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Vets may increase VGLI coverage.

* The Department of Veterans Affairs is reminding veterans who currently have Veterans' Group Life Insurance (VGULI) that they may be able to increase their coverage by $25,000 without answering health questions. This expanded benefit is part of the Veterans' Benefits Act of 2010.

Veterans under age 60 with less than $400,000 in VGULI coverage are eligible to apply for the increase during the 120 days prior to their five-year VGLI anniversary They can continue to increase their coverage by $25,000 every five years after that up to the legislated maximum, currently $400,000. Amounts less than $25,000 are not available unless the veteran has more than $375,000 in coverage and purchases the amount that increases his or her coverage to $400,000.

By law, veterans age 60 and older on their anniversary date are not eligible for the coverage increase, but all VGLI coverage previously purchased is guaranteed as long as premiums are paid,

VGLI rates are based on age and the amount of coverage purchased. Veterans premiums will increase based on the amount of additional coverage purchased. For details about VGLI rates, visit http://goo.gl/hi7DJ.The site also offers an Insurance Needs Calculator that can help you determine the amount of coverage you may need.

Veterans may find out when they are eligible to increase their VGULI coverage and purchase additional coverage by accessing their VGULI Online Account or calling the Contact Center at 800-419-1473. Veterans can also expect to receive a notice in the mail in advance of when they become eligible for the coverage increase.

To learn more about VGLI and the opportunity to increase coverage, visit http://goo.gl/AhwQm.
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Title Annotation:Copays Rise; Veterans' Group Life Insurance
Publication:DAV Magazine
Article Type:Brief article
Geographic Code:1USA
Date:Mar 1, 2012
Words:281
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