The bottom line What deadlines apply when converting sgli? If you are moving SGLI to an individual permanent policy, the VA says you have 120 days from your date of discharge or separation and do not have to prove good health. VGLI follows a different clock: you can apply within one year and 120 days, … Read more

The bottom line If you are asking, “can unmarried couples buy joint life insurance,” the answer is yes when an insurer offers a joint policy and accepts both applicants. First-to-die coverage pays after the first death. Second-to-die coverage pays after the second. Ownership, beneficiaries, and state-specific rules deserve careful review. Unmarried partners can look at … Read more

The bottom line Can creditors take life insurance proceeds? Sometimes. A named beneficiary may receive the death benefit outside the insured’s probate estate, but protection depends on state law, beneficiary wording, policy ownership, and the type of debt. The IRS can levy certain life-insurance cash values for unpaid federal tax, so state-specific advice matters. Can … Read more

The bottom line What debts life insurance does and doesn’t cover depends on the beneficiary, the estate plan, and the debt itself. A named person usually receives the death benefit outside probate, while an estate beneficiary’s proceeds may help pay estate debts. The benefit does not automatically erase debts, and tax rules have exceptions. The … Read more

The bottom line How career changes should trigger a life insurance review comes down to income, benefits, debts, and dependents: when any of those change, check whether your current death benefit and employer coverage still protect the people who rely on you. Start with the policy you have, then confirm any new group-plan rules before … Read more

The bottom line Does life insurance include accidental death? Usually, yes: an active life insurance policy generally pays its stated death benefit after an accidental death, subject to the contract’s terms. An accidental death benefit rider is different because it can add money to the base benefit when the rider’s definition and conditions are met. … Read more

The bottom line What happens at the end of a level term period depends on the policy contract: coverage may stop, continue through a renewal provision at a higher premium, or move to permanent insurance through a conversion provision. Read the policy before its end date because these choices, deadlines, and costs are not identical. … Read more

The bottom line In short, can anyone be named to receive life insurance proceeds? Usually, the policy owner can name an individual, trust, charity, business, or estate, subject to the contract and state law. When someone takes out coverage on another person’s life, the applicant or owner may need to prove insurable interest. That is … Read more

The bottom line How to donate life insurance to charity? You can name a charity as beneficiary, transfer policy ownership, or give a paid-up policy, but the tax result depends on the structure and your records. For a noncash deduction over $500, the IRS requires Form 8283. Life insurance can support a charity without using … Read more

The bottom line What happens to sgli during deployment? If your SGLI is in force, deployment itself does not end the coverage or add a deployment surcharge. The VA says SGLI has no location-based war exclusion; TSGLI is a separate benefit for qualifying traumatic injuries. Check your coverage and beneficiary record before departure. For an … Read more