Effective March 1st, VA is increasing the maximum amount of life insurance coverage for Veterans and service members from $400,000 to $500,000 for Veterans’ Group Life Insurance (VGLI) and Servicemembers Group Life Insurance (SGLI). VA states that this change in coverage reflects the current cost of living and ensures that the families of Veterans and service members will have the financial support they need after their loved ones pass away. Veterans under 60 years old can purchase additional coverage in increments of $25,000 up to $500,000. All active duty, guard, and reserve service members eligible for SGLI will automatically receive the increased coverage on March 1st.
This increase applies to SGLI for eligible service members; VGLI, which Veterans can apply for within 1 year and 120 days of leaving the service; and VA Life (VA’s new life insurance program), providing up to $40,000 of whole life insurance for Veterans age 80 or under with service-connected disabilities rated from 0-100%, among others.
For more information on VA life insurance options, visit the VA.gov Life Insurance webpage.