Life Insurance
Veterans who want to may purchase insurance policies that pay out to their selected beneficiary/ies, upon their death.
!!IMPORTANT NOTE!!:
The beneficiary that is written in the policy WILL OVERRIDE what you may write in your will! So keep it updated!
Veterans Affairs Life Insurance (VALife)
Life Insurance program from the VA that offers policies ranging from $10,000 to $40,000 in increments of $10,000.
IMPORTANT NOTES:
Policies are NOT in effect till you've paid into them for TWO YEARS!
In the event you die before your policy goes into effect:
Your beneficiar(ies) will be refunded ALL premiums paid into the program plus interest.
Eligibility
Must meet ALL of the following:
Have a service connected condition (this includes 0%); and
Be under 81* years of age BEFORE applying.
*Exception: If you Applied for VA disability BEFORE turning 81 and were later granted service-connection. You have TWO YEARS to apply from the day of the grant.
Costs
Premium costs are based upon your age and amount of policy.
IMPORTANT NOTE:
Once you enroll, the cost of your premiums will NOT increase!
Click HERE to view the current premium rates.
Applying
Click HERE to apply.
Veterans’ Group Life Insurance (VGLI)
With Veterans’ Group Life Insurance (VGLI), you may be able to keep your life insurance coverage after you leave the military for as long as you continue to pay the premiums.
Eligibility
Meet one of the following:
Had part-time Servicemembers’ Group Life Insurance (SGLI) as a member of the National Guard or Reserves, and you suffered an injury or disability (damage to your body or mind that makes it hard for you to do everyday tasks, including meaningful work) while on duty—including direct traveling to and from duty—that disqualified you for standard premium insurance rates;
Had SGLI while you were in the military and you’re within 1 year and 120 days of being released from an active-duty period of 31 or more days;
Are within 1 year and 120 days of retiring or being released from the Ready Reserves or National Guard;
Are within 1 year and 120 days of assignment to the Individual Ready Reserves (IRR) of a branch of service, or to the Inactive National Guard (ING). This includes members of the United States Public Health Service Inactive Reserve Corps (IRC); or
Are within 1 year and 120 days of being put on the Temporary Disability Retirement List (TDRL).
Coverage
$10,000 to $500,000 in life insurance benefits, based on the amount of SGLI coverage you had when you left the military.
Note:
When you leave the military, you can sign up through VGLI for coverage up to the amount you had through SGLI. You can also increase your coverage by $25,000 every 5 years—up to $500,000—until you’re 60 years old.
Accelerated Benefits for Terminally Ill Policyholders
With accelerated benefits, you can get up to 50% of the face value of your coverage in increments of $5,000—paid to you before death.
Eligibility
You or your covered spouse has a written statement from a doctor saying you have (or your spouse has) 9 months or less to live.
Claiming
Only the insured servicemember or Veteran may apply for accelerated benefits. No one may apply on their behalf. In the case of a terminally ill spouse, only the insured may claim the accelerated benefit.
Fill out a Claim for Accelerated Benefits (SGLV 8284)
Have your doctor fill out their part of the form, then send the completed form to:
The Prudential Insurance Company of America
PO Box 70173 Philadelphia, PA 19176-0173
Or, fax the form to 877-832-4943.
Cost
Click HERE to see premiums.
Applying
Online - Office of Servicemembers’ Group Life Insurance (OSGLI).
Mail/Fax - Fill out the form Application for Veterans’ Group Life Insurance (SGLV 8714).
Fax the form to 800-236-6142, or mail it to:
OSGLI PO Box 41618 Philadelphia, PA 19176-9913
Veterans’ Mortgage Life Insurance (VMLI)
If you have a severe service-connected disability that the VA has concluded was caused or made worse by your service, you may be able to get Veterans’ Mortgage Life Insurance (VMLI). In the event of your death, this mortgage protection insurance can help your family pay off the home mortgage on a home that’s been adapted to meet your needs.
Coverage
Up to $200,000 in mortgage life insurance—paid directly to the bank or other lender that holds your mortgage.
Eligibility
The Veteran must meet all of the following criteria:
Be under 70 years of age; AND
Be approved for Specially Adapted Housing (SAH) grant.
How much does it cost?
Click HERE to find out.
Applying
Mail FORM to the address indicated on the form
Service-Disabled Veterans Insurance (S-DVI) [HISTORICAL]
IMPORTANT NOTE:
This program is now discontinued, however those already enrolled are grandfathered in.
Life insurance policy, which provides up to $10,000 of coverage (sold in increments of $1,000).
How much does it cost?
The cost varies based on:
Age
Type of plan
Amount of coverage
Click HERE to view premium rates.
Waiver of premiums
Those who meet the requirements for a waiver of premiums could get up to $10,000 of coverage for free. Additionally, it allowed the Veteran the ability to purchase up to $30,000 in additional coverage.
You can no longer apply for a waiver.
Discontinuance of waiver
If the Veteran is found to no longer be totally disabled, the waiver of premiums will cease and the Veteran will become responsible for paying premiums as they come due.
Types of plans
| Plan | Loan and Cash Values | Features | Notes |
|---|---|---|---|
| Five Year Level Premium Term | No | *Premiums increase every 5 years. *Premiums very low at younger ages, increase considerably at older ages. *Automatically renews every 5 years. *Can change it to another plan later. | Good if you want insurance for a few years when you are younger. |
| Modified Life At Age 65 | Yes | Must apply before age 61. *Policy amount is reduced by half the day before your 65th birthday but *PREMIUMS REMAIN THE SAME. | Cheapest premium, permanent plan. |
| Modified Life at Age 70 | Yes | Must apply before age 70. *Policy amount is reduced by half the day before your 70th birthday but *PREMIUMS REMAIN THE SAME. | - |
| Ordinary Life | Yes | *Pay same premium throughout lifetime. *Lowest premium of any of the permanent plans except Modified Life. | - |
| 20-Payment Life | Yes | *Pay same premium for 20 years, then you're done paying. *Policy will be in force throughout your lifetime. | If you think you are going to be on this Earth for a long time, this is probably the cheapest policy in totality. |
| 30-Payment Life | Yes | *Pay same premium for 30 years, then you're done paying. Policy will be in force throughout your lifetime. | - |
| 20 Year Endowment | Yes | Pay same premium for 20 years. At the end of those 20 years, your policy will end and you will receive a check for the amount of your policy. *If you die sooner your benefactor will receive the full amount of your policy. | You will pretty much break even with this policy, if you live for at least 20 years. |
| Endowment At Age 60 | Yes | *Pay same premium until age 60. At age 60, your policy will end and you will receive a check for the amount of your policy. *If you die sooner your beneficiary will receive the full amount of your policy. | |
| Endowment At Age 65 | Yes | *Pay same premium until age 65. At age 65, your policy will end and you will receive a check for the amount of your policy. *If you die sooner your beneficiary will receive the full amount of your policy. |
Supplemental S-DVI program (SS-DVI) [HISTORICAL]
IMPORTANT NOTE:
This program is now discontinued, however those already enrolled are grandfathered in.
Totally disabled Veterans who were approved for a premium waiver could apply for up to $30,000 in additional coverage (in increments of $500), but premiums for the supplemental coverage could NOT be waived.