Life Insurance Flashcards
What is the form number to apply, reduce, decline or cancel FSGLI?
SGLV Form 8286A
If your spouse is not a member of the service then your spouse is automatically covered for ________________?
Maximum coverage unless you reduce or cancel coverage.
If your spouse is a member of the service and you married on or after January 2nd, 2013 then you or your spouse must ________________?
Apply for coverage because it is not automatically covered.
How much does FSGLI cost?
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
SGLI is available in increments of ______________ and costs _____________?
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
TSGLI cost? (Traumatic Injury)
1.00 per month
FSGLI provides a maximum of _____________ insurance coverage for spouses and children.
100,000 for spouse, 10,000 for children.
Not to exceed the service-members sgli coverage amount.
What form is used to decline, reduce, or cancel spouse coverage?
SGLV Form 8286A
How are FSGLI premiums paid?
Automatically deducted from your pay if your spouse is enrolled in DEERS. If not, you will incur back debt when they’re enrolled.
Spouses have ________ days to convert their FSGLI to an individual policy from any of what events?
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.
Spouses covered under FSGLI may convert their coverage to a commercial policy at standard premium rates without _______. It must be a permanent policy.
Providing proof of good health
Which policies are not allowed for spouses to convert their FSGLI to under the conversion policy?
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.
If a spouse decided to apply for conversion of FSGLI, within the 120 days, they must_______?
- 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)
Who is eligible for FSGLI?
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.
Information for SGLI, FSGLI and other types of life insurance can be found at?
Http://benefits.va.gov/insurance.asp
Us department of veterans affairs
SGLI is low cost life insurance coverage to which you are _________ issued the maximum coverage.
Automatically
What is the form to reduce, elect or decide SGLI coverage?
SGLV 8286
Eligibility for SGLI includes automatic enrollment if you are:________?
- 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
Covered members receive _____ days of free SGLI coverage from their date of separation.
120
SGLI coverage can be extended up to _____ if the member is totally disabled at separation.
2 years
Part time SGLI coverage is also provided to Reserve members who do not qualify for full time coverage. These members do not receive_______?
120 days of free coverage
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.
SGLI disability extension.
VGLI
You must apply to convert from SGLI to VGLI within ______ of discharge.
1 year and 120 days
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.
240
Evidence of good health
You have _ days to convert your SGLI to a commercial policy from date of separation.
120
Form for VGLI
SGLV 8714
VGLI allows you to continue life insurance coverage after _____?
Separation from service
VGLI provides a lifetime of coverage as long as you pay the ___?
Premiums
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 ______?
10,000 increments
Once enrolled in VGLI you have the opportunity to increase your coverage by ________ every 5 years up to the maximum of ____ until age 60.
25,000
400,000
You are eligible to apply for VGLI within 1 year and 120 days of the following events:?
- 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.
VGLI premiums are based upon the veterans ______?
Age
How can you apply for VGLI?
Apply through ebenefits or complete form 8714 and mail to the office of service members group life insurance.
