Converting SGLI Coverage to VGLI conversion (Veterans Group Life Insurance)

Service members covered under the SGLI program have the option to convert their SGLI coverage to an individual policy of insurance within 120 days from the date of separation from the military. In order to convert SGLI coverage, the service member must:

Ø select a company from the Participating Companies listing,

Ø apply to a local sales office of the company selected,

Ø obtain a letter from OSGLI verifying coverage,

Ø give a copy of that letter to the agent who takes the application, along with the service member’s separation document (Form DD-214 or NGB-22, or written orders).

Members may convert their coverage to a commercial policy at standard premium rates, without having to provide proof of good health. The conversion policy must be a permanent policy, such as a whole life policy.

Other types of policies, such as Term, Variable Life, or Universal Life Insurance are not allowed as conversion policies. In addition, supplementary policy benefits such as Accidental Death and Dismemberment or Waiver of Premium for Disability are not considered part of the conversion policy.

Ø When is it a good deal?

Ø How much will it cost me to convert to VGLI and I live 30 more years?

Ø Where should I go to get a better deal?

Ø Is it smarter to look at alternatives now or wait till I am ready for retirement.

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