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Veterans Group Life Insurance. Itâs important to consider which life insurance policy is best to ensure your familyâs financial security. When you separate from the military you have the option to convert your SGLI benefit over to VGLI. But, you have a limited time frame after separation to do so â 1 year and 120 days to be exact.
Application Process. Servicemembers' Group Life Insurance (SGLI) SGLI coverage is automatic. Use SGLV 8286 to designate beneficiaries, or reduce, decline or restore SGLI coverage. Veterans' Group Life Insurance (VGLI) Complete and file form SGLV 8714 or apply online. Family Servicemembers' Group Life Insurance (FSGLI) Complete and file form SGLV 8286A to decline, reduce, or restore FSGLI coverage.