Alyssa Lane
The US Department of Veterans Affairs provides life insurance to veterans and service members to offer financial security to them and their families. Veterans of the US armed forces who reside in Utah may be eligible for a range of federal and state benefits and services, including life insurance. The Utah Department of Veterans Affairs helps connect veterans and service members with the benefits and resources available to them. The VA offers several life insurance plans, including Servicemembers' Group Life Insurance, Veterans' Group Life Insurance, and Veterans' Mortgage Life Insurance.
| Characteristics | Values |
|---|---|
| VA life insurance | Financial security for veterans, service members, and their spouses and dependent children |
| Types of VA life insurance | Servicemembers' Group Life Insurance (SGLI), Family Servicemembers' Group Life Insurance (FSGLI), Veterans' Group Life Insurance (VGLI), Veterans' Mortgage Life Insurance (VMLI), Service-Disabled Veterans' Life Insurance (S-DVI), Veterans Affairs Life Insurance (VALife) |
| SGLI coverage | Active-duty Servicemembers, Ready Reserve and National Guard members, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the U.S. military academies, and ROTC members |
| FSGLI coverage | Spouses and children of Servicemembers with SGLI coverage |
| VGLI coverage | Veterans who convert their SGLI to a civilian program of lifetime renewable term coverage after separation from service |
| VMLI coverage | Disabled veterans who have been approved for a VA Specially Adapted Housing (SAH) grant and have a mortgage on their home |
| VALife coverage | Veterans with service-connected disabilities; veterans aged 80 and under |
| Application process | Online application and approval notification via email or text; access to policy through AccessVA |
| Payment methods | Automatic payment from a bank account |
| Additional benefits | Assistance for insureds affected by natural disasters; free financial planning and online will preparation services for beneficiaries |
| Utah-specific benefits | The Utah Department of Veterans Affairs helps connect veterans and service members with federal and state benefits and resources, including life insurance |
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What You'll Learn
Veterans Affairs Life Insurance (VALife)
To be eligible for VALife, you must have a VA service-connected disability rating, even if your rating is 0%. There is no time limit to apply after receiving your disability rating. However, to be eligible, you must meet the following requirements:
- Before turning 81 years old, you applied for VA disability compensation for a service-connected disability.
- After turning 81, you received a rating for the same disability.
- You apply for VALife within two years of receiving notification of your disability rating.
If your application for VALife is approved, you will be notified by email or text, and you can access, download, and print a copy of your policy from the VA life insurance portal. Your full life insurance coverage starts two years after you apply, during which you must pay the premiums. If you pass away during this two-year waiting period, your beneficiaries will receive the total amount paid in premiums, plus interest. After the two-year waiting period, your beneficiaries will receive the full coverage amount of your policy. The premium depends on your age when you apply and the amount of coverage desired.
VALife is one of several life insurance options offered by the VA. Others include Servicemembers' Group Life Insurance Traumatic Injury Protection (TSGLI), an automatic feature of SGLI that provides payments to Servicemembers who suffer losses due to traumatic injuries in service; Veterans' Mortgage Life Insurance (VMLI), which provides mortgage life insurance protection to disabled veterans who have been approved for a VA Specially Adapted Housing (SAH) grant; and Service-Disabled Veterans' Life Insurance (S-DVI), which closed to new enrollment after December 31, 2022.
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$15.95
Service-Disabled Veterans Life Insurance (S-DVI)
If you have Service-Disabled Veterans Life Insurance (S-DVI), you have two options:
- Keep your S-DVI: You can choose to do nothing and keep your existing coverage.
- Apply for VALife: If you apply for VALife by December 31, 2025, you can keep your S-DVI during the 2-year waiting period for VALife benefits. Your S-DVI coverage will end when your full VALife coverage starts. Please note that any premium waivers you have under S-DVI will not transfer to VALife.
The premium rates for S-DVI plans are available for review, and in certain cases, the basic S-DVI policy provides a premium waiver for veterans who are totally disabled.
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Veterans' Mortgage Life Insurance (VMLI)
VMLI is a decreasing-term insurance policy, meaning that the coverage amount decreases as the mortgage balance is paid down. The insurance coverage can be up to $200,000, and it is paid directly to the bank or lender holding the mortgage. It is important to note that VMLI does not pay dividends or have any loan or cash value. The premium for VMLI is based on various factors, and veterans can use the VMLI Premium Calculator to estimate their potential premium.
To apply for VMLI, veterans must first apply for an SAH grant. If approved for the grant, the loan guaranty agent will inform the veteran of their eligibility for VMLI. The agent will then assist the veteran in completing the necessary paperwork, including the Veterans' Mortgage Life Insurance Statement (VA Form 29-8636). It is important to note that veterans must apply for VMLI before their 70th birthday.
VMLI provides valuable financial protection for eligible veterans and their families, ensuring that their loved ones can remain in their adapted homes even in the event of the veteran's death. By offering this insurance, the VA aims to provide peace of mind and support to those who have sacrificed for their country.
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Servicemembers' Group Life Insurance Traumatic Injury Protection (TSGLI)
To be eligible for TSGLI, you must meet the following requirements:
- You must be insured by SGLI when the injury occurs.
- Your injury must cause a loss that is covered by the policy. Covered losses include amputations, blindness, and paraplegia.
- You must have suffered the traumatic injury before midnight of the day that you separate from the uniformed services.
- You must suffer a covered loss within two years (730 days) of the traumatic injury.
- You must survive for a period of not less than seven full days from the date of the traumatic injury.
If you meet the eligibility requirements for TSGLI, you can receive payments of $25,000 to $100,000 to help with your recovery. To file a claim for TSGLI, complete and file SGLV 8600.
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Family Servicemembers' Group Life Insurance (FSGLI)
Family Servicemembers Group Life Insurance (FSGLI) is a type of life insurance offered by the US Department of Veterans Affairs (VA). It provides coverage for the spouses and dependent children of service members who are covered under full-time Servicemembers' Group Life Insurance (SGLI).
FSGLI offers up to a maximum of $100,000 in coverage for spouses, not exceeding the service member's SGLI coverage, and $10,000 for each dependent child. Dependent children are automatically insured for free, while the premium for spousal coverage is deducted from the service member's pay. The premium for spousal coverage increases as the spouse ages. Spouses who are signed up for the Defense Enrollment Eligibility Reporting System (DEERS) will have their FSGLI premium automatically deducted from the service member's pay. If the spouse is not signed up for DEERS, the service member is still responsible for paying the premium and any back payments.
Service members can reduce, decline, or cancel spousal coverage through the SGLI Online Enrollment System (SOES). To receive an insurance payout, a service member would need to file a Claim for Family Coverage Death Benefits (SGLV 8283A). If the spouse is terminally ill, the service member can file a Claim for Accelerated Benefits (SGLV 8284A) to request an advance insurance payment.
FSGLI coverage cannot be converted to other types of policies, such as term, variable, or universal life insurance. However, if a spouse wishes to convert their FSGLI coverage, they must choose a company from the list of participating companies, apply at their local sales office, and provide the necessary documentation, including proof of coverage.
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Frequently asked questions
VA life insurance offers financial security for veterans, service members, and their spouses and dependent children.
There are several types of VA life insurance:
- Servicemembers' Group Life Insurance (SGLI)
- Family Servicemembers' Group Life Insurance (FSGLI)
- Veterans' Group Life Insurance (VGLI)
- Veterans' Mortgage Life Insurance (VMLI)
- Service-Disabled Veterans' Life Insurance (S-DVI)
- Veterans Affairs Life Insurance (VALife)
Term life insurance is purchased for a specific period and generally has lower premiums in the early years, but does not build up cash values. Whole life insurance is a type of cash value policy that provides coverage for the rest of your life.
If you are a veteran of the United States armed forces residing in Utah, you may be eligible for VA life insurance and other benefits. You can check your eligibility and apply online for VA life insurance.
You can apply for VA life insurance in Utah by completing the necessary forms and submitting them online or by mail. You can also call the VA Life Insurance Center at 800-669-8477 for assistance.
