Note that veterans must elect the additional coverage. Image: Lukiyanova Natalia frenta/Shutterstock.com
By: FEDweek StaffService members and veterans now have access to a more thorough package of affordable life insurance. The Department of Veterans Affairs announced that beginning March 1, the maximum amount of coverage available through Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) has increased to $500,000.
“The increase moves life insurance coverage more in line with the current cost of living,” VA stated.
The increase in coverage is automatic for all eligible active duty, National Guard and reserve service members – even if they have previously declined or selected a lower amount of coverage. The SGLI premium rate — $30 per month plus $1 for traumatic injury protection – is not changing. As in the past, payments are deducted from service members’ paychecks. Anyone not wishing to participate, or who want to sign up for a lower rate of coverage, can do so via the SGLI online enrollment system. It can be reached through milConnect. Those who make such a choice by March 31 will not be charged for the higher coverage.
Veterans, however, must elect the additional coverage. Those who leave the service by March 1 and have SGLI coverage of $450,000 or $500,000 can convert it to VGLI for an amount up to or equal to their service members’ coverage when they separate.
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