Reader question:

What kind of life insurance for veteran of the military is available?

Amber

Good question.

There are several types of life insurance for veteran from the military services which are provided by the US Veteran’s Association, and one of them is the Service-Disabled Veterans Insurance, also called the SDVI. The SDVI is available to veterans who were disabled during their service as a result of something to do with their service in the uniformed services.

Now, this doesn’t apply to all of those who are disabled. In order to receive it, you can’t have health problems other than the one which is related to your service with the military. You also have to make your application within 24 months after the VA determines that you have a service connected disability. This also only applies to people who have finished their active duty after mid year of 1951.

One of the drawbacks for this is that it only provides a guaranteed $10000 in coverage on the face. Some veterans who have a complete disability can also have their premiums waived and be covered for as much as $20000.

take care,

Fashun

Reader question:

What kind of Veteran life insurance rates are available to someone who has just finished their duty in the army?

Perry

Excellent question, Perry.

Another type of veteran life insurance rates are those from Veterans’ Group Life Insurance, also called the VGLI. The VGLI is basically a conversion of the group life insurance that is available to an active duty member of the armed forces, and it can become part of the VGLI after they separate from the services.

The VGLI is pretty much limited to whatever amount of coverage you chose while you were still active duty, which is one of its drawbacks. However, it offers coverage for up to $400,000 and is a term life insurance program. If you want to go from Service member Group life insurance to VGLI, you have to send in an application for it.

You are only able to apply for VGLI at least 6 months after you have been discharged, but no more than 1 year after the fact.

The veteran life insurance rates are decided based on how old the veteran applying for the coverage is.

take care,

Fashun.