Life Insurance

Question 1

What is the form number to apply, reduce, decline or cancel FSGLI?

Answer 1

SGLV Form 8286A

Question 2

If your spouse is not a member of the service then your spouse is automatically covered for ________________?

Answer 2

Maximum coverage unless you reduce or cancel coverage.

Question 3

If your spouse is a member of the service and you married on or after January 2nd, 2013 then you or your spouse must ________________?

Answer 3

Apply for coverage because it is not automatically covered.

Question 4

How much does FSGLI cost?

Answer 4

It's available in increments of 10,000. Premium increases with age. Child coverage is free until 18 or a full time student or disabled. 
Under 35: .50 per increment
35-39: .65 per increment
40-44: .85 per increment
45-49: 1.30 per increment
50-54: 2.50 per increment
55-59: 3.70 per increment
60-over: 5.00 per increment

Question 5

SGLI is available in increments of ______________ and costs _____________?

Answer 5

50,000 for a max of $400,000.

Monthly 3.50 per increment.
(.07 cents per $1000)

The premium includes an additional dollar per month for TSGLI

Question 6

TSGLI cost? (Traumatic Injury)

Answer 6

1.00 per month

Question 7

FSGLI provides a maximum of _____________ insurance coverage for spouses and children.

Answer 7

100,000 for spouse, 10,000 for children.

Not to exceed the service-members sgli coverage amount.

Question 8

What form is used to decline, reduce, or cancel spouse coverage?

Answer 8

SGLV Form 8286A

Question 9

How are FSGLI premiums paid?

Answer 9

Automatically deducted from your pay if your spouse is enrolled in DEERS. If not, you will incur back debt when they’re enrolled.

Question 10

Spouses have ________ days to convert their FSGLI to an individual policy from any of what events?

Answer 10

120 days

• Date service member separated from military.
• Date of divorce.
• date of service members election to terminate spousal coverage.
• date of service members election to terminate their own sgli.
• date of service members death.

Question 11

Spouses covered under FSGLI may convert their coverage to a commercial policy at standard premium rates without _______. It must be a permanent policy.

Answer 11

Providing proof of good health

Question 12

Which policies are not allowed for spouses to convert their FSGLI to under the conversion policy?

Answer 12

Term, variable life or universal life insurance.

Supplementary policy benefits such as accidental death and dismemberment or waiver of premium for disability are not considered part of the conversion policy.

Question 13

If a spouse decided to apply for conversion of FSGLI, within the 120 days, they must_______?

Answer 13

• select a company from list.
• apply to a local sales office of selected company.
• give to the agent a copy of les, dd214, divorce or dissolution paperwork, FSGLI spousal declination, members sgli declination, proof of death (only les and one of the applicable documents, 2 documents total)

Question 14

Who is eligible for FSGLI?

Answer 14

Spouses and dependent children of:

• active duty service members covered by full time SGLI.
• members of the national guard or Ready Reserve covered by full time SGLI.

Question 15

Information for SGLI, FSGLI and other types of life insurance can be found at?

Answer 15

Http://benefits.va.gov/insurance.asp

Us department of veterans affairs

Question 16

SGLI is low cost life insurance coverage to which you are _________ issued the maximum coverage.

Answer 16

Automatically

Question 17

What is the form to reduce, elect or decide SGLI coverage?

Answer 17

SGLV 8286

Question 18

Eligibility for SGLI includes automatic enrollment if you are:________?

Answer 18

• active duty military (all branches)
• NOAA or us Public Health Service.
• cadet or midshipmen at military academies.
• member, cadet, midshipmen of ROTC engaged in training or practice cruises.
• member of ready reserve or national guard and are scheduled to perform at least 12 periods of inactive training a year.
• service members who volunteer for a mobilization to IRR

Question 19

Covered members receive _____ days of free SGLI coverage from their date of separation.

Answer 19

120

Question 20

SGLI coverage can be extended up to _____ if the member is totally disabled at separation.

Answer 20

2 years

Question 21

Part time SGLI coverage is also provided to Reserve members who do not qualify for full time coverage. These members do not receive_______?

Answer 21

120 days of free coverage

Question 22

If you are totally disabled (unable to work) at time of separation, you can apply for ______, which provides free coverage for up to 2 years from date of separation. At the end of this time you are automatically eligible for _______, subject to premium payments.

Answer 22

SGLI disability extension.

VGLI

Question 23

You must apply to convert from SGLI to VGLI within ______ of discharge.

Answer 23

1 year and 120 days

Question 24

Veterans who submit their application to convert from SGLI to VGLI within _____ days of discharge do not need to submit ______, while those exceeding are required to answer questions about their health.

Answer 24

240

Evidence of good health

Question 25

You have _ days to convert your SGLI to a commercial policy from date of separation.

Answer 25

120

Question 26

Form for VGLI

Answer 26

SGLV 8714

Question 27

VGLI allows you to continue life insurance coverage after _____?

Answer 27

Separation from service

Question 28

VGLI provides a lifetime of coverage as long as you pay the ___?

Answer 28

Premiums

Question 29

VGLI may be enrolled for a maximum amount of the coverage equal to the amount of SGLI coverage you had when you got out. Lesser amounts are available in ______?

Answer 29

10,000 increments

Question 30

Once enrolled in VGLI you have the opportunity to increase your coverage by ________ every 5 years up to the maximum of ____ until age 60.

Answer 30

25,000

400,000

Question 31

You are eligible to apply for VGLI within 1 year and 120 days of the following events:?

Answer 31

• release from active duty or call to active duty over 31 days.
• separation, retirement, release from ready reserves or national guard.
• assignment to IRR or ING.
• placement on the temporary disability retirement list.

Question 32

VGLI premiums are based upon the veterans ______?

Answer 32

Age

Question 33

How can you apply for VGLI?

Answer 33

Apply through ebenefits or complete form 8714 and mail to the office of service members group life insurance.