VA has announced an amendment to the Servicemembers’ Group Life Insurance (SGLI), Family SGLI (FSGLI), and Veterans’ Group Life Insurance (VGLI) Accelerated Benefit Option (ABO) regulation.
This update allows an alternate applicant to apply for an ABO on a member’s behalf, such as when a member is medically incapacitated. With accelerated benefits, you can get up to 50% of the face value of your coverage in increments of $5,000—paid to you before death.
This change will:
- Allow an alternate applicant to apply for the ABO on behalf of a terminally ill member, who is medically incapacitated.
- Authorize a member to apply for the ABO when their insured spouse is terminally ill.
- Ensure that stepchildren and children, who are 18-22 and in school, are included in FSGLI dependent child coverage.
This change comes as an update to the ABO that’s been in effect since 1998 when only the member could apply. Visit VA benefits for more information, or to apply.
Photo by Elin Melaas on Unsplash
Photo by Mehdi Mirzaie on Unsplash
