Starting March 1, 2023, qualifying Veterans and service members will have access to increased coverage under two programs: Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI). This increase is intended to better align coverage with the current cost of living.
Active duty, guard, and reserve service members who are eligible for SGLI will automatically receive the increased coverage, including those who have previously declined coverage or selected a lower amount. The premium rate for SGLI remains unchanged, and service members can obtain up to $500,000 in coverage for $30 per month, plus $1 for Traumatic Injury Protection (TSGLI) coverage. Payments are automatically deducted from their paychecks, and no action is required for those who wish to opt for the increased coverage. Service members who do not want coverage or prefer a reduced amount can make changes through the SGLI Online Enrollment System (SOES) on milConnect. If coverage is reduced or declined by March 31, service members will not be charged for the increased coverage amount.
VGLI provides life insurance coverage to eligible Veterans after they leave the service. Current VGLI members will not receive automatic coverage increases, but eligible Veterans with $400,000 of coverage under VGLI can purchase additional coverage in $25,000 increments. This added coverage will be available without medical underwriting during specified coverage periods. The Office of Servicemembers’ Group Life Insurance (OSGLI) will provide eligible VGLI members with information on how to obtain coverage.
Service members who separate with SGLI coverage of $450,000 or $500,000 on or after March 1 can convert their coverage to VGLI in an amount up to or equal to the SGLI coverage they had at separation.
Life insurance coverage can significantly help families manage their finances by providing financial stability to cover the costs of debt, funeral expenses, education expenses, and lost income. As family circumstances often change, it is essential to review beneficiary information annually and ensure that beneficiaries are aware of the policy details in case of need.
For more information, individuals can visit the official website to learn more about the increased SGLI coverage and review frequently asked questions.