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January 22, 2012

VGLI-covered vets can increase coverage amounts

Mineral Wells Index

By Jim Vines | jim.helpingveterans@gmail.com

Veterans covered under the Veterans Group Life Insurance program now have the opportunity to increase their coverage to the current maximum coverage under the Servicemembers’ Group Life Insurance ( SGLI) program. Currently, 70 percent of the veterans covered under VGLI are under age 60, have less than $400,000 of coverage, and will greatly benefit from this law change.

Under the Veterans’ Benefit Act of 2010, enacted on October 13, 2010, veterans can increase their coverage by $25,000 at each five year anniversary date of their policy to the current legislated maximum SGLI coverage , presently, $400.000. To date, approximately 21 percent of eligible veterans have taken advantage of this opportunity, resulting in nearly $113 million of new coverage being issued.

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