what is veterans group life insurance vgli 
veterans group life insurance vgli is for former members of the armed forces who wish to continue the group life coverage they had while in active military service 1 a renewable term policy this insurance pays cash to the beneficiaries of the veteran upon death 2understanding veterans group life insurance vgli by opting for veterans group life insurance vgli an ex service person is technically carrying over their servicemembers group life insurance sgli policy a type of term life insurance offered to members of the military during active service they have one year and 120 days from the date they become veterans to exercise this option veterans group life insurance offers many benefits not available in the private life insurance market premium rates are age based only and do not consider gender tobacco use job or recreational activities all factors that can increase premiums with private insurance policies in addition the policy does not terminate at a certain age such as 65 it remains in force for as long as the policyholder pays the premiums vgli offers 10 000 to 400 000 in life insurance benefits based on the amount of sgli coverage the veteran had upon leaving the military the maximum amount of coverage a veteran may initially qualify for is the same amount of coverage they had under their servicemembers group life insurance veterans may opt for lower levels of coverage reducing them in 10 000 increments coverage can also be increased after enrollment by 25 000 every five years however the maximum benefit is capped at 400 000 until the veteran reaches 60 1eligibility for veterans group life insurancethere are certain eligibility requirements for veterans who want to apply for vgli along with holding an sgli policy the applicant must be within one year and 120 days from veterans are also able to apply for vgli coverage even if they had part time servicemembers group life insurance as a member of the national guard or reserves and they suffered an injury or disability while on duty including direct traveling to and from duty that disqualified them for standard premium insurance rates 1veterans who apply to convert their sgli to vgli within the first 240 days after completing their service are not subject to any sort of health review or exam approval of the policy is not contingent upon being in good physical or mental health in other words if they sign up after the initial 240 day period they need to submit evidence that they re in good health 3special considerationsvgli offers numerous benefits chief among them being its relatively low premiums rates which were lowered even further as of april 1 2021 still as is the case with most types of life insurance it s important for each veteran to compare potential plans in order to determine what is the best life insurance policy for their unique circumstances within 120 days of leaving service you have the option to convert your current sgli policy into a civilian one several commercial insurance carriers have special policies for ex members of the armed forces you can also convert a vgli policy to a commercial individual policy however the conversion policy must be a permanent policy such as a whole life policy and offered by a select group of carriers 1