Life Insurance for Veterans - Face Amount of New Life Insurance Policies Issued

 

To provide Service Disabled Life Insurance (S-DVI) protection for other than dishonorably discharged Veterans who are service disabled and who separated from active duty on or after April 25, 1951, and to provide Veterans Mortgage Life Insurance (VMLI) for Veterans and Servicemembers who have been granted Department of Veterans Affairs (VA) specially adapted housing benefits. 38 U.S.C. 1922; 38 U.S.C. 2106. These programs represent new contingent liabilities of VA and are reported under this CFDA program.

Deleted 03/27/2024 (Archived.) 64.030 Veterans Benefits Administration, Department of Veterans Affairs G - Insurance Not applicable. The Housing and Economic Recovery Act of 2008, Public Law 110-289, 38 U.S.C. 1901-1928
The Veterans’ Benefits Act of 1992, Public Law 102-568, 38 U.S.C. 2106
The Mortgage Protection Life Insurance Act of 1971, Public Law 92-95
The Servicemen’s Indemnity and Insurance Act of 1951, Public Law 82-23, 38 U.S.C. 1903-1922 VA may issue S-DVI to a Veteran discharged under other than dishonorable conditions from active military duty, on or after April 25, 1951, who has been granted service connection for a disability, and who, if not for the service-connected disability(ies), would be otherwise insurable in accordance with established standards of good health. The Veteran must apply for coverage within two years from the date of notification of the decision granting service connection. 38 U.S.C. 1922(a). A Veteran insured under S-DVI who qualifies for waiver of premiums, is under age 65, and applies within one year from date of notice from VA that he/she qualifies for waiver of premiums, may be issued Supplemental S-DVI coverage. 38 U.S.C. 1912(a); 38 U.S.C. 1922A(a). A Veteran or Servicemember granted VA specially adapted housing benefits will be sent notice that he/she is automatically eligible to be insured for VMLI unless he/she elects in writing not to be so insured, or fails to respond within 60 days after VA sends a final request for information on which premiums can be based. 38 CFR 8a.3(a). S-DVI proceeds are payable to designated beneficiaries. 38 U.S.C. 1917(a). S-DVI may also be granted under certain conditions to mentally incompetent Veterans who were otherwise eligible for such insurance, but due to their incompetency, died without filing an application. 38 U.S.C. 1922(b). VMLI proceeds are payable to the holder of the mortgage loan. 38 U.S.C. 2106(e). Veterans eligible for S-DVI may apply using paper VA Form 29-4364, or apply online using VA Form 29-0151 (system generated). Veterans and Servicemembers granted specially adapted housing benefits under 38 U.S.C. 2101 are automatically approved for VMLI if they complete the application process. To complete the VMLI application process, the following documents must be submitted to VA: (1) Settlement Statement; (2) Truth-In-Lending Disclosure Statement; (3) and current mortgage account statement. Failure to provide these documents in a timely manner will result in coverage not being issued. This program is excluded from coverage under OMB Circular No. A-87. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Veterans eligible for S-DVI may apply using paper VA Form 29-4364, or apply online using VA Form 29-0151. If a Veteran is mentally incompetent, a VA-recognized fiduciary may apply on his/her behalf for S-DVI. Veterans eligible for waiver of S-DVI premiums may apply for Supplemental S-DVI coverage using VA Form 29-0190. Veterans and Servicemembers granted VA specially adapted housing benefits under 38 U.S.C. 2101 may apply for VMLI using VA Form 29-8636. The S-DVI program is excluded from coverage under OMB Circular No. A-102. The VMLI program is excluded from coverage under OMB Circular No. A-110. Individuals will be notified of the acceptance/issuance of their insurance policy by VA or the appropriate designated entity. S-DVI is issued in amounts up to $10,000. 38 U.S.C. 1903. Supplemental S-DVI is issued in amounts up to $30,000. 38 U.S.C. 1922A. VMLI is issued in amounts up to $200,000. 38 U.S.C. 2106. Contact the headquarters or regional location, as appropriate for application deadlines From 15 to 30 days. Approvals/disapprovals will be issued from 15 to 30 days upon application for Service-Disabled Veterans Insurance after VA's notice of the service-connected rating. Veterans Mortgage Life Insurance is effective immediately upon approval of a specially adapted housing grant. Claimants can appeal to the Board of Veterans' Appeals under 38 U.S.C. 7104 or file an action in a United States district court under 38 U.S.C. 1984. Claimants have one year to appeal to the Board of Veterans' Appeals or six years to file an action in a federal district court. Not applicable. Not applicable. Life insurance settlement is paid upon the death of the insured Veteran. The S-DVI face amount of the policy, less any indebtedness on the policy, is payable to the designated beneficiary upon the insured Veteran’s death, and only to the mortgage holder under VMLI coverage. See 38 U.S.C. 1917(b)(4); 38 U.S.C. 1924(c); 38 U.S.C. 2106(e). Not applicable. Not applicable. Records are maintained by the Insurance Center. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. None Method of awarding/releasing assistance: Lump. For all States, contact the Department of Veterans Affairs, P.O. Box 42954, Philadelphia, PA 19101. Michelle Staton,
VA Insurance Center, 5000 Wissahickon Ave
Philadelphia, PA 19144 US
michelle.staton@va.gov
Phone: (1-800) 669-8477. http://www.benefits.va.gov/INSURANCE/index.asp 36-0120-0-1-701 (Insurance) FY 18 Estimate Not Available FY 16 Estimate Not Available FY 17 Estimate Not Available None Not applicable. Not applicable.