The Department of Veterans Affairs (VA) celebrated the 20th anniversary of Family Servicemembers' Group Life Insurance (FSGLI) on Nov. 1. FSGLI is a life insurance coverage option for spouses and dependent children of service members.

If you are a member of the armed forces or the ready reserves, your spouse and dependent children might be eligible for FSGLI. FSGLI was initiated in 2001 to provide financial stability to military families. In the past two decades, this life insurance has paid almost $1.7 billion in claims and currently serves about 8.9 million military family members.

Thomas Murphy, the acting Under Secretary for Benefits, stated that for 20 years, this life insurance program has served military members and their families. “The FSGLI program exemplifies VA mission to take care of our veterans, their dependents and survivors,” he said.

According to the eligibility criteria defined by the VA, a spouse or dependent child of an active duty service member or a member of the reserves who is covered under Servicemembers' Group Life Insurance (SGLI) is eligible for FSGLI. Dependent children are automatically provided coverage of $10,000 for no fee. Spouses, on the other hand, are eligible for coverage up to $100,000 under FSGLI.

The premiums for FSGLI are deducted from the service member's pay and depend upon the age of the beneficiary.

Usually, FSGLI ends 120 days after the separation from the service. Separation can either be retirement, death or divorce. To continue coverage, spouses must convert their FSGLI into an individual policy with another insurance company. However, in the case of dependent children, the policy cannot be extended. It ends after 120 days of separation.