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VETERANS GROUP LIFE INSURANCE

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Q2. You have paid for an item with a check; however, you don’t have enough money in your checking account to cover the check. What is the result of this action? Q3.   You are having money taken out of your pay to make loan payments. What type of allotment are you making? Q4.   What’s the first thing you should plan for when making out a budget? Q5.   The money charged for using borrowed money or using credit is known as— Q6.   If total charges of a loan or purchases agreement are not listed, what is a simplest way to find the total cost of credit? Q7.   How do you establish a good credit rating? GOVERNMENT-SUPERVISED LIFE INSURANCE Learning Objective: When you finish this chapter, you will be able to— Recognize the purpose of life insurance. The  government  has  provided  premium-free  or low-cost  life  insurance  for  service  members  and veterans  since  World  War  I.  Since  1919,  various insurance  programs  have  been  offered  as  insurance needs have changed over the years. SERVICEMEN’S GROUP LIFE INSURANCE Servicemen’s  Group  Life  Insurance  (SGLI)  is  a low-cost group insurance program open to active-duty personnel without regard to special qualifications, such as disability. You may secure SGLI only in increments of  $10,000,  up  to  a  maximum  of  $200,000.  You  are automatically issued the $200,000 coverage, unless you choose a lower amount. The cost of SGLI is deducted automatically from your pay. Unlike some commercial insurance policies, SGLI has no loan, paid-up, or cash-surrender value. In other words, you can’t borrow money against this insurance; if you stop payment on the policy or cancel it, you will receive neither paid-up insurance nor cash. SGLI  coverage  continues  for  120  days  after  your separation.  If  you  are  separated  for  a  disability, coverage  may  be  extended  up  to  1  year  after  your separation date. VETERANS GROUP LIFE INSURANCE The Veterans Insurance Act of 1974 established a program  of  post-separation  insurance  called  Veterans Group Life Insurance (VGLI). That act provides for the automatic conversion of SGLI to a 5-year nonrenewable term policy at reasonable rates and with a “no physical exam”  advantage.  That  is,  you  can  have  insurance coverage  at  reasonable  rates  for  5  years  after  you separate from the Navy. You can convert the policy at any time during that 5 years to a commercial insurance policy  with  the  same  amount  of  coverage  without  a physical  examination.  Like  SGLI,  the  Office  of Servicemen’s   Group   Life   Insurance   (OSGLI) administers  the  VGLI  program,  and  the  Veterans’ Administration supervises it. You can get VGLI coverage in amounts equal to, but not exceeding, the amount of SGLI in force at the time of your separation. This insurance, like SGLI, has no cash, loan, paid-up, or extended insurance value. REVIEW 3 QUESTIONS Q1.   You can secure SGLI in what increments? 17-15 Student Notes:



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