The Veterans Benefits Association (VBA) provides life insurance for Veterans, Servicemembers, and their families. Having a life insurance policy can give you the comfort of knowing your family is always protected and financially secure. To offer this protection, the VBA offers multiple different life insurance benefit options. Continue reading to learn about each of these types of life insurance policies.
Servicemembers’ Group Life Insurance (SGLI): This is a low-cost insurance program that is available to all active duty and reserve Servicemembers. Also, disabled Servicemembers can qualify for a two year policy extension.
Veterans’ Group Life Insurance (VGLI): Once you re-enter civilian life, you can convert your SGLI insurance policy to VGLI. You can renew and maintain VGLI insurance for the remainder of your life.
Family Servicemembers’ Group Life Insurance (FSGLI): This insurance is for the spouses and children of Servicemembers who have SGLI coverage. Children who are dependents are automatically covered for free with FSGLI.
Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI): This is an additional feature of SGLI. If you are an active-duty or reserve Servicemember who has suffered traumatic injuries while on duty, you may qualify to receive cash payments to compensate for your injuries through TSGLI.
Service-Disabled Veterans’ Life Insurance (S-DVI): Wth S-DVI, you can receive free coverage if you are a Veteran who is totally disabled due to injuries while in service or as a consequence of active-duty. Veterans who acquire service-connected disabilities post-service in the last two years are also eligible for S-DVI.
The VBA also offers Veterans’ Mortgage Life Insurance (VMLI) to veterans who meet certain requirements. You must be disabled due to service, have qualified for a VA Specially Adapted Housing (SAH) grant and have a mortgage you can receive up to $200,000 in mortgage life insurance through VMLI.
The VBA will pay these funds directly to the bank or lender who holds your mortgage. As your mortgage balance decreases, so will your VMLI coverage. When your mortgage is paid off, your VMLI coverage ends.