How to Convert Your SGLI Coverage to VGLI Coverage
Military members are faced with a considerable number of decisions during their tenure. One of these decisions involves selecting a sufficient life insurance policy. As an active member, a military servant is eligible to be covered under Servicemembers Group Life Insurance (SGLI). However, when leaving the military, this plan is no longer available. Military servants can choose to purchase Veterans Group Life Insurance (VGLI) or a commercial policy. While both types of coverage are usually practicable, members usually elect Veterans Group Life Insurance.Changing from Servicemembers Group Life Insurance to Veterans Group Life Insurance is quite simple. The Department of Veterans Affairs manages both of these insurance policies and makes readily available on its official website all of the pertinent information related to the plans. For a military member to be able to convert to Veterans Group Life Insurance, he or she must have been fully covered under SGLI. Basically, VGLI is a renewable, five year coverage policy. Military servants are given a grace period of one hundred twenty days to convert to VGLI, and several letters are sent to eligible members to keep them notified of the availability. VGLI is unquestionably noted for its convenience. Military service members have the option of paying the required premiums each month or having the expenses directly deducted from the remaining retiree pay. To actually gain coverage, however, one must meet certain requirements, which are listed on the Department of Veterans Affairs web site. As stated earlier, military members have the option of going with VGLI or a commercial policy. However, the affordability and convenience of Veterans Group Life Insurance make it the preferred choice.
