Due to the economic impact of COVID-19, the Veterans Group Life Insurance (VGLI) program, provided by the Veterans Administration, has extended the time period eligible veterans can enroll in VGLI coverage.
The VA extension is for applications received from June 11, 2020 through June 11, 2021. The new period has been increased by 90 days, giving former service members 330 days, instead of 240 days, from the date of separation to apply without a health review. The period to apply with proof of good health has been extended from 1 year and 120 days to 1 year and 210 days.
VGLI coverage might not be enough.
The announcement of the emergency extension makes now a great time to reassess all your life insurance needs as you plan for your family’s future financial security. One of these assessments can be to see if VGLI coverage alone is enough for your family. VGLI provides up to a maximum of $500,000 of insurance coverage, issued in $10,000 increments up to the amount of SGLI you had at the time of separation.
If you are in need of additional coverage, USBA can provide you an overview of affordable life insurance products that can help meet your needs, with coverage up to $750,000* in benefits for your family.
For example, a $100,000 coverage policy starts at just $5.75 per month for our most popular 15 Year Group Level Term Life Insurance plan.**
Take a minute now to learn about the other features and benefits of USBA’s portable life insurance products and services. Remember our affordable plans offer benefits that do not change due to transition, separation or retirement. USBA can even give you an instant quote for free!
*The overall maximum coverage for each Member/Associate Member is $650,000 under all USBA-sponsored Group Life Insurance plans, with the option for those ages 69 and below, if approved, to add up to an additional $100,000 of Traditional Whole Life (G-10648-0), for a maximum of $750,000.
**Example premium for a 24-year-old Female on a Preferred Rate plan.
The appearance of U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsement.
USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.
Follow us on social media @USBAInsurance