Veteran Life Insuarance Benefits
This is a second entry in a series about Veterans Benefits
If you are in the military or recently separated from the military, you may be eligible for life insurance. Two regular and two insurance programs for the disabled are currently available to new policyholders.
Service Member’ Group Life insurance (SGLI)
This program is open to active duty members and reservists of the uniformed services.
On June 15, 2006, the President signed P.L. 109- 233, the Veterans’ Housing Opportunity & Benefits Improvement Act of 2006. This law extends the free coverage period under the SGLI Disability Extension from one year to two years. As a result of this change, service members who have a SGLI policy and are totally disabled from the time they separate from service can now keep their SGLI coverage for up to two years at no cost to them. Follow this link for more information on the SGLI Disability Extension.
Veterans’ Group Life insurance (VGLI)
This program is open to all veterans released from active duty and to separated reservists if applied for within 16 months of release of separation. SGLI can be converted into VGLI or a commercial policy upon separation. Early partial payment of proceeds is available to terminally ill policyholders.
Service Disabled Veterans Insurance (S-DVI)
This program is open to veterans with service-connected disabilities. Application must be made within two years of a service connected disability rating. SDVI is limited to a $10K policy. For veterans rated 100% or TDIU they can request a waiver of policy premiums and upon proof of the rating premiums will be wavered. In addition veterans rated 100% or TDIU can request a second DDVI policy in the amount of $20K. The premiums for the second policy will can not be wavered. It is important to note that an increase in a rating is not considered a new rating; the award of a SMC is not considered a new rating. For veterans rated 100% or TDIU the veteran must have purchased the $10K policy before a waiver of premiums can be awarded. Also the veteran must have purchased the $10K policy before requesting a $20K policy.
Veterans’ Mortgage Life Insurance (VMLI)
This program is open only to those veterans that have been granted the specially adapted housing grant.
For more information about Veterans’ Insurance visit the VA Website at:
http://www.insurance.va.gov/miscellaneous/index.htm
My next benefits blog entry will concern Vocational Rehabilitation and Employment Benefits
February 1st, 2008 at 6:32 pm
There is a big typo in the title of your November 25, 2007 articel entitled, “Veteran Life Insuarance Benefits.” Please replace Insuarance with Insurance. Another one is Service Member’ Group Life insurance (SGLI).
Joe