SGLI (Servicemembers’ Group Life Insurance) coverage ends when active duty personnel retire from the military. If you want to continue life insurance coverage, you will need to look at all your available options and convert your life insurance. How can you convert from SGLI to VGLI (Veterans’ Group Life Insurance) upon retirement?
When to Apply for VGLI
Within 45 to 60 days after discharge from the military, you will receive your VGLI application from OSGLI. According to the VA (Veterans’ Affairs), you can apply for VGLI within one year and 120 days after you have been discharged from the military. If you apply within 120 days after discharge, you do not have to provide evidence of good health; nor will you be asked to include the first month’s VGLI premium.
However, applicants must show evidence of good health if they apply after this time period and they will also be required to include the first month’s premium with their VGLI application. It is also important to really think about your life insurance options before you are discharged. If you wait too long and miss the cut-off period, you will not be able to convert SGLI to VGLI, but will need to look for another life insurance provider.
What to Do If You Don’t Receive an Application from OSGLI
OSGLI (Office of Servicemembers’ Group Life Insurance) should send you an application which will help you convert from SGLI to VGLI coverage. However, if you do not receive an application from OSGLI, you can still go ahead and apply for VGLI using Form SGLV 8714, Application for VGLI. If you use this application form, you will also need to enclose a copy of your DD 214 (discharge papers) or other evidence of military service.
Recent military retirees will have a lot of changes to adjust to. Not only must they adjust to their new retiree status, but a lot of the benefits that they once enjoyed will change too, and that includes SGLI coverage. Retirees have the option of converting their SGLI to VGLI within one year and 120 days after they separated from active duty. If they do not choose VGLI within this period, they will no longer be eligible to apply to convert SGLI to VGLI.
United States Department of Veterans Affairs, Veterans’ Group Life Insurance (VGLI)