- Veterans' Mortgage Life Insurance
(1971 to present)
The Veterans Mortgage Life Insurance (VMLI) program was begun in 1971 to provide mortgage life insurance to severely disabled veterans. To be eligible, a veteran must have received a Specially Adapted Housing Grant from VA. The purpose of such grants is to help the veteran build or modify a home to accommodate his or her disabilities. VMLI is payable only to the mortgage holder (i.e., a bank or mortgage lender), not to a beneficiary. The amount of coverage equals the amount of the mortgage still owed but the maximum can never exceed $90,000. This is decreasing term insurance, which has no loan, or cash values and pays no dividends. This program is still open to new issues.
- Service Disabled Veterans Insurance
(1951 to Present)
Basic SDVI - To be eligible for basic SDVI, a veteran must have been released from active duty under other than dishonorable conditions on or after April 25, 1951. He/she must have received a rating for a service-connected disability and must be in good health except for any service-connected conditions. Application must be made within two years of being granted service-connection for a disability. (Disabled veterans are advised to investigate other commercial insurance options prior to purchasing SDVI. Other commercial policies, especially group plans through employers or colleges, may well be better buys.) SDVI is available in a variety of permanent plans as well as term insurance. Policies are issued for a maximum face amount of $10,000. Under certain conditions, the Basic SDVI policy provides for a waiver of premiums in case of total disability. Veterans who are granted service-connection for a disability will receive VA form 29-4364, Application For Service-Disabled Veterans Life Insurance, along with their Notice of Disability Rating. They must submit the application along with the first month’s premium within two years from the date service-connection is established.
Supplemental SDVI - Policyholders who carry the basic SDVI coverage and who become eligible for a waiver of premiums due to total disability can apply for and be granted additional Supplemental SDVI of up to $20,000. The insured has up to one year after being notified of his/her eligibility for waiver on the basic policy to apply for the Supplemental SDVI. No waiver of premiums due to total disability can be granted on Supplemental SDVI coverage.
- Veterans' Group Life Insurance (VGLI)
What is VGLI?
VGLI is a program of post-separation insurance, which allows service members to convert their SGLI coverage to renewable term insurance. Members with full-time SGLI coverage are eligible for VGLI upon release from service.
How Much Coverage is Available?
VGLI coverage is issued in multiples of $10,000 up to a maximum of $250,000. However a service members VGLI coverage amount cannot exceed the amount of SGLI the member had in force at the time of separation from service.
How Much Does VGLI Cost?
VGLI Premiums are based upon the separating member's age.
How to Obtain VGLI Coverage?
To obtain VGLI, an eligible member must submit an application to the Office of Service members' Group Life Insurance with the required premium during the 120 days following separation. Service members can also apply for up to one year after SGLI coverage terminates, however, after the 120-day period, service members must submit evidence of good health.
Policyholders can convert their VGLI to an individual commercial life insurance policy at any time.