What Happens To SGLI Benefits When Leaving The Service?
Service members about to leave active duty have the option of replacing SGLI with Veterans Group Life Insurance (VGLI). Points to consider in making this decision include: • VGLI does not require proof of medical insurability, so service members who have any health situation that could result in denial by other insurers need to be sure of their insurability before declining VGLI. Retention on active duty with the uninformed services does not necessarily mean a service member is medically insurable. • VGLI coverage is limited to the maximum of SGLI coverage held at release from active duty. In many cases, this is not enough insurance to replace the significant survivors’ benefit package which will terminate upon leaving the service. • In many cases the amount of VGLI available is not enough to replace the survivor benefits package which will terminate upon leaving the service. Determine your individuals needs.
Related Questions
- What happens if the veteran transfers his/her benefits but does not complete the 4 year additional service requirement?
- Does payment of TSGLI benefits reduce the amount of SGLI payable at the time of the service members death?
- What happens with the transfer service if we are arriving or leaving seperately ?
