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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.
FEGLI is one of the many government programs with an acronym that is meaningless to the outside world and, perhaps, also unknown to many federal employees. It stands for Federal Employeesâ Group Life Insurance. FEGLI is group term life insurance. It does not build up cash value. You cannot take a loan out against your FEGLI insurance. OPM has a contract with the Metropolitan Life Insurance Company (MetLife) to provide this life insurance. The details of the federal life insurance program get complicated and my guess is that many employees donât often pay much attention to the program. We also see comments from readers that they get a better deal on life insurance from other sources even though, under the FEGLI program, the government pays part of the cost. Our advice is to check around and see which program is the best one for your lifestyle and circumstances.