WASHINGTON, D.C. -- The Department of Veteran Affairs has revamped its VA Insurance Service.
Daniel J. Keenaghan, the Department of Veteran Affairs Insurance Executive Director, shared some insight about the new modernization to the available VA Insurance Programs.
“And the reason why this is important is because prior programs had time limits to sign up, and several veterans weren’t aware during their transition that they could sign up for this life insurance and so we really want to be able to meet their needs,” Keenaghan said.
What sets VA Insurance programs apart from private life insurance policies is that they are specifically designed to meet the life insurance needs of service members and veterans. There are benefits to Veterans Group Life Insurance, including the possibility of keeping life insurance coverage after a person leaves the military.
There’s a program for current service members too. For service members, the VA provides automatic universally available life insurance coverage for the competitive rate of $24 a month.
“This provides up to 400,000 dollars of coverage for those who are in uniform service and currently serving. We have an awesome team of actuaries that base these decisions on mathematical models that allow us to be financially sound. And they do such a great job that this year, we were able to reduce the rates for veterans group life insurance which were a little bit higher. But as of April 1st, we’ve got the lowest rates ever for veterans group life insurance across all age brackets,” Keenaghan said.
Below is a step-by-step process for veterans and current service members to sign up.
1.) Those who wish to apply should visit here for a list of all of the available insurance programs.
2.) Servicemembers’ Group Life Insurance (SGLI) -
"Servicemembers’ Group Life Insurance (SGLI) offers low-cost term coverage to eligible service members. If you’re a service member who meets certain criteria, we’ll automatically sign you up. Find out if you’re eligible and learn how to manage your SGLI coverage," according to Va.gov. Visit here for more information. The deadline to apply for this was extended due to the covid-19 pandemic.
3.)Veterans’ Group Life Insurance (VGLI)-
"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. Find out if you qualify for VGLI and how to manage your coverage," according to Va.gov. Visit here for more information. The deadline to apply for this was extended due to the covid-19 pandemic.
Those who wish to apply can visit here.
4.) Traumatic Injury Protection (TSGLI)-
"TSGLI (also known as Servicemembers’ Group Life Insurance Traumatic Injury Protection) provides short-term financial support to help eligible service members recover from a severe injury. If you were covered by SGLI and experienced a traumatic injury while serving in the military, find out how to file a claim for TSGLI or appeal a past decision," according to Va.gov. Visit here for more information.
5.) Family Servicemembers’ Group Life Insurance (FSGLI)-
"Family SGLI, also known as Family Servicemembers’ Group Life Insurance (FSGLI), offers coverage for the spouse and dependent children of service members covered under full-time SGLI. Find out how much coverage you may qualify for—and how to apply for and manage your benefits," according to Va.gov. Visit here for more information.
6.) Service-Disabled Veterans Life Insurance (S-DVI)-
"Service-Disabled Veterans Life Insurance (S-DVI) provides low-cost coverage to eligible service members. If you have a service-connected disability, find out how to apply for S-DVI online or by mail," according to Va.gov. Visit here for more information.
7.) Veterans’ Mortgage Life Insurance (VMLI)-
"Veterans’ Mortgage Life Insurance (VMLI) offers mortgage protection insurance to the families of Veterans with severe service-connected disabilities who’ve adapted a home to fit their needs. Find out if you qualify—and how to apply and manage your coverage," according to Va.gov. Visit here for more information.
For a list of other VA programs, visit here.
The Department of Veteran affairs is also releasing a new program of life insurance on Jan. 1, 2023, known as the Veterans Affairs Life Insurance (VALI). This program will provide up to $40,000 of whole life insurance coverage. VALI will be available to all service-connected Veterans under the age of 81.
This story was first reported by Caroline Peters on KOAA.com.