March 1, 2023 – WASHINGTON – Effective March 1, VA is increasing the maximum amount of Veteran and Service Member Life Insurance coverage from $400,000 to $500,000 for Veteran’s Group Life Insurance (VGLI) and Service Member Group Life Insurance (SGLI). This increase in coverage reflects the current cost of living and helps ensure veterans’ and military families’ families have the financial support they deserve after their loved ones have passed away.
Veterans under the age of 60 who are currently enrolled in VGLI may purchase additional coverage in increments of $25,000 up to $500,000. All active duty, guard and reserve duty members who are eligible for SGLI will automatically receive the increased coverage on March 1st.
“All veterans and service members deserve to know that when they die, their families will be cared for,” said VA Secretary Denis McDonough. “This increase in coverage will help our country deliver on that promise and ensure the families of these heroes have the financial support they need.”
VA currently serves nearly 6 million veterans, service members and their families with more than $1.2 trillion in insurance. Life insurance options include SGLI, for which eligible service members are automatically enrolled during their service; VGLI, to which Veterans may transfer or apply within 1 year and 120 days of ending service from SGLI; VA Life, a new option that provides up to $40,000 in total life insurance for all veterans age 80 or under whose service-related disability rating ranges from 0-100%; and more.
As part of this increase, the SGLI premium rate remains the same, meaning service members receive maximum coverage at $30 per month plus $1 for Traumatic Injury Protection (TSGLI) coverage. Service Members who discontinue service with SGLI coverage at the new higher amount may convert their coverage to VGLI. Service Members who do not wish to retain the increased SGLI coverage amount may elect a reduced coverage amount or opt-out of 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 billed for the increased coverage amount.
This increase in life insurance is part of the Supporting Families of the Fallen Act. For more information on life insurance options, veterans and military members can visit the VA Life Insurance Portal.
Source: VA
