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Editor's note: For information about Veterans Group Life Insurance (VGLI), see Veteran Advisor in the May 2012 PAL
By law, veterans age 60 and older on their anniversary date are not eligible for the coverage increase, but all VGLI coverage previously purchased is guaranteed as long as premiums are paid,
Servicemembers leaving active duty can convert their SGLI to Veterans' Group Life Insurance (VGLI) without medical examination.
Veterans can convert their Service-member's Group Life Insurance (SGLI) into VGLI, which is a renewable term insurance.
"Currently, 70% of the veterans covered under VGLI are under age 60, have less than $400,000 of coverage, and will greatly benefit from this law change," says Allison A.
(66) Servicemembers Group Life Insurance and VGLI proceeds are also not assignable.
The Department of Veterans Affairs (VA) has reviewed the account administered by Prudential that includes Servicemembers' Group Life Insurance (SGLI) and Veterans' Group Life Insurance (VGLI) programs to ensure beneficiaries are protected, being treated fairly, and receive the utmost care and respect.
Another provision would allow veterans to purchase additional amounts of Veterans Group Life Insurance (VGLI).
2379, the Veterans Group Life Improvements Act of 2009, would provide certain veterans an opportunity to increase the amount of Veterans' Group Life Insurance (VGLI).
This law permanently increases the maximum coverage available for Servicemembers' Group Life Insurance (SGLI) and Veterans' Group Life Insurance (VGLI) from $250,000 to $400,000.
More recently, it has been adapted to Servicemembers' Group Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI) coverage.
A majority of the veterans who carried military life insurance into their civilian lives and have maintained coverage through the Veterans' Group Life Insurance (VGLI) program will enjoy $15 million in premium reductions during the next 12 months.
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