Applying for Benefits
Within approximately
45 to 60 days following your separation from service, you
should receive an application from OSGLI. You must submit this
form to OSGLI, with the first month’s premium, within
120 days following separation from service. If you do not receive
the application, you may apply for VGLI using a form SGLV
8714, Application for VGLI. If you use this form, you need
to enclose a copy of your DD 214 or other equivalent proof of
service.What
Happens If You Don’t Apply Within The 120-Day Period?
If you do not submit your application and premium within 120
days following separation from service, you can still apply
for VGLI within 1 year after your SGLI has terminated (that
is, 1 year after the end of the 120-day period following separation.)
However, when you apply after the 120-day period, you must submit
proof of good health. You are not eligible to apply for VGLI
after 1 year and 120 days following your release from active
duty.
Costs/Payment
VGLI premium
rates are based on age. There are several age brackets
of premium rates. If you pay your premium on an other than
monthly basis, you receive a discount. How
Do You Pay Premiums?
You may pay VGLI premiums directly to OSGLI by: check or money
order, allotment from military retirement pay, or automatic
deduction from VA Disability Compensation Benefits (DFB).
Your first premium must be sent with your application directly
to OSGLI, even if you choose to pay by allotment or by DFB.
After your application has been approved, subsequent premiums
will be due monthly beginning the month after the insurance
becomes effective. If you choose to pay premiums directly,
you will receive premium statements either monthly, quarterly,
semi-annually or annually.
What
Happens If You Don’t Pay Premiums On Time?
If you don’t pay your premium when it is due or within
a grace period of 60 days, your VGLI coverage will lapse.
If VGLI lapses due to your failure to pay the premiums
on time, you will receive a notification of the lapse
and a reinstatement form. You may apply to reinstate your
coverage at any time within 5 years of the date of the
unpaid premium. If you apply for reinstatement within 6
months from the date of lapse, you need only to provide
evidence that your are in the same state of health on the
date of reinstatement as you were on the date of lapse.
Otherwise, you may need to provide proof of good health.
