In January, VA will introduce a new life insurance program.
Many war veterans who have been turned down for insurance coverage by the Veterans Affairs Department will soon be eligible to apply. The VA will introduce a new life insurance program in January, breaking a trend that hasn’t occurred in more than half – a century and enabling additional veterans to obtain the required insurance.
In a statement released by the VA on Wednesday, it was stated that any veterans 80 years of age or under with service-connected impairments that range from zero to 100 percentage points would be eligible for up to $40,000 of full insurance coverage via VA Life. According to VA, eligibility into the program is specific, and no clinical underwriting is necessary.
Veterans can apply electronically through the internet and get judgments right away when enrollment begins on January 1, 2023.
According to VA Secretary (Denis McDonough), “all Veterans should be aware that their dependents will receive financial assistance when they die suddenly.” Making that objective, the reality is made possible mainly by VALife, which enables VA to offer more Veterans life insurance than at any other time in our country’s history.
According to VA Life, the following initiatives will broaden veteran access to insurance coverage:
- There is no time constraint to use
Most provider Veterans were obliged to apply for coverage under the VA’s current life coverage plan S-DVI within two years of getting their disability claim. Veterans under the age of 80 are not subject to this time limit under VA Life.
- No health requirements to apply
Veterans were required to be in excellent health under S-DVI, except for service-related ailments. There is no medical appraisal of life.
- More benefits are now available to veterans than in the past
Many Veterans with S-DVI were only eligible for insurance coverage of up to $10,000. All Veterans are entitled to coverage through VA Life of up to $40,000.
After the initial two years of insurance, the insurance will begin to accrue financial value when the face value takes effect. Throughout this two-year waiting time, the designated beneficiaries will be given all premiums paid, plus the interest, if a veteran goes away. According to the VA, veterans will not be eligible to receive a premium waiver under S-DVI.
Insurance for Service-Disabled Veterans
Contact Information:
Email: [email protected]
Phone: 8668727470
Bio:
Mark Zimmerman, Sr currently is the Managing Member of Aurifex Financial Group, LLC. Aurifex Financials mission is to help clients realize their vision of living life on their own terms by providing credit repair, financial counseling, insurance solutions, and money lending services. This is accomplished by using a holistic approach. After hanging up his uniform after 22 years of service in the military, Mark still had a desire to help others, so he created Aurifex Financial.
As part of Accredited Financial Counselor (AFC) credentials, Mark had to obtain and document over 1000 hours of helping others which was accomplished by helping hundreds through a local non-profit. As an independent Insurance Agency, Mark is licensed in property and casualty, home, business, health, Medicare, life, and annuity products.
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