VGLI Explained - Veterans' Group Life Insurance

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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.

Am I eligible for Veterans’ Group Life Insurance?
You may be eligible for VGLI if you meet at least one of the requirements listed below.

At least one of these must be true:

You had part-time Servicemembers’ Group Life Insurance (SGLI) as a member of the National Guard or Reserve, and you suffered an injury or disability (damage to your body or mind that makes it hard for you to do everyday tasks, including meaningful work) while on duty—including direct traveling to and from duty—that disqualified you for standard premium insurance rates, or
You had SGLI while you were in the military and you’re within 1 year and 120 days of being released from an active-duty period of 31 or more days, or
You’re within 1 year and 120 days of retiring or being released from the Ready Reserve or National Guard, or
You’re within 1 year and 120 days of assignment to the Individual Ready Reserve (IRR) of a branch of service, or to the Inactive National Guard (ING). This includes members of the United States Public Health Service Inactive Reserve Corps (IRC), or
You’re within 1 year and 120 days of being put on the Temporary Disability Retirement List (TDRL)
Who’s covered?
Veterans
Former service members

VGLI advantages
As long as you’re an eligible veteran, you can’t be turned down for VGLI. There are no health questions, lab tests or life insurance medical exams, if you enroll within 240 days of leaving your role in the military.

You also aren't penalized for your health, and neither physical nor mental health issues affect premiums. It doesn’t matter if you use tobacco products or are overweight. The death benefit from this coverage never decreases unless you request it, and the policy remains in force as long as premiums are paid.

VGLI has no membership or enrollment fees, operating like many group life insurance programs offered by private employers.

VGLI drawbacks
A major drawback to VGLI is that your coverage is tied to the amount of SGLI coverage you previously had in place. While you can increase your coverage beyond your original SGLI coverage, you can do it only by at most $25,000 every five years.

While guaranteed acceptance is convenient, it comes at a cost. VGLI rates are affordable for younger veterans, but maintaining this coverage becomes quite expensive in later years. This is because the only factors determining VGLI premiums are coverage amount and age. As shown below, rates for older veterans can be relatively high.

VGLI also offers only term life insurance. This means the policy has a death benefit but does not build any cash value as an investment. VGLI isn't always on offer. You'll have one year and 120 days to apply for VGLI once you leave the military, but the window closes after that.

Finally, VGLI has a relatively low death benefit cap. This might not be a problem for you, but you should be aware that you'll need to find additional coverage if you need a death benefit over $400,000.

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#VGLI #SGLI #VABenefits
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DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.

[beckyloney]

AAFMAA is an amazing company that only serves veterans and theyve been around for more than 100 years. We just jumped to it from vgli which is complete shit if you have kids and debt.

[lanceg]

I like the "between the age of 35 and 90" line..lol... VGLI is good, no exams or anything if applied for within like 6 or so months from separation.. it's also managed by Prudential, not the VA

[davidnewcomb]

Jake, you pretty well covered the subject, but let me state in a different way one of the disadvantages of any group life: no physical exam means one is in the same insurance pool of people of unknown health and that raises the premium. I dropped out of a group life plan to get twice the coverage for half the cost. Oh yeah, lock in the replacement before canceling the old.

[nicholasjohnson]

If you surrender the cash value what happens?

[chuck]

Stop worrying about how much they may off of you with a whole life policy. Your concerns is the income protection for your family. People go to work to make money

[iGotQuestionsToo]

Whole life insurance builds cash value in a tax free savings account that you can withdraw funds from. Term life insurance offers nothing more than death benefit. Don’t worry about how much companies make off you when it comes to whole life. It’s your money with a whole life policy.

Licensed Insurance Agent in NY

[rosepetals]

Are we able to increase the amount of the policy? If yes, who do we contact

[nicks]

Solid vid as usual. Smashed that like button about half way through.
Love hearing what you're learning in your process. Thanks for sharing.

[jacoblozano]

Good information ! Keep the videos coming.

[daquanmarshall]

Can you borrow from the policy an how many days does it take.

[Appachoppa]

If you die as like an e2 in combat, would your fam get anything?

[roldyczarmoaes]

Wish I would’ve known about this . No one ever told me about this now out over 10 years service connected never was informed about insurance missed out on it

[RedeemerE]

I wonder whar the transfer dates are for members who went from Active status to Guard/Reserve status (Palace Front) what is there timeframe for eligibility/transfer?

[ekaragon]

Hello Jake. Please advise me. My husband is 38 Military Veteran discharged 100% Disability. Discharged on 2007. Can we qualify for VGLI even though we never got SDVI. Ca we still apply to VGLI without SDVI?

[dancam]

i signed up at 23, so after i’m 29 my rate is gonna go up ?

[snorlaxTACO]

Bro! Solid info
I shared this to other coming up retirees!

[Alvin_]

Another quality Military Financial video !

[gatogato]

So it definitely fits my needs until I hit 60 wherein I don't need it anymore.

[UFO_taxi]

You should post more alien UFO paranormal vids it grabs attention. People are sick of stocks

[muffemod]

Another note is that you can sell your $400, 000 policy to a private buyer for a lump sum today.