| SGLI is a low cost program of group term life | | | | timing of premium payments. Variable Life policies |
| insurance available automatically to all service | | | | allow the money that remains after payment of |
| members on active duty or inactive duty for training | | | | premiums to be invested. Variable life insurance does |
| and members of the Military Reserves. These policies | | | | have the option of a minimum guaranteed death |
| are automatically activated for the current maximum | | | | benefit; however, variable life insurance can be |
| coverage amount of $250,000 dollars, unless a soldier | | | | expensive and somewhat risky, depending on the |
| or sailor opts out in writing. A member of the service | | | | different type of investments made. |
| can elect lower coverage or no coverage at all by | | | | Whole Life policies provide lifetime protection at a |
| completing VA Form SGLV-8286. Term Life Insurance | | | | standardized, level premium. Premiums must generally |
| coverage is available for spouses as well; dependent | | | | be continued to be paid for as long as the policy is in |
| children are automatically insured for $10,000 dollars. | | | | force. |
| In addition, there is an additional elected coverage | | | | The Free Look Period: |
| option for up to $100,000 for a spouse. | | | | It is important to review any life insurance policy |
| When discharged from active duty or the Reserve, | | | | immediately upon receipt. In most states, a minimum |
| members with full-time SGLI coverage can move | | | | ten day "free look" period is provided, during which |
| their coverage to the Veterans Group Life Insurance | | | | time you may return the policy for cancellation and a |
| program (VGLI) or to an individual commercial term | | | | complete refund of any premium (paid should you |
| life insurance policy at the usual rates without having | | | | decide to back out. If you decide to cancel the life |
| to provide any proof of good health. For more | | | | insurance policy, remember to cancel the allotment |
| information, you call toll free (800) | | | | from your pay, if you set it up. If you suspect you |
| 419-1473 or visit the on the web. | | | | are going to be deployed, you should inform the |
| Types of Life Insurance Available: | | | | person with your power of attorney to look out for |
| Term Insurance - Life insurance providing a fixed | | | | the policy. |
| amount of coverage at a specified premium for a | | | | Before you sign on the dotted line, ask: |
| specified duration of time. This type of insurance | | | | Do I need more life insurance? |
| does not accumulate cash value and the premium | | | | Are there any war exclusions in the policy? (SGLI |
| usually increases after the pre-determined time | | | | does not contain this exclusion.) |
| period. | | | | Can I afford this term life insurance policy? It may be |
| Permanent Insurance - The life insurance known as | | | | very costly if you decide to cancel during the first |
| Permanent insurance provides longer term financial | | | | few years of a policy. |
| protection with a death benefit and in some cases a | | | | Am I feeling like I am being pressured into buying this |
| cash savings component. Universal Life policies offer | | | | policy? |
| flexible premiums, it is a type of life insurance policy | | | | Are there any exclusions on the life insurance policy |
| under which the policy owner may change the death | | | | for travel on any non-commercial aircraft? |
| benefit from time to time (with satisfactory evidence | | | | Only when you feel comfortable should you proceed. |
| of insurability for increases) and vary the amount or | | | | |