Reap the benefits of VA Life Insurance coverage packages throughout Nationwide Navy Appreciation Month

Nationwide Navy Appreciation Month is a time to honor the service and sacrifice of active-duty service members and Veterans. America is residence to 1.3 million active-duty service members and practically 18.6 million Veterans. Along with offering well being care and different advantages to Veterans, VA additionally gives life insurance coverage to Veterans, service members and their households. VA life insurance coverage packages and advantages embrace Servicemembers’ Group Life Insurance coverage (SGLI), Veterans Group Life Insurance coverage (VGLI), Household Servicemembers’ Group Life Insurance coverage (FSGLI), Traumatic Harm Safety (TSGLI) and VA’s latest providing: Veterans Affairs Life Insurance coverage (VALife). Learn under to be taught extra about these packages.

Servicemembers’ Group Life Insurance coverage (SGLI)

SGLI gives inexpensive time period life insurance coverage protection as much as $500,000 to active-duty service members and reservists. Service members are mechanically enrolled in SGLI upon coming into the navy, and month-to-month premium charges are primarily based on quantity of protection chosen.

Veterans Group Life Insurance coverage (VGLI)

VGLI permits Veterans to increase and preserve their life insurance coverage protection after leaving the navy. VGLI gives protection as much as the quantity of SGLI protection that the Veteran had whereas in service, and premium charges are primarily based on age and the quantity of protection desired.

Veterans should apply to transform their SGLI to VGLI inside one 12 months and 120 days after separating from the navy.

Household Servicemembers’ Group Life Insurance coverage (FSGLI)

FSGLI gives protection to spouses and dependent youngsters of service members, with protection quantities as much as $100,000 for spouses and $10,000 for every dependent youngster. Premium charges for spouses are primarily based on the quantity of protection desired and their age. Protection for dependent youngsters is offered at no further value. FSGLI protection will also be continued after separation from the navy.

Traumatic Harm Safety (TSGLI)

TSGLI is a novel characteristic of SGLI that gives monetary help to service members who expertise a traumatic damage throughout their service. TSGLI protection gives a tax-free lump sum cost starting from $25,000 to $100,000, relying on the severity of the damage.

This profit alleviates the monetary burden that may come up from a traumatic damage, resembling medical bills and different sudden prices. TSGLI protection is mechanically included with full-time SGLI protection with a premium charge of $1.00 per thirty days.

Veterans Affairs Life Insurance coverage (VALife)

VA’s latest life insurance coverage program—VALife—gives as much as $40,000 in assured acceptance complete life insurance coverage to Veterans age 80 or below with any stage of service-connected incapacity (0-100%) with no time restrict to use. VALife has no medical necessities for enrollment, builds money worth, has fastened premiums for the lifetime of the coverage, and has absolutely automated on-line enrollment with instantaneous selections about eligibility. Veterans age 81 or older could also be eligible to use for VALife below sure circumstances.

Be taught extra

You may be taught extra about VA’s Life Insurance coverage packages—together with program advantages, eligibility necessities, and find out how to apply—by visiting VA’s life insurance homepage.