2019 Social Security & Medicare Facts by Michael D. Thomas

2019 Social Security & Medicare Facts by Michael D. Thomas

Author:Michael D. Thomas
Language: eng
Format: epub
Tags: -
Publisher: The National Underwriter Company
Published: 2018-11-16T16:00:00+00:00


VETERANS’ GROUP LIFE INSURANCE

Monthly Premium Rates

Ages 55 and up

These premium rates (listed on the previous three pages) are subject to change, depending on emerging experience.

528. How is Veterans’ Group Life Insurance converted to an individual policy?

VGLI may be converted to an individual policy at any time, upon written application for conversion to the participating company selected and payment of the required premiums. The individual policy will be issued without medical examination on a plan currently written by the company.

The process is as follows - the policyholder must:

•Select a company from the listing of participating companies,1

•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.

On request, the administrative office will furnish a list of life insurance companies participating in the program and companies (not participating in the program) that meet qualifying criteria, terms, and conditions established by the administrator, and that agree to sell insurance to former members in accordance with the rules described.

529. Will SGLI pay benefits if an insured dies while wearing privately-owned body armor or helmet?

SGLI claims are paid regardless of body armor or helmet type. Wearing body armor or a helmet is not a requirement for a SGLI claim to be paid.

530. Will SGLI or VGLI pay deny benefits if an insured is not complying with seatbelt or helmet laws and dies in a traffic accident?

SGLI or VGLI claims are paid regardless of whether the member was or was not wearing a seatbelt or in the case of a motorcycle accident, whether or not a helmet was being worn.

531. Are there limitations of effectiveness of coverage for National Guard or Reservists?

In the case of Reservists or a National Guard member assigned to a unit and scheduled to perform at least twelve periods of inactive duty that is creditable for retirement purposes, full-time SGLI coverage is in effect 365 days of the year. Coverage also extends for 120 days following separation or release from duty.



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