VA Increases Maximum Life Insurance Coverage For Veterans And Service Members By $100,000

Targeted News Service (Press Releases)

WASHINGTON, March 2 -- The U.S. Department of Veterans Affairs issued the following news release:

Beginning March 1, VA is increasing the maximum amount of life insurance coverage available to Veterans and service members from $400,000 to $500,000 for Veterans' Group Life Insurance (VGLI) and Servicemembers Group Life Insurance (SGLI). This increase in coverage reflects the current cost of living and helps ensure that the families of Veterans and service members will have the financial support they deserve after their loved ones pass away.

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 will automatically receive the increased coverage on March 1.

"All Veterans and service members deserve to know that when they pass away, their families will be taken care of," said VA Secretary Denis McDonough. "This increase in coverage will help our country keep that promise, ensuring that the families of these heroes will get the financial support they need."

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%; 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.