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(The
FAQs below cover all Government life insurance programs except Servicemembers'
Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI).
For information concerning SGLI or VGLI insurance, please visit our
SGLI VGLI Site.
How
can I find information about Government Life Insurance policies?
Can I purchase life insurance through the Department
of Veterans Affairs?
I have Power of Attorney for a veteran. Can
I change the beneficiary on his Government Life Insurance policy?
Can the ownership of a Government Life Insurance
policy be assigned?
Can a beneficiary designation be made via the Internet?
I
am a disabled veteran. Do I qualify for insurance with the Department
of Veterans Affairs?
What is the maximum amount of Service-Disabled Veterans
Insurance coverage that I can get through VA?
How long do I have to apply for Service-Disabled
Veterans Insurance?
I
saw a notice about applying for a special one-time Government Life
Insurance dividend. Is there any truth to this?
Do all government life insurance policies pay dividends?
What are the dividend options available to me?
How can I change my dividend option?
I
have a policy with VA. How can I increase my insurance coverage?
Is there an time limit on converting my term insurance
policy to a permanent plan?
My VA life insurance policy has lapsed. Can I
reinstate the policy?
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You can
obtain this information through this web site or by calling our toll-free
number, 1-800-669-8477.
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"Buying VA Life Insurance" contains information on VA Life Insurance programs that are
currently open to new issues.
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No, a power of attorney is not acceptable for executing
a change of beneficiary for government life insurance even if
certain state statutes allow it. The beneficiary designation can
only be changed by the veteran or by a court appointed guardian,
depending upon whether the veteran is competent or incompetent.
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The contract of Government Life Insurance is only between the US
Government and the veteran. He/she cannot assign his insurance for
any reason, nor can ownership of the policy be transferred. Only
the insured can exercise the rights and privileges inherent in the
ownership of the policy.
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No. However, you may obtain the beneficiary designation form
via the "Download Insurance Forms" page.
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To be eligible for basic Service-Disabled Veterans Insurance (S-DVI),
a veteran must have been released from active duty under other than
dishonorable conditions on or after April 25, 1951. He/she must have
received a rating for a service-connected disability and must be in
good health except for any service-connected conditions. Application
must be made within two years of the granting of service-connection
for a disability.
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Policies are issued for a maximum face amount of $10,000. Under certain
conditions, the basic S-DVI policy provides for a waiver of premiums
in case of total disability. Policyholders who carry the basic S-DVI
coverage and who become eligible for a waiver of premiums due to total
disability can obtain additional Supplemental S-DVI of up to $20,000.
The insured has up to one year after being notified of his/her eligibility
for waiver on the basic policy to apply for the Supplemental S-DVI.
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You have two years from the date you are notified that you have a
NEW service-connected disability. You do not get an additional
eligibility period if you are granted an increase in your current
disability. Once you have a policy and are notified of your entitlement
to waiver of premiums because of total disability, you have one year
to apply for the supplemental $20,000 in coverage.
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No, this is a hoax. Such dividend
announcements are part of a recurring problem of misinformation that
dates back to 1965. Unfortunately, this misinformation unnecessarily
raises the expectations of veterans and service personnel and detracts
from our ability to serve our veterans. The dividend "hoax", as we
refer to it, had its origins in a special dividend that the Department
of Veterans Affairs (VA), then known as the Veterans Administration,
did pay to World War II veterans who had National Service Life Insurance
policies. Approximately $2.7 billion was paid in 1950 to over 16 million
of these veterans under the "1948 special dividend." Some time in
1965, the special dividend news announcements of 15 years earlier
resurfaced and were mistakenly published by several newspapers. The
special dividend had already been paid out to all eligible government
life insurance policyholders and there was no new special dividend.
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No, dividends are paid on the following programs: United States Government
Life Insurance ("K"); National Service Life Insurance ("V"); Veterans'
Special Life Insurance ("RS" and "W"); and Veterans' Reopened Insurance
("J," "JR" and "JS") .
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A
policyholder may choose from several dividend options which are available. Follow this link for descriptions of the dividend payment options available.
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By calling the Insurance toll-free number, 1-800-669-8477, and speaking
with an Insurance Specialist.
While the maximum amount of coverage on basic government policies
is $10,000, veterans' whose policies participate in dividends can
increase their coverage beyond that limit by using dividends to buy
paid-up additional coverage.
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No, there is not a time limit for converting, however, the earlier
you convert, the cheaper the premiums since the premium on your new
converted policy will be based on your current age.
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Requirements
for reinstating government life insurance policies vary by policy
type and plan. You can get specific instructions for reinstating
your policy by calling the Insurance toll-free number, 1-800-669-8477,
and speaking with an Insurance Specialist.
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