64.030: Life Insurance for Veterans – Face Amount of New Life Insurance Policies Issued
Overview
Program Number
64.030
Status
Inactive
Last Modified
Sept. 7, 2020
Date Posted
Sept. 7, 2020
Objective
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.
Type of Assistance
G - Insurance
Applicant Eligibility
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).
Beneficiary Eligibility
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).
Related Programs
Additional Information
Grant Awards
Life Insurance for Veterans – Face Amount of New Life Insurance Policies Issued direct grants
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