Veterans' Insurance Reform Act of 1995

Veterans' Insurance Reform Act of 1995 - Authorizes the Secretary of the military department concerned to terminate an individual's coverage under the Servicemen's Group Life Insurance (SGLI) if such individual does not pay the required premiums within 60 days after their due date. Requires written notification of such termination. Vacates such termination if such individual, before the effective date of such termination (60 days after notification), remits all past due amounts and demonstrates to the Secretary's satisfaction that the failure to make timely payments was justifiable.

Increases from $100,000 to $200,000 the maximum automatic coverage for individuals under the SGLI. Requires specified information to be provided to SGLI holders.

Redesignates SGLI as Servicemembers' Group Life Insurance.

Merges into SGLI those individuals currently covered under the Retired SGLI program. Revises provisions concerning duration and termination of coverage and premiums with respect to such newly-covered individuals.

Allows SGLI policies to be converted, upon the completion of miitary duty or travel, to a commercial life insurance policy with a participating company selected by the individual.

Provides for the payment of Veterans' Group Life Insurance (VGLI) to an individual who has in effect at death both SGLI and VGLI coverage, limiting the total benefits payable from both policies to $200,000. Allows VGLI policies to be converted to commercial life insurance policies.

Requires SGLI coverage of any member of the Retired Reserve to be converted to VGLI coverage 90 days after the enactment of this Act.