Veterans Group Life Insurance Review & Complaints: Life Insurance

Veterans Group Life Insurance (VGLI) allows those leaving military service to transfer and continue their life insurance coverage without having to qualify for a new policy. Veterans Group Life Insurance rates can vary based on your age and coverage, with older policyholders paying the highest prices. In our Veterans Group Life Insurance review we find that veterans life insurance rates may be cheaper elsewhere.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Written by Eric Stauffer
Founder & Former Insurance Agent Eric Stauffer

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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Veterans Group Life Insurance

Financial Strength

Veterans Group Life Insurance (VGLI) is a government program designed to help veterans continue their life insurance after leaving the service. It carries over Servicemembers’ Group Life Insurance (SGLI) and also allows for increased coverage to veterans once they return to civilian life.

VGLI standard premium rates may be a better deal for you, but you may want to compare VGLI quotes to multiple other companies to see which is best. We can help.

Whether you want to read a complete Veterans Group Life Insurance review or just see some rates, we can help. Enter your ZIP code to compare rates now, then read more below.

Who is Veterans Group Life Insurance?

VGLI benefits are provided through Prudential to allow those leaving military service to transfer and continue their life insurance policy without having to undergo a medical exam or qualify for life insurance elsewhere after separation from service.

Those who are enrolled in the full-time Servicemembers’ Group Life Insurance (SGLI) program can apply for VGLI within one year and 120 days from separation from service. There is a time limit of 240 days after discharge to apply without having to answer health questions; after that time the applicant’s health may impact eligibility. There are a few eligibility requirements aside from the 240-day period after release from active service. These are:

  • Release from active duty or active duty for training where there is no specified call to duty period of fewer than 31 days
  • Release, retirement, or other separation from the National Guard or Ready Reserves
  • Assignment to Ready Reserves in any branch of service, Inactive National Guard, or the United States Public Health Service Inactive
  • Reserve Corps
  • Temporary Disability Retirement
  • Injury or disability while insured with part-time SGLI which is a type of Servicemembers’ Group Life Insurance that renders you ineligible for commercial term life insurance policies

This post-separation life insurance for veterans can only be accessed by those who qualify and through the government application process.

A VGLI conversion program is available if you prefer to convert your life insurance policy to a private insurance company. There is no VGLI cash surrender value, however, because it is a term life policy. You may have to undergo a medical exam to switch companies.

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What is the VGLI Life Insurance program?

The coverage available from this individual policy starts at a maximum of the same amount carried under the Servicemembers’ Group Life Insurance (SGLI), with increases in the death benefit available every five years of $25,000. The maximum coverage available is $400,0000. After age 60, the death benefit amount cannot be increased. Thus, a servicemember carrying $100,000 in coverage can obtain this same amount initially, and then add $25,000 every five years until the maximum is reached or they turn 60, whichever comes sooner.

Those who are eligible can also choose to purchase smaller amounts of life insurance in increments of $10,000.

Plans under the VGLI program are renewable term life insurance and remain in force for life as long as premiums are paid and the plan is renewed every five years; health does not impact this. However, rates do go up every five years based on the age bracket of the insured at the time of renewal, which is fairly standard for renewable term insurance.

Coverage is guaranteed for those who are eligible and apply within the time period, regardless of the insured’s health, which can provide peace of mind if you have children, or a family, and are concerned that you may not qualify for other life coverage. If you’re wondering about VGLA vs SBP (Survivor Benefit Plan), they are two different plans entirely, with the latter related to military pension benefits rather than life insurance options.

How much are VGLI Life Insurance rates?

VGLI monthly premiums are set based on the veteran’s age. VGLI monthly premiums are laid out in a table format on the Veteran’s Affairs website. This VGLI rate chart can help you to determine what your monthly premium rates would be while you’re comparing life insurance options.

Monthly premium rates start at $0.80 per month for $10,000 in coverage if the applicant is 29 or under. A $100,000 policy would cost $8.00 per month for that same age group, climbing to $460.00 per month for an applicant over 75.

A $400,000 policy for an applicant 29 or under would cost $32.00 a month. By age 75, those monthly premiums go up to $1840.00 a month, an incredible amount of money to pay for life insurance premiums in retirement. While this plan starts out very affordable, it becomes very expensive for those who need it in force into their senior years. There are private companies that may offer better insurance for veterans, with lower monthly premium rates and comparable insurance benefits.

There is very little information about an additional coverage option that can be added to an individual policy on the website.

How are VGLI Life Insurance claims processed?

Claims can be filed by downloading the claims form, which is readily available on the Veterans Affairs website, and either faxing or mailing it in. A number of different claim forms are available depending on the status of the beneficiary. You will likely need your VGLI control number in order to file.

The company’s website does not offer a VGLI phone number for filing claims, however, there is a phone number offered for questions on Ebenefits by contacting the Office of Servicemembers Group Life Insurance (OSGLI). You can contact the OSGLI at 1-800-419-1473. There is a VGLI login on the site that allows you to access your account.

There is no indication of how quickly the death benefit is paid.

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Are VGLI Life Insurance ratings and consumer reviews positive?

VGLI is not a commercial life insurance company but does go through Prudential Insurance and as a result, does not have a Better Business Bureau (BBB) page or rating. We were unable to locate reviews of VGLI’s service elsewhere on the internet.

As a government-sponsored program, it is not surprising that VGLI doesn’t appear on the usual consumer review sites. Due to the lack of reviews available it is difficult to provide information on how the rate of their services compared to other companies.

What’s the bottom line?

VGLI has the benefit of allowing coverage to be transferred without health impacting eligibility, but it grows very expensive over time. For those who are in good health, and for those who require lifetime coverage, it may be more affordable to obtain commercial life insurance. VGLI offers only term insurance; for many, the flat rate of a permanent policy will be less costly in the long term. It would be wise for veterans to compare their options, obtain quotes, and consider the long-term affordability of each option prior to making a decision.

With all of the information in the Veterans Group Life Insurance review at your disposal, it’s time to compare rates.

Enter your ZIP code right now to see affordable life insurance quotes.

Are you looking for free insurance quotes?

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Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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