Can you cash in sgli

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If you have the maximum amount of SGLI, you have the right to retain any other Government or private insurance. If you declined or reduced your SGLI coverage and later want to obtain or increase the coverage, you must complete and sign a form SGLV , Request for Insurance, in the presence of an authorized representative of your uniformed service.

You must answer all medical questions. The representative will certify and file the application in your personnel file. Your coverage will become effective immediately, providing a review of your medical conditions is not required by OSGLI. Monthly premiums will be deducted from your pay. If you reduce or cancel SGLI on the first day of duty, your election will be effective immediately. If you make an election after the first day of duty, it will be effective at the end of that month.

If you are reducing or canceling part-time coverage, your election will be effective at the end of the last day of the period of duty you are serving.

Assessing your life insurance needs and options can difficult. We can help you assess your life insurance needs and options. Follow this link to use our helpful decision-making tools. Most members of the uniformed services and Ready Reserves are eligible for full-time coverage. You are eligible for full-time coverage if you are an active duty member of the uniformed service and performing duty under calls or orders that do not specify periods of less than 31 days.

If you are a Ready Reservist and assigned to a unit in which you may be required to perform active duty or active duty for training and each year will be scheduled to perform at least twelve periods of inactive duty training, you are also eligible for full-time SGLI coverage. If you are an eligible member of the Reserves and do not qualify for full-time coverage while performing active duty or active duty for training under calls specifying periods of less than 31 days, you may be eligible for part-time coverage.

If you previously declined or reduced SGLI coverage and later decide you want coverage, you may request such coverage in writing through your uniformed service. You will need to complete and sign an application form SGLI , Request for Insurance, in the presence of a representative from your uniformed service. This amount will be automatically deducted from your service pay. When you join the military, the government automatically provides coverage known as SGLI and deducts premiums from your pay.

But you can elect to decline this coverage and choose a policy through a commercial life insurance company or nonprofit organization. Whether you choose the military's Servicemembers' Group Life Insurance or find your own, it's important to purchase a life insurance policy that will provide financial support in the event of an injury or death. This coverage provides protection against loss due to traumatic injuries and is designed to provide financial assistance to members so their loved ones can be with them during their recovery from their injuries.

If you elect to be insured for less than the maximum amount or to decline coverage entirely, you must complete the Servicemembers Group Life Insurance Election and Certificate. This certificate -- which serves as a certificate of coverage -- designates one or more beneficiaries to receive payment of the insurance proceeds. False: 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. False: If you are a Reservist or a National Guard member and have been assigned to a unit in which you are scheduled to perform at least 12 periods of inactive duty that is creditable for retirement purposes, full-time SGLI coverage is in effect days of the year. You are also covered for days following separation or release from duty.

Supposedly some bill was passed. False: Rumors that Congress approved a "Special Dividend" for Veterans who do or do not have Government life insurance have been spread for over 30 years.