Term Life Insurance Options for Veterans

As an active military service member who is enrolled in Servicemembers' Group Life Insurance (SGLI), you can later enroll in Veterans' Group Life Insurance (VGLI) when you are no longer on active duty. You can apply for VGLI if you meet a specific set of requirements.

To qualify for VGLI, you must apply within 1 year and 120 days of:

Your release from active duty or training that is specified to last longer than 31 days
Your separation, retirement or release from the National Guard or Ready Reserves
Your assignment to the Individual Ready Reserves of any branch of service or the Inactive National Guard
Your placement on the Temporary Disability Retirement List

You can also apply for VGLI if you were injured or became disabled while you had part-time SGLI and you were rendered uninsurable at standard rates.

What does VGLI offer?

VGLI is designed to provide a death benefit to help protect your beneficiaries after you pass away. When enrolled in VGLI, you will have the opportunity to increase your total coverage by $25,000 every five years — up to a $400,000 maximum — until age 60.

As with some other forms of life insurance, the older you are, the more expensive your premiums may be.

When Should I Enroll in VGLI?

If you apply to convert your SGLI to VGLI coverage within 240 days of discharge, then you are not required to provide health information at the time of your application.

If you apply outside of this time window, you may be required to provide answers to health questions. You could potentially be denied VGLI coverage or be stuck with higher premium rates if you don't meet certain health requirements.

What other options are there for military veterans?

What Other Ways Can Veterans Get Term Life Insurance?

Armed Forces Benefit Association (AFBA) military group level term insurance is an alternative form of insurance that is available to veterans, as well as active military members and their spouses.

Younger military veterans looking for insurance options holding a cash value may also consider upgrading to a permanent life policy. Unlike term life policies, permanent life insurance covers you your whole life and can act like a savings account that you can borrow money against.

It’s always in your best interest to speak with a licensed life insurance agent to discuss your options. Learn more about your life insurance options by reading these helpful articles:

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.