Due to the risky nature and environment the veterans and members in service are in, they may not be able to get insurance from private companies. Hence, the U.S. Department of Veterans Affairs has taken it upon themselves to provide insurance benefits for the men and women who have risked and are continually risking their lives for the country.
The Servicemembers’ Group Life Insurance (SGLI) is a low-cost, low-term insurance for members of the service and reservists. Coverage begins as soon as an individual enters the service, expiring 120 days after leaving the service and with a covered amount of up to $400,000. The Traumatic SGLI is automatically included, which provides for payments of up to $100,000 for insured individuals who lose their limbs or incur other serious injuries.
The Veterans Group Life Insurance (VGLI) is a renewable term life insurance that is made available for veterans who want to convert their SGLI coverage up to a certain amount, as long as it is less than the individual’s coverage prior to leaving the service. Application must be made within a year and 120 days from separation. To know more about converting an SGLI policy to a VGLI, click on this link.
Another option for veterans is the RH Insurance, or the Service-Disabled Veterans Insurance, which allows service-connected veterans to be covered for up to $10,000. A supplemental policy of $20,000 may be included if totally disabled. The RH must be applied within two years of being rated by the VA.
For more information on Life Insurance, visit this link.