VA Raises Coverage for Veterans InsuranceTo: "~Doc's Updates" <DocsUpdates@docmelson.com>
May 3, 11:51 am Eastern
U.S. Department of Veterans Affairs
WASHINGTON, May 3 /PRNewswire/ -- Military members leaving the service with
government life insurance coverage at a new higher limit now will be able to
continue coverage at that level in their civilian lives.
change in law allows service members to buy up to $250,000 in government life
insurance coverage while in the military, up from the previous limit of
$200,000. Similarly, when they leave service, they now can have a policy under
the Veterans' Group Life Insurance (VGLI) program at the same higher ceiling,
but only if they had that top level while in uniform.
Department of Veterans Affairs (VA) supervises both VGLI as well as the
program for military members, the Servicemembers' Group Life Insurance (SGLI)
program. Both are operated for the government by a contractor. Along with
other insurance programs directly administered by VA, these make VA the fourth
largest insurer in the country with 5 million individuals insured for $570
change generally does not affect existing VGLI policyholders because the
maximum coverage permitted under VGLI is limited to the amount the service
member had under SGLI when he or she separated from active duty or the
generally must choose VGLI coverage within 120 days of discharge, although
with evidence of good health that signup period may be extended another year.
Rules are more liberal for military members who are totally disabled at the
time of separation.
take VGLI coverage in five-year renewable terms. Payments are made through a
monthly premium that varies by the amount of life insurance and age at each
renewal. Veterans also can convert VGLI to a commercial life insurance policy
offered by one of 91 participating commercial insurance policies.
SGLI and VGLI programs supervised by VA provide insurance coverage to
approximately 2.7 million veterans, active-duty members, reservists and
Guardsmen. Other VA insurance programs for disabled veterans, for mortgage
insurance or for veterans who served in earlier time periods have 2.2 million
policies in force today.
information about VA insurance policies and special provisions affecting
reservists and disabled persons can be obtained from VA's Web site at http://www.insurance.va.gov
or by calling 800-669-8477.
this day to the ending of the world,
we in it shall be remember'd;
few, we happy few, we band of brothers;
he to-day that sheds his blood with me
be my brother; be he ne'er so vile,
day shall gentle his condition:
gentlemen in England now a-bed
think themselves accursed they were not here,
hold their manhoods cheap whiles any speaks
fought with us upon Saint Crispin's day".
Henry V by William Shakespeare