January 03, 2012

Expanded VGLI coverage available

By The American Legion
Veterans Benefits

Veterans may be able to increase their coverage by $25,000 with answering health questions.

Effective April 11, veterans who currently have Veterans’ Group Life Insurance (VGLI) may be able to increase their coverage by $25,000 without answering health questions. This expanded benefit is part of the Veterans’ Benefit Act of 2010.

All veterans who currently have less than $400,000 in VGLI coverage and are under age 60 on any five-year anniversary of their VGLI effective date are eligible to apply for the increase during the 120 days prior to their five-year VGLI anniversary. They can continue to increase their coverage by $25,000 every five years after that up to the legislated maximum, which is currently $400,000. Amounts less than $25,000 are not available unless the veteran has more than $375,000 in coverage and purchases the amount that increases his or her coverage to $400,000.

Those who are age 60 and older are not eligible for the increase in coverage, but all VGLI coverage previously purchased is guaranteed as long as the premium is paid.

VGLI rates are based on age and the amount of VGLI coverage purchased. Premiums will increase based on the amount of additional coverage purchased. For details about VGLI rates, please visit http://goo.gl/hi7DJ. The site also offers an Insurance Needs Calculator (http://www.insurance.va.gov/sgliSite/calculator/needsCalc.htm) that can help you determine the amount of coverage you may need.

You may find out when you are eligible to increase your VGLI coverage and purchase additional coverage by accessing your VGLI Online Account or calling the Contact Center at (800) 419-1473. You can also expect to receive a notice in the mail in advance of when you become eligible for the coverage increase.

To learn more about VGLI and the opportunity to increase your coverage, go to http://goo.gl/AhwQm.

  • Veterans Benefits