Veterans Life Insurance Opportunity Act of 1998

Veterans Life Insurance Opportunity Act of 1998 - Amends Veterans' Group Life Insurance (VGLI) provisions to allow any person whose Servicemembers' Group Life Insurance (SGLI) was continued after termination of duty or discharge from military service before the date on which VGLI became effective, and whose coverage under SGLI terminated less than four years prior to such effective date, to apply for VGLI coverage within one year from the effective date of VGLI, in an amount equal to the insured's SGLI amount which was not converted to an individual policy under prior law. Provides a coverage period of five years, less the time elapsed between SGLI termination and the effective date of VGLI. Allows such insurance conversion for certain other individuals who did not convert SGLI coverage.

Requires a person who cannot meet the good health requirements for VGLI coverage solely because of a service-connected disability to have such disability waived.

Authorizes appropriations.

Directs the Secretary of Veterans Affairs to provide due notice to eligible individuals of the opportunity for such conversion.