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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.
VGLI is administered by the Office of Servicemembers Group Life Insurance but supervised by the Department of Veterans Affairs. You can buy coverage in increments of $10,000 up to a maximum of $250,000, but not more than the amount of your SGLI coverage -- $400,000 -- when you separated from the service.