by 
The Curious Bag
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The Veterans' Group Life Insurance (VGLI) program allows ex-service members to convert their Servicemembers' Group Life Insurance (SGLI) into a renewable five-year term insurance. The Department of Veterans Affairs supervises the VGLI program.
Eligibility
The following are eligible for VGLI: all service members with SGLI coverage; members of the Ready Reserves, Individual Ready Reserve, Inactive National Guard, Public Health Service and Inactive Reserve Corps; and members with part-time SGLI who were disabled during service.
Coverage
Under the VGLI program, ex-service members are eligible for the same amount of coverage that they got under the SGLI program up to $400,000.
Application
Service members can apply for VGLI within one year of leaving the military. If they apply within 120 days of discharge, they do not need to supply a certificate of good health.
Premiums
The premium for VGLI depends on the service member's age and the amount of coverage. For example, the monthly premiums for $400,000 coverage for the under-30 and over-75 age brackets are $32 and $1,800, respectively.
Commercial Policy
Ex-service members also have the option of converting their VGLI policy to a commercial policy offered by one of the participating companies.
Source:
U.S. Department of Veterans Affairs: Veterans' Group Life Insurance (VGLI)
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