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Veterans Group Life Insurance. Itâs important to consider which life insurance policy is best to ensure your familyâs financial security. When you separate from the military you have the option to convert your SGLI benefit over to VGLI. But, you have a limited time frame after separation to do so â 1 year and 120 days to be exact.
The Federal Employees' Group Life Insurance (FEGLI) Program provides group term life insurance. It consists of Basic life insurance coverage and three options. The basic benefit amount is approximately $2,000 more than your base salary. The Federal Government pays one-third of the cost for basic coverage. Optional insurance is available to increase your benefit, as well as to provide coverage for your family.