To amend title 38, United States Code, to change the name of the Servicemen's Group Life Insurance Program to Servicemembers' Group Life Insurance, to merge the Retired Reservists' Servicemembers' Group Life Insurance Program into the Veterans' Group Life Insurance Program, to extend Veterans' Group Life Insurance coverage to members of the Ready Reserve of a uniformed service who retire with less than 20 years of service, to permit an insured to convert a Veterans' Group Life Insurance policy to an individual policy of life insurance with a commercial insurance company at any time, and to permit an insured to convert a Servicemembers' Group Life Insurance policy to an individual policy of life insurance with a commercial company upon separation from service.
Veterans' Insurance Reform Act of 1995 - Redesignates the Servicemen's Group Life Insurance program as the Servicemembers' Group Life Insurance (SGLI) program.
Merges the Retired Reservists' Servicemembers' Group Life Insurance program into the Veterans' Group Life Insurance (VGLI) program. Extends the VGLI program to members of the Ready Reserve who retire with less than 20 years of service.
Authorizes an insured under: (1) the VGLI program to convert such policy to an individual policy of life insurance with a commercial insurance company at any time; and (2) the SGLI program to convert to such an individual policy upon separation from service.
For Further Action See H.R.3373.
Introduced in House
Introduced in House
Referred to the House Committee on Veterans' Affairs.
Referred to the Subcommittee on Compensation, Pension, Insurance and Memorial Affairs.
Subcommittee Hearings Held.
For Further Action See H.R.2843.
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