Life Insurance

Veterans who elect 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!

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Veterans Affairs Life Insurance (VALife)

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Life Insurance program from the VA that offers policies ranging from $10,000 to $40,000 in increments of $10,000.

IMPORTANT NOTE:

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• 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:

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• Your beneficiar(ies) will be refunded ALL premiums paid into the program plus interest.

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Eligibility

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Must meet ALL of the following:

• Have a service connected condition (this includes 0%); and

• Be under 81* years of age BEFORE applying.

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*Exception: If you Applied BEFORE turning 81 and were later granted service connection. You have TWO YEARS to apply from the day of the grant.

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Costs

Premium costs are based upon your age and amount of policy.

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IMPORTANT NOTE:

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• Once you enroll, the cost of your premiums will NOT increase!

Click HERE to view the current premium rates.

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Applying

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• Click HERE to apply.

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FAQ

Is there a waiver for premiums?

• Unfortunately, no.

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I fell onto hard times and could no longer pay my premiums, do I forfeit my locked in rate?

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• If you make a payment that covers ALL missed payments (to include interest) within two years of the lapse AND are under the age of 81 - yes.

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I want to increase my policy amount, will I be able to?

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• Yes, you can do so! However, you will have to pay at the higher premium rate based upon your age AND you will again have to wait another two years before the increased policy is in force!

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Veterans’ Group Life Insurance (VGLI)

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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.

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Eligibility

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At least one of these must be true:

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• 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, or

• 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, or

• Are within 1 year and 120 days of retiring or being released from the Ready Reserves or National Guard, or

• 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).

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Coverage

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$10,000 to $400,000 in life insurance benefits, based on the amount of SGLI coverage you had when you left the military.

Note:

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• 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 $400,000—until you’re 60 years old.

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Cost

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Click HERE.

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Applying

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• Online - Office of Servicemembers’ Group Life Insurance (OSGLI).

• Online - eBenefits.

• 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

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Accelerated Benefits for Terminally Ill Policyholders

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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.

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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.

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Claiming

Only the insured service member 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 apply.

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• 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:

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The Prudential Insurance Company of America PO Box 70173 Philadelphia, PA 19176-0173

Or, fax the form to 877-832-4943.

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Veterans’ Mortgage Life Insurance (VMLI)

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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.

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What does it cover?

Up to $200,000 in mortgage life insurance—paid directly to the bank or other lender that holds your mortgage.

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Eligibility

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The Veteran must meet all of the following criteria:

• Be under 70 years of age.

• Be approved for Specially Adapted Housing (SAH) grant.

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How much does it cost?

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Click HERE to find out.

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Applying

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• Mail FORM to the address indicated on the form

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Service-Disabled Veterans Insurance (S-DVI)

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IMPORTANT NOTE:

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• 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).

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Eligibility

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This program is no longer accepting new applicants.

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How Much Does it Cost?

The cost varies based on:

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• Age

• Type of plan

• Amount of coverage