INSURANCE AGENCY NETWORK Blog
Active-duty military personnel have life insurance. But, some veterans don't have active insurance. Thus, it is best to find a life insurance option. It doesn't just provide coverage but also peace of mind.
If you're a veteran looking for insurance, you have three common options:
Servicemembers' Group Life Insurance (SGLI) to a Veterans' Group Life Insurance (VGLI)
Active-duty military personnel automatically get the Servicemembers' Group Life Insurance (SGLI). The SGLI offers maximum coverage of $400,000. Aside from that, it offers traumatic injury protection. Insured members receive an amount for specific conditions such as paralysis, amputations, and blindness.
After leaving active duty, the policy remains active for 120 days. That's why you need to plan what insurance you wish to get beforehand. To avoid lapses, veterans convert Servicemembers' Group to a Veterans' Group Life Insurance. You need to continue paying premiums to keep the coverage active. You will also retain up to 50% of your life insurance proceeds.
Convert an existing policy to a private life insurance
Veterans with a long medical history can convert their current policy to private. This option is better. Private insurance companies provide comprehensive coverage suitable for veterans. You can also add or remove coverage that is not suitable for your needs.
Get new insurance
In case your SGLI lapsed already, it is best to get new insurance from a private provider. In getting one, you need to apply for it as soon as you can. Applying for private life insurance coverage may take around six to eight weeks. If you have a complicated medical history, the approval may take much longer. You might also need to provide medical records to get approved.
You can get a permanent life insurance policy or a term life insurance depending on your desire. You can get more coverage from a private life insurance policy.
As a veteran, it's important to have active insurance to keep you covered. So, whether you want to keep your active policy, or get a new one, make sure you have a policy that will protect you.
At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.