More soldiers leaving the army this year have more time to apply Group life insurance for veterans.
Department of Veterans Affairs officials extended the deadline to include service members leaving the military until December 11. During the pandemic, VA granted more application time to anyone leaving the military from June 11, 2020 to June 11, 2021. This gives troops leaving in the second half of last year extra time, too.
Here’s how it works, for those whose separation dates are between June 11, 2020 and December 11, 2021:
• To apply for VGLI without a health exam to provide proof of good health, members will have up to 330 days after separation from the military. That’s a 90-day increase from the standard 240-day period.
• To apply with a good health check, service members will have up to one year and 210 days after leaving service. This is an increase of 90 days from the standard period of one year and 120 days.
The VA recently published a notice in the Federal Register announcing the Dec. 11 extension to help military personnel directly or indirectly affected by the pandemic purchase VGLI. The extension is intended to alleviate some of the financial consequences of the pandemic for former military personnel, “particularly those with disabilities incurred while in service, as many of these former members would otherwise not be eligible for a private commercial insurance plan due to such disabilities. », Indicates the notice. And some troops may have difficulty traveling to their health care provider to get their medical records, according to the VA.
VGLI coverage is an option for those with military group life insurance coverage, allowing them to convert their existing SGLI coverage to VGLI coverage. Both programs are administered by the Office of Servicemembers’ Group Life Insurance and are overseen by the VA.
VGLI coverage is more expensive than SGLI coverage and its cost increases every five years until the age of 80. For example, SGLI coverage worth $ 400,000 costs the same – $ 25 per month – regardless of age. VGLI coverage of $ 400,000 at age 30 costs $ 36 per month and at age 40, $ 64 per month. But policies can be purchased in increments of $ 10,000 up to $ 400,000. This $ 10,000 policy would cost $ 1.60 per month for a 40-year-old.
Experts advise servicemen to shop around for life insurance and have a policy on hand well in advance of their VGLI application deadline so they can make sure they have insurance coverage if it exists. health issues that could make them ineligible for commercial life insurance coverage.