Canceling Veterans Group Life Insurance: A Step-By-Step Guide

Veterans' Group Life Insurance (VGLI) is a valuable benefit for those who have served in the military. VGLI provides the option to continue life insurance coverage after leaving military service, as long as premiums are paid. The eligibility criteria for VGLI include having Servicemembers' Group Life Insurance (SGLI) during active duty and applying within a specified time frame after discharge. While VGLI offers a solid foundation of coverage, there may be reasons why veterans choose to cancel their policies. Understanding how to cancel VGLI is essential for those who no longer wish to maintain their coverage. Cancelling VGLI may involve specific procedures, such as submitting a request or allowing the policy to lapse by discontinuing premium payments. It is important for veterans to carefully consider their options and make informed decisions regarding their life insurance coverage.

Eligibility requirements for VGLI

To be eligible for Veterans' Group Life Insurance (VGLI), you must meet at least one of the following requirements:

• You had Servicemembers' Group Life Insurance (SGLI) while serving 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).
• You had part-time SGLI as a member of the National Guard or Reserve and suffered an injury or disability while on duty that disqualified you from standard premium insurance rates.

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 of leaving the military, you won't need to prove you're in good health. However, if you apply after this 240-day period, you will need to submit evidence of good health.

VGLI provides a solid foundation of coverage for life, and once approved, no medical questions are asked. The coverage continues as long as the premiums are paid. VGLI premium rates are based on your age and the amount of coverage desired. Rates adjust at five-year age brackets.

Applying for VGLI

To apply for VGLI, you must meet at least one of the following eligibility 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. You suffered an injury or disability while on duty—including direct travel to and from duty—that disqualified you for standard premium insurance rates

If you are eligible, you can apply for VGLI in one of two ways:

• Apply through the Office of Servicemembers' Group Life Insurance (OSGLI), using the Prudential website. You can apply for VGLI online through OSGLI.
• Apply by mail or fax. Fill out the Application for Veterans' Group Life Insurance (SGLV 8714). You can download the form online. Send your application to: OSGLI PO Box 41618 Philadelphia, PA 19176-9913

If you apply within 240 days of leaving the military, you won't need to prove you're in good health. If you apply after the 240-day period, you'll need to submit evidence that you're in good health.

VGLI premium rates are based on your age and the amount of insurance coverage you want. You can choose your age to find monthly premium rates as of April 1, 2021.

You can also call the Office of Servicemembers' Group Life Insurance (OSGLI) at 800-419-1473, Monday through Friday, 8 a.m. to 5 p.m. ET, if you have any questions.

Cancelling VGLI

Veterans' Group Life Insurance (VGLI) is a life insurance program that provides coverage for veterans after they leave the military, as long as they continue to pay their premiums. If you are no longer interested in maintaining your VGLI coverage, you can cancel your policy. Here is some information on how to cancel your VGLI policy:

Eligibility for Cancellation

Before initiating the cancellation process, it is important to ensure that you are eligible to cancel your VGLI policy. To be eligible, you must meet certain requirements, such as having previously held Servicemembers' Group Life Insurance (SGLI) while you were in the military and being within a certain time frame after leaving the service. The specific requirements for eligibility can be found on the official VGLI website or by contacting the VGLI customer support team.

Understanding the Consequences

Cancelling your VGLI policy will result in the loss of your life insurance coverage. This means that your beneficiaries will no longer receive any benefits or payments associated with the policy in the event of your death. It is important to carefully consider the implications of cancelling your coverage and ensure that you have alternative arrangements in place to provide financial protection for your loved ones.

Providing Necessary Information

To cancel your VGLI policy, you will need to provide certain information to the Office of Servicemembers' Group Life Insurance (OSGLI). This includes personal information such as your name, policy number, and contact details. You may also be required to provide the reason for cancelling your policy and any relevant documentation to support your request.

Submitting the Cancellation Request

There are multiple ways to submit your cancellation request. You can choose to cancel your policy by contacting OSGLI directly. Their contact information, including phone numbers and email addresses, can be found on the official website. Alternatively, you can submit your request in writing by filling out the appropriate form, such as the "Application for Reinstatement of VGLI Coverage" (SGLV 180), which can be downloaded from the website.

Following Up

After submitting your cancellation request, it is important to follow up and ensure that your policy has been successfully terminated. You can do this by contacting OSGLI and requesting confirmation of the cancellation. This step helps to avoid any misunderstandings or issues that may arise in the future.

Remember, cancelling your VGLI policy is a significant decision that can impact the financial security of your loved ones. It is always recommended to carefully consider your options and seek alternative solutions before proceeding with the cancellation.

Updating your VGLI policy or beneficiaries

Updating Your VGLI Policy

If you want to increase your VGLI coverage, there are a few options available to you. Firstly, if you chose a VGLI amount lower than your SGLI coverage when you separated, you can increase your VGLI up to that amount within 1 year and 120 days from your separation date. You will need to provide evidence of good health, and this option is only available to veterans under the age of 60. After that, you can increase your coverage by $25,000 on your one-year VGLI anniversary and every five years after that up to the maximum of $500,000 without proof of good health.

On the other hand, if you want to decrease your coverage, you may do so at any time. However, you will have five years from the date of the decrease to request that your coverage be restored to the previous level, and evidence of good health will be required.

Updating Your Beneficiaries

It is important to keep your beneficiary information up to date. You can update your beneficiary information in one of two ways:

• Access your policy online through the Prudential Life Insurance Company of America website.
• Fill out a VGLI Beneficiary Designation form (SGLV 8721) and mail it to:

OSGLI PO Box 41618

Philadelphia, PA 19176-9913

Remember to review and update your beneficiary information periodically to ensure your VGLI policy reflects your current wishes.

VGLI monthly premium rates

For example, as of April 1, 2021, a 65-year-old veteran opting for $500,000 in coverage would pay a monthly premium of $700. This is a substantial increase from the $31 per month that active-duty service members pay for the same amount of coverage under SGLI.

It's important to note that VGLI rates are not a long-term solution as they increase at five-year intervals. Therefore, it may be worth considering replacing VGLI with a permanent life insurance policy before the monthly premium becomes unaffordable.

When applying for VGLI, you have 240 days from leaving the military to lock in your rate without having to prove your good health. After this period, you will need to submit evidence of good health.

You can pay your VGLI premiums by check or money order, made payable to OSGLI and sent to:

The Prudential Insurance Company of America, Office of Servicemembers' Group Life Insurance, Boston, MA 02298-1509. Remember to include your Control Number on all payments. Alternatively, you can pay with a credit card or electronic check by calling OSGLI or accessing your VGLI Online Account.

Frequently asked questions