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Veterance Group Life Insurance (VGLI)
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Useful Information for Newly Commissioned Officers
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Burial Rights
Most   officers   will   fly   in   service   aircraft   and sometimes   will   receive   training   in   these   aircraft. Aviation exclusion clauses may  not  cover you in such training situations. Review   your   insurance   regularly. Review   the beneficiary   clause   after   the   following   changes   in family relationships: You marry or divorce. Your spouse dies. Children are born, adopted, or die. Your parents die or change their marital status. Your   brothers   or   sisters   die   or   change   their marital status. Your spouse’s relatives have a change of status. The  following  two  examples  show  what  could occur if insurance beneficiaries are ignored: An  ensign,  educated  at  considerable  sacrifice on  the  part  of  his  family,  marries  a  woman  from  a distant   town. After   twins   are   born   he   makes   his insurance  payable  in  one  lump  sum  to  his  wife,  if living;   otherwise,   to   his   children   in   monthly installments.    Some  time  later  all  of  them  are  in  an auto  accident.    He  dies  first,  then  his  children,  and then his wife.   His insurance goes to his wife’s estate and  thence  to  his  wife’s  relatives.    His  own  family, who had worked so hard to give him a chance in life, gets NOTHING. A lieutenant has a life insurance policy payable to  her  husband  in  installments  covering  a  20-year period.    The  lieutenant  dies.    After  receiving  about one-fourth of the installments, her husband dies too. Their  only  child,  a  son,  is  not  named  in  the  policy. Their child was born after the policy was taken out, and  the  lieutenant  failed  to  change  the  beneficiary clause.   The remaining proceeds, therefore, go to her husband’s estate.    Since her husband has no will, an administrator   is   appointed,   which   costs   money. Moreover,    the    husband    remarried    after    the lieutenant’s   death;   therefore,   the   second   wife   is entitled  to  a  share  in  her  estate.    So  the  lieutenant’s son receives a greatly reduced share of her insurance proceeds.    Fortunately for the son, no other children are involved. Do not forget your insurance policies.    Examine them once a year.   Examine them after any change of status.  Talk them over with the insurance and benefits officer  aboard  your  ship  or  station.    Make  sure  you include  complete  commercial  insurance  information in   your   Record   of   Emergency   Data   (NAVPERS 1070/602). For   example,   many   credit   unions   and automobile   clubs   provide   automatic   insurance coverage  for  their  members. Include  this  type  of information in your Record of Emergency Data. OTHER FORMS OF INSURANCE You   should   also   consider   other   forms   of insurance,  such  as  automobile  and  personal  liability insurance. The   present   trend   of   court   awards   for damages is toward higher and higher sums of money. Awards  of  several  hundred  thousand  dollars  are  not uncommon for injuries caused by accidents occurring on the street or on one’s premises.  Many officers find they  should  provide  for  personal  property  and  real estate   insurance,   fidelity   bonds,   and   burglary insurance.  See your insurance and benefits officer for more information. SURVIVOR BENEFITS Dependents of service members who die while on active  duty  receive  certain  benefits. You  should consider  these  benefits  in  connection  with  planning your insurance program.   Bring them to the attention of your dependents. DEATH GRATUITY PAY The  amount  of  death  gratuity  equals  6  months’ basic pay plus special and incentive pay at the rate to which the deceased member was entitled on the date of  death.    The  payment  is  limited  to  a  maximum  of $6,000. Under   current   law,   the   survivors   of   all members are eligible for the maximum amount.   The computation   of   death   gratuity   does   not   include allowances such as basic allowance for subsistence or quarters,  station  per  diem  allowances,  and  clothing allowances.    The  disbursing  officer  who  carries  the pay   record   of   the   deceased   upon   receipt   of   the commanding   officer’s   certification   of   death   and determination of eligible survivor authorizes payment of the death gratuity.   To ensure immediate payment, be sure your Record of Emergency Data is current. DEPENDENCY AND INDEMNITY COMPENSATION The  Department  of  Veterans  Affairs  (VA)  pays dependency and indemnity compensation to spouses, 4-12

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