The VA offers several military life insurance benefits to help you protect your family in the event of your death:
Servicemembers Group Life Insurance (SGLI) is a low-cost life insurance option for current servicemembers. The VA will automatically sign you up for SGLI military life insurance if you qualify.
When you enroll in SGLI, you can receive up to $400,000 in coverage. This coverage is paid $50,000 at a time. SGLI enrollees are also covered for free for about four months after they leave the military. Those who have a total disability may be able to receive a free SGLI extension for two years.
When you sign up for SGLI, you will need to pay a premium of just a few cents per $1,000 in coverage. Coverage levels typically range from $50,000 to the full $400,000.
Veterans’ Group Life Insurance (VGLI) is an option for veterans and former servicemembers. You can convert your SGLI insurance to VGLI insurance upon separation from the military.
Similar to SGLI, veterans life insurance offers up to $400,000 in benefits, but you can choose coverage as low as $10,000. The coverage level you start out with will depend on how high your coverage was with SGLI. If you want to increase your coverage, you can do so every five years.
You have about one year and four months after you leave the military to apply for VGLI. If you wait more than 240 days to sign up, the military will require you to prove that you are in good health. If you sign up before the 240 days are up, you will not have to submit “good health” verification.
Family Servicemembers’ Group Life Insurance (FSGLI) is a type of military family life insurance for spouses and dependents of servicemembers who are covered under SGLI. If you qualify, the VA will automatically sign you up for FSGLI.
FSGLI insurance offers coverage for as high as $100,000 for spouses and $10,000 per dependent. Spouses must pay a monthly premium for this coverage, but children are covered for free. The spousal coverage premium will increase over time as you age.
Service-Disabled Veterans Life Insurance (S-DVI) is a type of disabled veterans life insurance. You will have to have a service-connected disability and meet other requirements to be eligible.
Only veterans who have not had a dishonorable discharge are eligible for S-DVI. Additionally, you may be eligible for this insurance even if your disability rating was 0% as long as you are in good health (apart from your disability) and apply within two years.
S-DVI offers up to $10,000 of main coverage and up to $30,000 of supplemental coverage. The amount of money you must pay for this coverage will depend on your chosen plan and your age.
Veterans Mortgage Life Insurance (VMLI) is available to some veterans and servicemembers with a service-connected disability. If you have a Specially Adapted Housing (SAH) grant, VA mortgage life insurance will help your family make mortgage payments in the event of your death.
You can only enroll in this coverage if you are younger than 70 years of age and your disability is considered severe.