December 2009 Navy
by LCDR David M. Bradley, USN (Ret)
Life Insurance
While there are many carriers and forms of life insurance available, we’ll address only your options for converting your SGLI coverage. Your SGLI coverage has two options available to you upon release from service.You can convert your full-time SGLI coverage to term insurance under the Veterans’ Group Life Insurance (VGLI) program or convert to a permanent plan of insurance with one of the participating commercial insurance companies.
VGLI is a program of post-separation insurance which allows you to convert your SGLI coverage to renewable term insurance. If you have full-time SGLI coverage, you are eligible for VGLI upon release from service. VGLI coverage is issued in multiples of $10,000 up to a maximum of $400,000. However, your VGLI coverage amount cannot exceed the amount of SGLI you had in force at the time of separation from service. Premiums are based on your age at the time of retirement.
To convert SGLI to VGLI, you can apply for VGLI Online using the on-line application. The on-line will walk you through each step of the application process. The Office of Servicemembers’ Group Life Insurance (OSGLI) will instantly evaluate your application and let you know if your coverage is approved or if your application needs further review.
To apply for VGLI by mail, you can download and complete SGLV 8714, Application for Veterans’ Group Life Insurance and mail it to the Office of Servicemembers’ Group Life Insurance with the required premium and a copy of your DD 214 or other equivalent proof of service.
You must apply within one year and 120 days from discharge. However, if you submit your application within 120 days of discharge you do not need to submit evidence of good health. If you apply after the 120-day period, you must submit evidence of good health.
VGLI policyholders also have the option to convert their VGLI coverage to an individual policy of insurance at any time. In order to convert VGLI coverage, the policyholder must:
- select a company from the Participating Companies listing,
- apply to a local sales office of the company selected,
- obtain a letter from OSGLI verifying coverage (VGLI Conversion Notice),
- give a copy of that notice to the agent who takes the application
Policyholders may convert their coverage to a commercial policy at standard premium rates, without having to provide proof of good health. The conversion policy must be a permanent policy, such as a whole life policy.
Other types of policies, such as Term, Variable Life, or Universal Life Insurance are not allowed as conversion policies. In addition, supplementary policy benefits such as Accidental Death and Dismemberment or Waiver of Premium for Disability are not considered part of the conversion policy.
Additional information and links to more detailed information may be found on the Department of Veteran's Affairs website.
Retirement and Long Term or Nursing Homes for Veterans
A number of retirement and longterm treatment facilities are available to you. Most retirement homes are free to residents, although some ask for payments.
These homes range from domiciliaries, with communal arrangements, to nursing homes providing personal medical care. Because of long waiting lists, priority for admission to retirement facilities generally goes to those who face the greatest financial hardships.
The Armed Forces Retirement Home. A facility with a special relatIonship to the military is the Armed Forces Retirement Home Washington. Contact: Admissions Office; 3700 N. Capitol St. N.W.; Washington, DC 20011-8400; (202) 730-3336; (800) 422-9988.
A second Armed Forces Retirement Home (The U. S. Naval Home) in Gulfport, MS, was heavily damaged by Hurricane Katrina in 2005 and its residents were evacuated to other facilities. The Gulfport home is currently under reconstruction with a completion date of July 2010 and at a cost of more than $194 million. Contact: U.S. Naval Home, Resident Affairs Service; 1800 Beach Drive; Gulfport, MS 39507-1597
VA domiciliaries. These facilities provide institutional care to veterans who are not acutely ill and do not need hospital care. They also offer short-term rehabilitation and long-term health maintenance to veterans who require minimal medical care. Patients typically stay about seven months, after which most return to their communities. The VA operates 43 domiciliaries across the country. Some have special programs for homeless veterans.
VA nursing homes. Veterans with service-connected disabilities rated 70 percent or higher, as well as veterans in need of nursing home care for a service-related condition, are considered mandatory placements in VA nursing homes and are provided free care. If space and resources are available, other veterans may be eligible on a caseby- case basis, with priority given to veterans with service-connected conditions and those who need care for post-acute rehabilitation, respite, hospice, geriatric evaluation and management, or spinal cord injury. All other veterans who are subject to co-payments also may be considered for nursing home care, although placement options vary by location.
There is no co-payment for the first 21 days of nursing home care in any 12-month period. Charges beginning on the 22nd day vary, depending on income, expenses, liquid assets, daily allowance, and a spousal asset protection amount.
The VA nursing home program includes VA-operated nursing home care units, contract community nursing homes, and state homes. VA contracts with about 2,500 community nursing homes and operates 136 other nursing home care units in 47 states.
Additional information may be found on the Veterans Affairs website.
Next month, Home Loans and Space “A” Travel. Take care – LCDR Dave Bradley