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| What Military Insurance Am I losing?Servicemembers’ Group Life Insurance (SGLI)SGLI provides active duty service members with life insurance coverage of up to $400,000 but will end 120 days after leave military service.
Within that 120 day window you have a choice to make:1. Convert your SGLI to Veterans Group Life Insurance (VGLI)
Or
2. Purchase your own individual life insurance
1. Converting SGLI to VGLIVeterans Group Life Insurance provides life insurance to veterans after they have left the military service. VGLI does not provide coverage for the families of veterans. SGLI benefits convert to VGLI as a five-year renewable term life insurance policy.
- VGLI coverage is limited to the amount of SGLI held at the time of retirement (in most cases this is $400,000).
- VGLI term rates increase automatically as you reach certain ages. VGLI is more expensive then SGLI and is generally more expensive then individual life insurance, especially as you age.
Monthly Premiums for $400,000 Maximum Coverage under VGLI | Under 30 | 30+ | 35+ | 40+ | 45+ | 50+ | 55+ | 60+ | 65+ | 70+ | 75+ | $32 | $44 | $56 | $76 | $100 | $160 | $280 | $450 | $600 | $900 | $1,800 |
- Conversion is guaranteed, there is no medical evaluation.
- You must enroll in Veterans Group Life Insurance. It is not automatic.
- You may convert your SGLI insurance directly to a permanent life plan provided by a consortium of companies associated with VGLI. The cost varies widely and the details are specific to each individual company. For more information on this option go to our Military Benefits detail page.
- VGLI does not cover families. Their coverage expires when SGLI expires. Your family members will need to apply for and qualify for their own individual coverage. There is also a provision which allows spouses to transfer their FSGLI (limited to $100,000) to a permanent life insurance plan. For more information on this option go to our Military Benefits detail page.
2. Purchase Individual InsuranceIf you are leaving the service in good health consider applying and qualifying for your own individual insurance. Navy Mutual is ready to help you meet your goals.
- Coverage is not limited. You have the flexibility to choose the amount of coverage that’s right for you, up to $900,000.
- The policy will belong to you and stay with you regardless of your career changes.
- Low cost plans designed to meet your unique coverage needs. Plans are available to provide insurance coverage for both you and members of your family.
- Coverage from Navy Mutual comes from a company with a strong future, A+ financial ratings, and a history of beneficiary support since 1879.
Here is just an example of how competitive our insurance plans can be:
Life Insurance designed to fit your unique needsProtection now and later:
If you are married and/or have children, you have people in your life that depend on your income in order to survive. Chances are that the $400,000 that SGLI provides for you is not enough to protect your family.
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How we can help- Navy Mutual’s term life insurance plans are here to help make up the difference between what you need and what SGLI provides.
- Coverage of up to $900,000 allows you to provide enough for your families immediate needs and for future expenses, like education.
- A smooth transition from active duty to civilian life with coverage that stays with you regardless of your location or career choice.
- Easy application on-line with expedited processing for deploying service members.
Consider this: $400,000 in SGLI plus an additional $200,000 life insurance policy from Navy Mutual will allow you to provide a full $600,000 for your family and we can easily enhance your plan when you leave the service to completely cover your lost SGLI benefits.
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