Insurance Plans of America Blog
Do you have a family member who is actively serving in the armed forces? Perhaps you know someone who’s a veteran? Then this term life insurance is specifically for them!
Veterans group insurance is specifically for ex-military members. Their beneficiaries will receive cash from their insurer upon death. To know more, continue reading!
More About Veterans Group Life Insurance
A term life insurance for ex-military personnel who want to continue their group life while on duty is called veterans group life insurance. Veterans who wish to claim this option can do so within a year and 120 days after they opt to leave the service. Moreover, the veterans may receive $10,000-$40,000 benefits depending on the veteran’s coverage.
In addition, the insurance also offers low premium coverage based on age. Other factors like gender, leisure activities, and tobacco use won’t affect the premium rate. Finally, the coverage will not cease at a certain age as long as the policyholder pays the premium.
Qualifications For Veterans Group Life Insurance
The qualifications for VGLI are as follows;
1. The former military must bring their Servicemembers’ Group Life Insurance (SGLI).
2. They should be within 1 year and 120 days from;
a. Being released from active service or duty for 30 days or less
b. Separation or retirement from any assignment
c. Placement on individual Ready Reserves and Inactive Guarding Duty
d. Arrangement on the Temporary Disability Retirement List
Additionally, a veteran who suffered an injury or disability may also be qualified given that they have part-time Servicemembers’ Group Life Insurance.
Are There Any Health Requirements?
Veterans who convert SGLI to VGLI will not be subject to medical evaluation if they convert it within 240 hours after discharge. If they file within the 240 days timeline, they won’t need to submit proof of good health.
What Are The Special Considerations?
The VGLI offers benefits such as low premiums and an option to convert the SGLI into a standard policy. Furthermore, the VGLI may also be converted into an individual plan like a whole life policy.
Insurance coverage gives a lot of options for an individual who wants security. As an illustration, your insurance is worth it as it gives you peace of mind.
At Insurance Plans of America, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (877) 752-6711. You can also request a free quote by CLICKING HERE. Coverage discussed is not guaranteed. Chat with one of our agents today for help with your specific coverage. We are happy to help!