Veterans Life Insurance FAQ: Maximizing Your Benefits

Most Veterans are eligible for Veterans’ Group Life Insurance (VGLI), which allows you to convert your service-time SGLI to a civilian program. Additionally, the VA recently launched VALife (Veterans Affairs Life Insurance), which offers up to $40,000 in guaranteed-acceptance whole life coverage for Veterans with service-connected disabilities (0-100% rating). 

VGLI is excellent because it requires no medical exam if you apply within 240 days of separation. However, VGLI is a "five-year renewable term" policy, meaning rates increase every five years as you age. For many healthy Veterans, a private term or permanent policy can lock in a lower, level premium that never increases, potentially saving you thousands of dollars over your lifetime. 

Absolutely. Under the new VALife program, Veterans aged 80 or under with any service-connected disability rating (even 100%) are guaranteed acceptance. There are no health questions and no medical exams. While there is a two-year waiting period for the full death benefit, your beneficiaries receive all premiums paid plus interest if you pass away during that time. 

• VA Insurance (VGLI/VALife): Offers guaranteed acceptance regardless of health (if applied for in the correct window) but often has lower coverage caps (VALife is capped at $40,000) and increasing costs.
• Private Insurance: Offers much higher coverage amounts (into the millions), level premiums that stay the same forever, and "Living Benefit" riders for chronic illness—but usually requires medical underwriting.

In the private market, your "military status" generally does not increase your rates unless you are currently in a high-risk MOS (like EOD or Special Operations) or planning a deployment to a combat zone. For most Veterans, your health history and age are the primary factors. At Growth Insurance Group, we work with carriers that specialize in "Military Friendly" underwriting. 

Your SGLI coverage continues for 120 days after you leave the service at no cost. To keep coverage beyond that, you must apply to convert it to VGLI or secure a private policy before that window closes to avoid a lapse in protection. 

Answered by: Jeremy Hayes, Licensed Insurance Broker 

NPN: #19778881 

Commitment: Dedicated to helping those who served find the most cost-effective way to protect their families. Growth Insurance Group is a private agency and is not affiliated with the Dept. of Veterans Affairs.