64.103: Life Insurance for Veterans
Alternate Name: GI Insurance
Overview
Program Number
64.103
Status
Inactive
Last Modified
July 30, 2020
Date Posted
Jan. 26, 2012
Objective
To provide life insurance protection for veterans of World War I, World War II, Korean conflict, Vietnam conflict, Gulf era conflicts and service-disabled veterans separated from active duty on or after April 25, 1951, and to provide mortgage protection life insurance for those disabled veterans who are given a VA grant to secure specially adapted housing under Chapter 21, Title 38, U.S.C. Also to provide life insurance protection for current members of the uniformed services with coverage on their lives and the lives of their spouses and children.
Type of Assistance
G - Insurance
Applicant Eligibility
All of the programs are closed for new issues except Service-Disabled Veterans Insurance, Veterans Mortgage Life Insurance, Service members' Group Life Insurance and Veterans Group Life Insurance. A veteran discharged from active military duty, on or after April 25, 1951, who has been granted a service connection for a new disability, and who, if not for the disability would be otherwise insurable in accordance with the established standards of good health, applies for such coverage within 2 years from the date of notice of the VA service-connected rating, may be issued Service-Disabled Veterans Insurance. (The time period in which to apply is limited to one year from the date of notice of the VA service-connected rating if the notice was provided before September 1, 1991.) A veteran insured under Service-Disabled Veterans Insurance who qualifies for waiver of premiums, who is under age 65 and who applies within one year from date of notice from VA that he/she qualifies for waiver of premiums, may be issued Supplemental Service-Disabled Veterans Insurance coverage. A veteran who has been given a VA grant for specially adapted housing will be sent notice that he/she is automatically insured for mortgage protection unless he/she elects in writing not to be so insured, or fails to respond within 60 days after a final request for information on which premium can be based is mailed to him/her. Service members are automatically covered for the maximum coverage amount of life insurance on themselves and a spouse, unless the member declines or reduces the coverage in writing. Service members are also automatically covered by Servicemembers' Traumatic Injury Protection (TSGLI), which provides automatic traumatic injury coverage to all service members under SGLI. TSGLI provides for payment between $25,000 and $100,000 (depending on the type of injury) to SGLI members who sustain a traumatic injury that results in certain severe losses. Coverage of children is on dependent children and no premium is paid. Veterans are eligible to convert their Service members' Group Life Insurance in an amount up to the coverage held on their date of discharge. If a veteran is totally disabled at time of discharge, the veteran is eligible for a one-year disability extension of their Service members' Group Life Insurance and the conversion to Veterans' Group Life Insurance.
Beneficiary Eligibility
The veteran may apply for either type of insurance. However, if the veteran is mentally incompetent, a VA recognized fiduciary may apply on his/her behalf for Service-Disabled Veterans Insurance. Service-Disabled Veterans Insurance 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.
Grant Awards
Life Insurance for Veterans direct grants
Grant Opportunities