[Congressional Record Volume 155, Number 73 (Wednesday, May 13, 2009)]
[Extensions of Remarks]
[Page E1132]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF THE VETERANS GROUP LIFE INSURANCE IMPROVEMENT ACT OF 
                                  2009

                                 ______
                                 

                            HON. STEVE BUYER

                               of indiana

                    in the house of representatives

                        Wednesday, May 13, 2009

  Mr. BUYER. Madam Speaker, today I am introducing the Veterans' Group 
Life Insurance Improvement Act of 2009 which increases the amount of 
life insurance available to veterans. Veterans Group Life Insurance 
(VGLI) is administered by the Department of Veterans Affairs. The 
purpose of this program is to give veterans the option to convert their 
Servicemembers Group Life Insurance (SGLI) coverage that they carry 
when they are in service to a competitive life insurance product for 
them and their family in post-military life.
  Under current law, veterans have up to one year to convert the amount 
of SGLI coverage they carry to VGLI. Many separating servicemembers are 
young and don't see the need to carry a large amount of life insurance 
coverage. However, as they get older and have a family, many of these 
servicemembers have expressed a desire to purchase additional coverage 
but are barred from doing so under current law.
  The Veterans' Group Life Insurance Improvement Act of 2009 allows 
veterans to purchase up to $400,000 of VGLI coverage in $50,000 
increments, every five years, until the age of 60. The costs of such 
increases in coverage will be offset by premiums veterans pay, so there 
is no direct cost to the government. This bill gives our veterans 
greater flexibility in their life insurance choices and I urge all 
members to co-sponsor and support this legislation.

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