Maximum life insurance coverage for vets increased to $500,000

Veterans who are under age 60 and currently enrolled in VGLI will be able to purchase additional coverage in $25,000 increments up to $500,000. All active duty, guard, and reserve service members eligible for SGLI automatically received the increased coverage on March 1.

VA currently serves nearly 6 million veterans, service members, and their families with more than $1.2 trillion of insurance. Life insurance options include SGLI, which eligible service members are automatically signed up for while serving; VGLI, which veterans can transition to from SGLI or apply for within 1 year and 120 days of leaving the service; VA Life, a new option that provides up to $40,000 of whole life insurance for all veterans, age 80 or under, with service-connected disabilities rated from 0-100 percent; and more.

Under this increase, the SGLI premium rate will remain the same, meaning that service members will receive maximum coverage for $30 per month, plus $1 for Traumatic Injury Protection (TSGLI) coverage. Service members who separate from service with SGLI coverage at the new higher amount can convert their coverage to VGLI. Service members who do not wish to keep the increased SGLI coverage amount can elect a reduced coverage amount or decline coverage online through the SGLI Online Enrollment System (SOES) on milConnect. If coverage is reduced or declined by March 31, service members will not be charged for the increased coverage amount.

This increase in life insurance is a part of the Supporting Families of the Fallen Act. For more information about life insurance options, veterans and servicemembers can visit VA's life insurance portal at www.va.gov/life-insurance/ options-eligibility/.