Were you unable to obtain life insurance after you got out of the service? Well you can still obtain it if, you are 1 year and 120 days from date of separation. If you apply for coverage within 240 days of your date of separation, you will not need to answer health questions. Your SGLI will be converted to a VGLI, here's the link for more info Servicemembers' and Veterans' Group Life Insurance, with a possibility of receiving up to $400,000. Premiums are based upon the veterans age.
Have you heard of Accelerated Benefit Claims? The Accelerated Benefit Option gives terminally-ill SGLI, Family SGLI and VGLI policyholders access to the death benefits of their policies before they die. The member may receive a portion of the face value of the insurance in a lump sum payment.
"A member
is eligible to receive an Accelerated Benefit if he/she or a covered spouse has
a valid written prognosis from a physician of 9 months or less to live. Only the
insured member may apply for an Accelerated Benefit. No one else can apply on
the member's behalf. In the case of a terminally ill spouse, only the member
may apply for accelerated benefits.
