The United States Department of Veterans Affairs overlooks the Military Life Insurance & Survivor Benefits 2024. Under this program, the department aims to financially assist active duty members, retirees, veterans, and their survivors. These military life insurance benefits are categorized into different categories. Such as Servicemembers’ Group Life Insurance (SGLI), Veterans’ Group Life Insurance (VGLI), and Survivors’ Pension for retirees and wartime veterans. However, the payment amount may differ based on the benefit a military member is receiving. Apart from that, the VA department also assists its active duty members in case of a traumatic injury or service-related disability.
What are Military Life Insurance & Survivor Benefits 2024
The Military Life Insurance & Survivor Benefits 2024 is one of the major financial relief programs for military members in the U.S. The program offers a range of financial benefits to active-duty members, retirees, veterans as well as their survivors. The two major programs are the SGLI and VGLI which the department provides to active-duty members and veterans respectively. The major purpose of the Department of Veterans Affairs behind running this significant initiative is to ensure a stable life for military members. Apart from that, the VA department also looks out for the retirees’ survivors so that they can have a stable life.
$2,710/ Month at the Age of 62 in October 2024
The payment amount differs based on the benefits a citizen is receiving from the VA. Similarly, the VA has set different guidelines for each benefit whether it is SGLI, VGLI, or survivor’s pension. Those who successfully qualify for the eligibility requirements may receive military life insurance in 2024. Military servicemen who receive Servicemembers’ Group Life Insurance while on active duty are considered eligible for Veterans’ Group Life Insurance. The veterans can receive the VGLI after leaving the military. Apart from that, if someone has acquired an injury during the service, the VA offers them financial coverage till their recovery.
Military Life Insurance & Survivor Benefits 2024 Highlights
| Title | Military Life Insurance & Survivor Benefits 2024 |
| Country | The USA |
| Name of the Authority | The United States Department of Veterans Affairs |
| Governed by | The Federal Government |
| Category | Government aid |
| Applicable for | Active-Duty Members, Retirees, and Veterans |
| Purpose | To provide financial assistance |
| Year | 2024 |
| Official website | va.gov / usa.gov |
Service Member Group Military Life Insurance 2024
The Servicemembers’ Group Military Life Insurance 2024 is provided to eligible service members of the military. Those who meet one of the following conditions may be considered eligible for the SGLI:
- Active member of the Army, Navy, Air Force, Space Force, Marines, or Coast Guard
- Commissioned member of the National Oceanic and Atmospheric Administration (NOAA).
- Cadet of the U.S. Military Academics or Reserves Officers Training Corps (ROTC).
- Member of Ready Reserve or National Guard.
- Have volunteered in an Individual Ready Reserve (IRR).
The VA provides certain benefits under the SGLI. Such as coverage up to $500,000, part-time coverage, etc. To receive these, one must pay a monthly premium that the department takes from base pay. The coverage amount and monthly premium rate details are mentioned in the following table:
| Coverage Amount | Monthly Premium Rate | TSGLI Premium | Total Monthly Premium Deduction |
| $500,000 | $30.00 | $1.00 | $31.00 |
| $450,000 | $27.00 | $1.00 | $28.00 |
| $400,000 | $24.00 | $1.00 | $25.00 |
| $350,000 | $21.00 | $1.00 | $22.00 |
| $300,000 | $18.00 | $1.00 | $19.00 |
| $250,000 | $15.00 | $1.00 | $16.00 |
| $200,000 | $12.00 | $1.00 | $13.00 |
| $150,000 | $9.00 | $1.00 | $10.00 |
| $100,000 | $6.00 | $1.00 | $7.00 |
| $50,000 | $3.00 | $1.00 | $4.00 |
Veterans’ Group Military Life Insurance 2024
The department provides the Veterans’ Group Military Life Insurance 2024 once the servicemen leave the military. The benefit is applicable for the Veterans and the Former Service Members. Under the SGLI, service members can receive between $10,000 and $500,000 of life insurance. These payments can be increased by $25,000 every 5 years up to $500,000 till the veterans turn 60. For that, they need to apply within 1 year or 120 days after leaving the military. To receive these benefits, veterans must meet one of the following conditions:
- Received part-time Servicemembers’ Group Military Life Insurance.
- Received an injury while on duty.
- Received SGLI during active duty in the military.
- Candidates are within 120 days or 1 year after leaving the military or being put on the Temporary Disability Retirement List.
VA Military Survivors Benefits 2024
The Department of Veterans Affairs also provides monthly financial benefits to the surviving spouses and their dependent children of wartime veterans. For that, the income and net worth of the veterans play and key role while determining the monthly payments. For that, the survivors must qualify for one of the following conditions that are set by the VA department itself:
- Veterans joined the military on or before September 7, 1980.
- Remained in military service for at least 90 days (at least 1 day during covered wartime).
- Was an officer who started active duty after October 16, 1981.
- The child is eligible for the benefits if he/she is unmarried.
Eligible survivors of wartime veterans can apply by one of the provided means by the VA department. While applying online, citizens can use the QuickSubmit tool through AccessVA. However, if someone wishes not to apply through online application, the VA provides them another option via mail. Citizens need to fill out the application form for DIC, Death Pension, or Accrued Benefits and mail it to the authorities. For more information, citizens can also visit the official website of the Department of Veterans Affairs.
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Raul joined SD News team in 2021, bringing his experience as a editor-cum writer on global financial & trending topics. From a young age, Raul developed a keen interest in Finance, which propelled his to pursue an undergraduate degree in global and international studies. Raul skillfully combines his knowledge of political economy and finance to empower readers with crucial insights.