Orlando Harmon
When it comes to life insurance for medically retired military personnel, there are a few options available. Firstly, Servicemembers' Group Life Insurance (SGLI) is a low-cost term coverage option for active-duty members of the Army, Navy, Air Force, and other branches of the military. Those who are medically retired from active duty may be eligible for Veterans' Group Life Insurance (VGLI), which allows them to maintain their life insurance coverage after leaving the military as long as they continue to pay the premiums. Additionally, retired service members and their families may be eligible for TRICARE, a comprehensive health care program, as well as supplemental health insurance options.
| Characteristics | Values |
|---|---|
| Eligibility for life insurance after medically retiring from the army | Veterans’ Group Life Insurance (VGLI) |
| Life insurance coverage after leaving the military | Yes, if premiums are paid |
| Maximum coverage | $500,000 |
| Application deadline for VGLI | Within 1 year and 120 days of leaving the military |
| Proof of good health required | Not needed if applied within 240 days of leaving the military |
| Choosing beneficiaries | Yes |
| Servicemembers’ Group Life Insurance (SGLI) | Available for active-duty members of the Army, Navy, Air Force, Space Force, Marines, Coast Guard, etc. |
| SGLI premium rate | 6 cents per $1,000 of insurance coverage |
| SGLI Traumatic Injury Protection coverage premium | $1 per month |
| Converting SGLI coverage to an individual insurance policy | Possible within 120 days from the discharge date without proof of good health |
| Health care benefits for retirees | VA provided medical benefits, Tricare, Tricare Prime, Tricare For Life, Medicare, etc. |
Explore related products
What You'll Learn
Eligibility for Veterans' Group Life Insurance (VGLI)
Veterans Group Life Insurance (VGLI) is a life insurance program that allows service members to convert their Servicemembers' Group Life Insurance (SGLI) coverage to term life insurance that is renewable every five years.
To be eligible for VGLI, you must meet at least one of the following requirements:
- You had SGLI while in the military and are within 1 year and 120 days of being released from an active-duty period of 31 or more days.
- You are within 1 year and 120 days of retiring or being released from the Ready Reserve or National Guard.
- You are within 1 year and 120 days of assignment to the Individual Ready Reserve (IRR) of a branch of service or to the Inactive National Guard (ING). This includes members of the United States Public Health Service Inactive Reserve Corps (IRC).
- You are within 1 year and 120 days of being put on the Temporary Disability Retirement List (TDRL).
If you meet any of these criteria, you can apply for VGLI through the Office of Servicemembers' Group Life Insurance (OSGLI) using the Prudential website or by mail/fax. You will need to fill out the Application for Veterans' Group Life Insurance (SGLV 8714).
It is important to note that you must apply for VGLI within 1 year and 120 days of leaving the military. If you apply within 240 days, you won't need to prove you're in good health. However, if you apply after 240 days, you will need to submit evidence of good health.
VGLI premium rates are based on your age and the amount of insurance coverage you want. You can choose your beneficiaries (the people who will receive the money from your life insurance policy if you die) and change them as needed.
Eye Doctors and Medical Insurance: What's Covered?
You may want to see also
Explore related products
![The Civilian Lives of U.S. Veterans: Issues and Identities [2 volumes]](https://m.media-amazon.com/images/I/91MjRKxj5AL._AC_UY218_.jpg)
Servicemembers' Group Life Insurance (SGLI)
To be eligible for full-time SGLI coverage, you must meet at least one of the following requirements:
- You are an active-duty member of the Army, Navy, Air Force, Space Force, Marines, or Coast Guard.
- You are a commissioned member of the National Oceanic and Atmospheric Administration (NOAA) or the U.S. Public Health Service (USPHS).
- You are a cadet or midshipman of the U.S. military academies.
- You are a member, cadet, or midshipman of the Reserve Officers Training Corps (ROTC) engaged in authorized training and practice cruises.
- You are a member of the Ready Reserve or National Guard, assigned to a unit, and scheduled to perform at least 12 periods of inactive training per year.
If you have SGLI coverage, you will pay a monthly premium that will be automatically deducted from your base pay. The current basic SGLI premium rate is 6 cents per $1,000 of insurance coverage, including an additional $1 per month for Traumatic Injury Protection coverage (TSGLI). You can choose your level of coverage or even refuse coverage entirely. You can also choose your beneficiaries (the individuals who will receive the money from your life insurance policy in the event of your death) and change them as needed.
When you leave the military, you have the option to convert your SGLI coverage to a permanent, individual insurance policy (such as whole life) within 120 days of your discharge date without providing proof of good health. You may be able to maintain your coverage for up to two years after leaving the military at no cost if you meet certain requirements. You can also apply for Veterans' Group Life Insurance (VGLI) within one year and 120 days of your discharge date for up to the same amount of coverage you had through SGLI.
Combining Medical Insurance: Is It Possible and How?
You may want to see also
Explore related products
Converting SGLI to VGLI
Servicemembers' Group Life Insurance (SGLI) offers low-cost term coverage to eligible service members. If you’re a service member who meets certain criteria, you'll automatically be signed up.
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. You can apply for VGLI within 1 year and 120 days of leaving the military. If you sign up within 240 days of leaving the military, you won’t need to prove you’re in good health. If you sign up after the 240-day period, you’ll need to submit evidence that you’re in good health.
You may be eligible for VGLI if you meet at least one of the following requirements:
- You had SGLI while you were in the military and you’re within 1 year and 120 days of being released from an active-duty period of 31 or more days.
- You’re within 1 year and 120 days of retiring or being released from the Ready Reserve or National Guard.
- You’re within 1 year and 120 days of assignment to the Individual Ready Reserve (IRR) of a branch of service, or to the Inactive National Guard (ING). This includes members of the United States Public Health Service Inactive Reserve Corps (IRC).
- You’re within 1 year and 120 days of being put on the Temporary Disability Retirement List (TDRL).
- You had part-time Servicemembers’ Group Life Insurance (SGLI) as a member of the National Guard or Reserve, and you suffered an injury or disability while on duty.
To convert your SGLI to VGLI, you must:
- Select a company from the Participating Companies listing.
- Apply to a local sales office of the company selected.
- Provide the agent who takes the application with a copy of your separation document (Form DD-214 or NGB-22, or written Reservist orders along with a copy of your last Leave & Earnings Statement (LES)).
- Obtain a letter from OSGLI verifying coverage (VGLI Conversion Notice).
- Give a copy of that notice to the agent who takes the application.
Medical Insurance: Can You Still Get Covered?
You may want to see also
Explore related products
$72.01
Choosing beneficiaries
Choosing a beneficiary is a personal process, and there is no one-size-fits-all approach. It involves evaluating various factors and selecting the option that works best for you. A beneficiary is the person or entity you legally designate to receive the benefits from your financial products in the event of your passing.
Common Beneficiaries
The most common life insurance beneficiaries are those considered family: a spouse or partner, parent, sibling, or child. However, these aren't the only options. Friends, charities, businesses, educational institutions, trusts, or government agencies can also be beneficiaries.
Primary and Secondary Beneficiaries
Most people name a primary beneficiary, who is first in line to receive the death benefit from the life insurance policy. Typically, this is a spouse, child, or other family member. Many policies also allow you to name a backup beneficiary, called a "secondary" or "contingent" beneficiary", who will receive the death benefit if the primary beneficiary is unavailable or dies before or simultaneously with the insured.
Beneficiaries and Minors
If you want to name a minor as your beneficiary, consider establishing a trust or specifying a guardian to oversee the assets until the minor reaches a certain age. Minor children may not be able to access your assets or life insurance proceeds until they reach the legal age of consent. Therefore, setting up a trust or custodial arrangement can ensure that the payout is used for their benefit while they are still children.
Updating Beneficiary Designations
It is important to keep your beneficiary designations up to date as your life changes (marriage, children, divorce, etc.). While beneficiaries can be changed or updated as needed, a beneficiary designation can't be altered or corrected after the policyholder's death.
Blue Cross Medical Insurance: Oral Surgery Coverage Explained
You may want to see also
Explore related products
Supplemental health insurance
In the United States, medically retired army personnel can keep their life insurance coverage after leaving the military by signing up for Veterans’ Group Life Insurance (VGLI). To be eligible for VGLI, you must meet at least one of the following requirements:
- You had Servicemembers' Group Life Insurance (SGLI) while in the military and are within 1 year and 120 days of being released from an active-duty period of 31 or more days.
- You are within 1 year and 120 days of retiring or being released from the Ready Reserve or National Guard.
- You are within 1 year and 120 days of assignment to the Individual Ready Reserve (IRR) or Inactive National Guard (ING).
- You are within 1 year and 120 days of being put on the Temporary Disability Retirement List (TDRL).
Now, for Supplemental Health Insurance:
Supplemental insurance can also provide peace of mind by helping with everyday living expenses. It can be used to cover costs like mortgage payments, groceries, utility bills, and daycare, ensuring that you can focus on your health without worrying about financial strain.
Additionally, some supplemental insurance plans offer special discounts on health-related products and services, further reducing your out-of-pocket expenses. It's important to note that supplemental insurance is not meant to replace comprehensive health insurance but rather to enhance your existing coverage and provide additional financial support when you need it most.
Alabama's Medical Insurance Requirements: What You Need to Know
You may want to see also
Frequently asked questions
Veterans' Group Life Insurance (VGLI) is a program that allows veterans to keep their life insurance coverage after leaving the military as long as they continue to pay the premiums. You can apply for VGLI within 1 year and 120 days of leaving the military.
You can apply for VGLI through the Office of Servicemembers' Group Life Insurance (OSGLI) using the Prudential website.
Servicemembers' Group Life Insurance (SGLI) offers low-cost term coverage to eligible active-duty service members. If eligible, you will be signed up automatically.
Yes, you can choose your beneficiaries and change them as needed.
