What does Veteran's Group Life Insurance mean? Read on to discover the definition & meaning of the term Veteran's Group Life Insurance - to help you better understand the language used in insurance policies.
Veteran's Group Life Insurance
Veterans' Group Life Insurance (VGLI) is a benefit available to service members who leave the U.S. armed forces. While in the armed forces, service members can buy life insurance through the Servicemembers' Group Life Insurance Program (SGLI). After leaving the armed forces, service members can apply to keep their life insurance through the VGLI program. Whatever amount of life insurance a service member purchased in the SGLI program will be their total coverage in the VGLI Program. If they had $100,000 while in the armed forces, they can keep that amount. As of 2015, every five years after enrolling in VGLI, they can add another $25,000 to their coverage up to a maximum of $400,000.
We hope the you have a better understanding of the meaning of Veteran's Group Life Insurance.