Servicemembers Group Life Insurance (SGLI)
The SGLI payment is $500,000, unless the member elected a lesser amount or declined coverage in writing. Monthly premium payments for the level of coverage selected by the member are automatically deducted from the member’s pay at DFAS. Determination and payment of proceeds are made by the Office of Servicemembers’ Group Life Insurance under the jurisdiction of the Department of Veterans Affairs. Payment of proceeds to a beneficiary is exempt from taxation. The insured member may have designated as principal or contingent beneficiary any person, firm, corporation or legal entity, including their estate, individually or as a trustee.
https://www.va.gov/life-insurance/options-eligibility/sgli/
Claims are filed using SGLV Form 8283 - Claim for Death Benefits. Settlement is normally made within 60 days. Payment is made to the principal beneficiary(ies) listed on the SGLV Form 8286 – Servicemembers’ Group Life Insurance Election and Certificate.
Send the VA Form SGLV 8283 (Claim for Death Benefits) to:
Servicemembers’ Group Life Insurance
80 Livingston Avenue
Roseland, NJ 07068
Contact the SGLI Office toll free at 1-800-419-1473.
The beneficiary will receive the following in the mail:
- A certificate of account confirmation
- A personalized checkbook
- A guide to features and benefits
- An information request form asking for signature verification and internal review W9 certification.
The beneficiary can maintain a balance for as long as desired. Also, the account earns an attractive interest rate. The beneficiary may write checks as often as desired, in any amount of $250 or more. Each month, the beneficiary will receive a statement detailing the account balance, interest earned, current interest rate, and any other account activity.