The maximum amount of life insurance coverage available to veterans and service members has been increased from $400,000 to $500,000 through Veterans’ Group Life Insurance and Servicemembers Group Life Insurance available through the Department of Veterans Affairs.
The increase in coverage reflects the current cost of living and helps ensure that the families of veterans and service members will have the financial support they deserve after their loved ones pass away, according to Department of Veterans Affairs officials.
“This increase in coverage will help our country keep that promise, ensuring that the families of these heroes will get the financial support they need,” said VA Secretary Denis McDonough.
Veterans under the age of 60 who are currently enrolled in VGLI can purchase additional coverage in $25,000 increments up to $500,000. All active duty, guard, and reserve service members eligible for SGLI will automatically receive the increased coverage on March 1.
Under the increase, the SGLI premium rate will remain the same, meaning that service members will receive maximum coverage for $30 per month, plus $1 for Traumatic Injury Protection coverage.
VA currently serves nearly 6 million veterans, service members, and their families with more than $1.2 trillion of insurance. Life insurance options include SGLI, which eligible service members are automatically signed up for while serving; VGLI, which veterans can transition to from SGLI or apply for within 1 year and 120 days of leaving the service; VA Life, a new option that provides up to $40,000 of whole life insurance for all veterans, age 80 or under, with service-connected disabilities rated from 0-100%; and more.
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Service members who leave the military with SGLI coverage at the new higher amount can convert their coverage to VGLI. Those who do not wish to keep the increased SGLI coverage amount can elect a reduced coverage amount or decline coverage online through the SGLI Online Enrollment System on milConnect. If coverage is reduced or declined by March 31, service members will not be charged for the increased coverage amount.
Reach Julia LeDoux at Julia@connectingvets.com.
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