Veteran group life insurance
Veteran Group Life Insurance, also called as VGli, is basically a life insurance program in United States that allows service members to convert the SGli or Service Members Group Life Insurance coverage into the renewable term insurance. All the service members that have full time SGli coverage have been rendered eligible for the VGli when they are released from service. Like SGli, VGli is also managed by the Department of Veterans Affairs. Administration of VGli rests with the Office of SGli. VGli is renewable after every 5 years and it can be retained for life by the service member, regardless of his health.
There are certain eligibility conditions that have been prescribed for VGli. To be eligible for VGli, service member must be insured under SGli. Apart from this, member must be getting released from his active duty or should be released from active duty within last year and 120 days. Members getting released or who have been released from Reserves within above time frame are also eligible for VGli. If a person is a member of IRR or Individual Ready Reserve or ING or Inactive National Guard, he is also eligible for VGli. In case, the member is a reservist and has suffered injuries or any type of disability during the active service, he is also eligible for VGli. If injuries have been inflicted during inactive duty period for period within 31 days, member is also eligible provided he became ineligible for insurance at the standard premium rates. It is important to note here that a service member can apply for the VGli within 120 days of release from service and without any proof of good health. If any member has not been able to apply for the VGli during this period, he gets an additional year to apply and in such cases, he has to meet all the good health requirements.
COVERAGE PROVIDED UNDER VGli
So far the coverage under VGli is concerned, it provides for the coverage as included in SGli at the time of separation from active duty and with member continuing service. VGli can be issued for a maximum value of $400000 and in multiples of $10000. If any member wishes, he can easily convert his VGli into whole life or permanent insurance policy plan with the aid of 54 insurance companies that participate in the above program. Members of SGli should know that they can get the coverage under VGli only when they apply within 120 days of their discharge from active service. After the discharge, SGli continues for a period of 120 days at no cost and if VGli is not applied within 120 days, it does not take effect. Applications of VGli are mailed to service members on 3 occasions. First of all, these are sent within 60 days of separation from the active service. Secondly, applications are sent within 120 days of separation from active service after the free coverage provided under SGli ends. Lastly, applications for VGli are sent to the service members before the end of stipulated 16-month period. Applications on three occasions mentioned above are mailed to the service members at the addresses as mentioned in their DD Form 214 or as provided in the separation orders of the members. It is the duty of the service member to apply for VGli in time, irrespective of the fact whether he has received the application in the mail or not. All the applications for VGli should be sent duly filled in to the Office of Service Members Groups Life Insurance. For getting any type of information regarding Veteran Group Life Insurance, a person can easily call at 1-800-419-1473.
OTHER ASPECTS
Though coverage under VGli is provided up to a maximum of $400000 and in multiples of $10000, this amount cannot exceed the amount of SGli had the member in force at the time of discharge from active service. Members of Ready Reserves that have been insured under SGli and are being separated or released from respective drilling assignments are also eligible for the VGli.
Upon the receipt of application from the member and after it is approved, Office of SGli sends the member a coverage certificate and the members starts receiving monthly bills. However, if a member is a retiree and chooses to get the premium payments directly from his retirement pay, there are no monthly bills sent. There are many other options also available for the payment of premiums. Some of these options are even provided with discount of premiums. For getting the latest information regarding insurance premium and rates, a person can visit the web site of VGli.
Reservists and Air Guardsmen are allowed to convert their SGli into VGli upon meeting some conditions. First of all, these must be released from active duties as well as active duties for training under order to the duty that mentions a time period of 31 days or more. These must separate from the Participation Reserve or the Guard and are assigned to the Retired Reserve. These members are also allowed to apply for the Veteran Group Life Insurance.
Apart from the insurance coverage, the designation of the beneficiary is also the same as are given in SGli. The cost of insurance is based upon the age of the Airman. While applying for the VGli, members are also required to attach a completed SGLV Form 8714 and the premium for the first month. Other documents that have to be attached with the VGli application include proof of SGli coverage and copy of separation in case of Participating Ready Reserve, proof of SGli coverage and copy of assignment in case members have been reassigned to the Retired Reserve and copy of Unit Assignment if the member has been assigned to IRR. Life Insurance Programs under VGli were started on 1st August, 1974 and this issue is still open.
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