The maximum amount of life insurance coverage a veteran may receive with this program is $400,000, according to Veterans Group Life Insurance.
From the date of separation, veterans have one year and 120 days to apply for life insurance, explains Veterans Group. If a veteran applies for life insurance within 240 days of his separation from service, Veterans Group does not require him to answer health questions.
Life insurance premiums depend on a veteran's age, notes Veterans Group. Veterans may apply for life insurance through the Veterans Group website or by completing a paper application and mailing it to the Office of Servicemembers' Group Life Insurance. Veterans also have the option of converting a Veterans Group policy to a commercial life insurance policy at any time.Learn more about Insurance