Quote In this world nothing is certain but death and taxes, appearing behind ripped brown paper.

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Time to talk about life insurance. Really.

August 23, 2018 - 2:46 pm

If you get hit by a bus tomorrow.... who is paying for your kids college?  For the mortgage?  For the funeral?

Are you ready?

Life insurance is just that:  insurance that your survivors will be able to pay their bills while they grieve, not an easy thing to do.   Often for a few dollars more each month, you can have peace of mind about what will happen to the people you love if the unthinkable happens.

Before looking at the plans, do you even need life insurance? Here's a worksheet that helps you calculate how much insurance you might need.

VA offers several plans for several life situations:

  • Veterans’ Group Life Insurance lets you continue coverage after you get out of the military. If you apply within 240 days of separation, you won’t have any health questions asked. But you have time to shop around and consider if this is the right insurance for you: you can apply up to one year and 120 days after separation.
  • Family Servicemembers’ Group Life Insurance allows spouses and children of active duty to convert coverage to an individual plan with a private insurer. You have 120 days from the servicemembers separation date to get this benefit.
  • Servicemembers’ Group Life Insurance Disability Extension is for anyone separating from the service who is considered totally disabled and unable to work. You can apply for two years of free coverage too. After two years, veterans automatically qualify for Veterans’ Group Life Insurance (VGLI) as long as the VGLI premiums are paid.
  • Veterans’ Mortgage Life Insurance is for severely disabled servicemembers and veterans who receive a Specially Adapted Housing grant. This pays the family’s home mortgage in the event of the veteran’s death.
  • Service-Disabled Veterans Insurance. VA doesn’t require a 100 percent disability rating for this insurance. Even vets with a zero percent rating can qualify if they meet other criteria.
  • Servicemembers’ Group Life Insurance Traumatic Injury Protection. This covers anyone in the event of a serious injury. It’s not for combat injuries; this is for anything that happens off duty.

You can find all the needed forms right here.