Eligibility
Service members covered under the SGLI program and spouses covered under the Family SGLI program have the option to convert their coverage to an individual policy of insurance within 120 days from the date of separation from the military.
Persons who have VGLI in force may convert their coverage to an individual policy at any time.
Guaranteed Coverage
AFBA will convert your SGLI/VGLI to an individual life insurance policy with no medical exam. The new coverage becomes effective the day immediately following the date SGLI/VGLI coverage terminates—allowing for no break in insurance coverage.
Emergency Death Benefit
An emergency death benefit of up to $15,000 is mailed within 24 hours of notice.
What You Need
* SGLI Conversion requires a copy of your separation document:
Form DD-214 or Form NGB-22; or,
Final LES statement and Reservist orders.
* VGLI conversion requires a letter from OSGLI verifying current coverage.
* In addition, you must complete two AFBA forms: the SGLI/VGLI conversion application and an enrollment form for optional coverage. This allows the applicant the opportunity for the best rate possible.
Maximum Conversion Amount
The maximum conversion amount is limited to the amount of insurance you had with VGLI or SGLI.
Family Riders
A family rider is not available on the conversion policy but your spouse and children are entitled to apply for low-cost AFBA coverage.
Low-Cost Optional Coverage
Depending on your age and health status, one of the following low-cost AFBA Military life insurance options may more closely suit your and your family’s insurance needs better than the conversion coverage. Please note that these optional coverage options may require a physical exam based on age and coverage amount.
*AFBA’s Select Term — Offers a guaranteed fixed contribution with a level amount of coverage for 10, 15, or 20 years.
*5Star Level Term — Available in $50,000 units with continuing coverage to age 70 as long as contributions paid.
*AFBA’s Better Alternative — Specifically designed for younger armed service personnel and their dependents with contributions significantly less than VGLI.
Contribution Options
You may contribute monthly by military allotment, checkmatic (direct draft), or credit card; or by personal check on a quarterly, semi-annual, or annual basis.
Underwriter
Insurance is underwritten by 5 Star Life Insurance Company, rated “Excellent” by A.M. Best for financial strength and operating performance.