WASHINGTON, D.C. — The Department of Veteran Affairs has revamped its VA Insurance Service.
The Department of Veteran Affairs Insurance Executive director, Daniel J. Keenaghan shared his insights about the modernization of the VA Insurance Programs.
“And the reason why this is important is because prior programs had time limits to sign up, and several veterans weren’t aware during their transition that they could sign up for this life insurance and so we really want to be able to meet their needs,” Keenaghan said.
VA Insurance programs are different from private life insurance policies in that they are designed specifically to serve the life insurance needs for veterans and service members. Veterans Group Life Insurance has many benefits. One of these is the possibility to continue life insurance coverage once a person has left the military.
There’s a program for current service members too. The VA offers universally accessible life insurance coverage at a competitive rate of $24 per month to service members.
“This provides up to 400,000 dollars of coverage for those who are in uniform service and currently serving. Our actuaries are based on financial models that enable us to make sound financial decisions. We have an amazing team. They do such an amazing job that we were able this year to lower the rates for veterans group insurance, which was slightly higher. But as of April 1st, we’ve got the lowest rates ever for veterans group life insurance across all age brackets,” Keenaghan said.
Here’s a step-by method for veterans and active service members to sign-up.
1.) Those who wish to apply should visit here for a list of all of the available insurance programs.
2. Servicemembers’ Group Life Insurance (SGLI) –
“Servicemembers’ Group Life Insurance (SGLI) offers low-cost term coverage to eligible service members. If you’re a service member who meets certain criteria, we’ll automatically sign you up. Find out if you’re eligible and learn how to manage your SGLI coverage,” according to Va.gov. Visit here for more information. This was possible because of the covid-19 pandemic.
3.Veterans’ Group Life Insurance (VGLI)-
“With Veterans’ Group Life Insurance (VGLI), you may be able to keep your life insurance coverage after you leave the military for as long as you continue to pay the premiums. Va.gov explains how you can find out if your eligibility for VGLI. Visit here for more information. Covid-19 pandemic extended the deadline for applications.
Those who wish to apply can visit here.
4.) Traumatic Injury Protection (TSGLI)-
“TSGLI (also known as Servicemembers’ Group Life Insurance Traumatic Injury Protection) provides short-term financial support to help eligible service members recover from a severe injury. Va.gov explains that if you have suffered a traumatic injury while in the military, you can file a claim to TSGLI or appeal a previous decision. Visit here for more information.
5. Family Servicemembers’ Group Life Insurance (FSGLI)-
“Family SGLI, also known as Family Servicemembers’ Group Life Insurance (FSGLI), offers coverage for the spouse and dependent children of service members covered under full-time SGLI. Find out how much coverage you may qualify for—and how to apply for and manage your benefits,” according to Va.gov. Visit here for more information.
6. Service-Disabled Veterans Life Insurance (S-DVI)-
“Service-Disabled Veterans Life Insurance (S-DVI) provides low-cost coverage to eligible service members. Va.gov has information on how to apply for S-DVI online and by mail if you are suffering from a service-connected disability. Visit here for more information.
7. Veterans’ Mortgage Life Insurance (VMLI)-
“Veterans’ Mortgage Life Insurance (VMLI) offers mortgage protection insurance to the families of Veterans with severe service-connected disabilities who’ve adapted a home to fit their needs. Find out if you qualify—and how to apply and manage your coverage,” according to Va.gov. Visit here for more information.
For a list of other VA programs, visit here.
The Department of Veteran affairs is also releasing a new program of life insurance on Jan. 1, 2023, known as the Veterans Affairs Life Insurance (VALI). This program offers whole life insurance coverage of up to $40,000 VALI will be available to all service-connected Veterans under the age of 81.