Paul Sanchez
Service-connected veterans are eligible for a range of insurance benefits, including health care, life insurance, and housing grants. Veterans who meet the basic service and discharge requirements and were exposed to toxins during their service are eligible for VA health care. This includes veterans who served in the Vietnam War, Gulf War, Iraq, Afghanistan, or any other combat zone after 9/11. Service-connected veterans may also be eligible for VA health care benefits if they have a service-connected disability or were discharged due to a disability. In addition to health care, service-connected veterans can also apply for life insurance options, such as Service-Disabled Veterans Insurance (S-DVI) and Veterans Group Life Insurance (VGLI). Furthermore, disability housing grants are available to help veterans with service-connected disabilities modify their homes to live more independently.
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What You'll Learn
Veterans' Group Life Insurance (VGLI)
Members with full-time SGLI coverage are eligible for VGLI when they leave the service. VGLI, like SGLI, is overseen by the Department of Veterans Affairs but administered by the Office of Servicemembers' Group Life Insurance (OSGLI), a division of the Prudential Insurance Company of America. VGLI coverage is issued in multiples of $10,000 up to a maximum of $500,000. However, a service member's VGLI coverage amount cannot exceed the SGLI they had when they left the service.
VGLI offers guaranteed acceptance within 240 days of separation, making it a good option for veterans with medical issues or those seeking straightforward, renewable term insurance. It is important to note that VGLI premiums increase as veterans age, with rates rising in five-year age bands. While younger veterans may benefit from relatively low premiums initially, the cost of maintaining VGLI coverage can become significantly higher over time.
Ultimately, the decision to choose VGLI depends on individual circumstances and needs. Assessing financial goals and comparing VGLI with alternative military life insurance policies will help determine the best option for securing a family's financial future.
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VA health care benefits
When applying for VA health care, veterans are assigned one of eight priority groups, which helps determine how soon they can be signed up for health care benefits and whether they will need to pay for their care. This priority group system ensures that veterans who need immediate care can receive it quickly. It is important to note that having other health insurance coverage does not affect the VA health care benefits one can receive, and VA health care benefits can be used alongside other insurance plans such as private insurance, Medicare, Medicaid, or TRICARE. Additionally, VA health care meets the Affordable Care Act's requirement of having "minimum essential health coverage."
Veterans with service-connected disabilities may be eligible for additional VA benefits, including disability housing grants to make modifications to their homes for independent living, life insurance options, and monthly payments for conditions related to their military service. They may also qualify for enhanced eligibility status, which places them in a higher priority group, making it more likely that they will receive benefits.
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VA home loans
To be eligible for a VA direct or VA-backed home loan, you must meet the minimum active-duty service requirement and not have received a dishonourable discharge. If you have served for 90 continuous days, without a break in service, you meet the minimum active-duty service requirement. You can request a Certificate of Eligibility (COE) to show your lender that you qualify for a VA-backed loan based on your service history and duty status. You can also get a COE if you are the surviving spouse of a veteran or the spouse of a veteran who is missing in action or being held as a prisoner of war.
If you are an active-duty service member or veteran, you may be eligible for VA benefits such as career counselling, VA-backed home loans, and more. You can also apply for a housing grant if you have a service-connected disability to help you live more independently.
VA-backed cash-out refinance loans are also available for veterans who want to take cash out of their home equity to pay off debt, pay for school, or take care of other needs.
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VA education benefits
The GI Bill is a registered trademark of the US Department of Veterans Affairs (VA) and is a popular option for those seeking VA education benefits. There are different types of GI Bill programs, including the Post-9/11 GI Bill and the Montgomery GI Bill. To receive benefits, you must verify your school enrollment. You can also compare VA-approved institutions and review information to choose the educational program that works best for you.
If you are eligible for multiple GI Bill programs, you can request a change to use a different program or transfer your benefits to a new school or training program. You can also manage your GI Bill direct deposit and contact information. It is important to note that if you disagree with a decision on your application for education benefits, you have the option to request a decision review.
In addition to the GI Bill, there are other VA education benefit programs available, such as the Survivors' and Dependents' Educational Assistance (DEA) program, also known as Chapter 35. This program is for the child or spouse of a veteran or service member who has died, is captured or missing, or has disabilities. The DEA program can help with paying for school or job training.
Furthermore, VA benefits are also available to active-duty service members and those transitioning out of active service. These benefits can include the GI Bill, career counselling, VA-backed home loans, and more. If you are a member of the National Guard and Reserve, you may also be eligible for certain VA benefits during service and after separation or retirement.
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VA life insurance waiver of premiums
Service-Disabled Veterans Life Insurance (S-DVI) is a program that provides low-cost coverage to eligible service members. This program closed to new applications on December 31, 2022, but those who already have S-DVI can keep it. Under certain conditions, the basic S-DVI policy provides a premium waiver for veterans who are totally disabled. However, if you have supplemental S-DVI, you will need to pay premiums for this supplemental coverage, even if you have a waiver for your basic S-DVI premiums.
Veterans Affairs Life Insurance (VALife) is a new program for veterans with service-connected disabilities. Applications for VALife began on January 1, 2023. The premium amount paid for coverage depends on various factors. Unfortunately, you cannot get a waiver of premiums under VALife.
If you are totally disabled and qualify for TDIP payments, you are also entitled to a waiver of premiums on the basic contract and the TDIP rider. To apply, use VA Form 29-357, Claim for Disability Insurance Benefits, which can be downloaded from the VA website. In most cases, premiums can only be waived up to one year prior to receiving a claim. A TDIP rider provides for monthly payments to be paid to an insured individual starting on the first day of the seventh month of continued total disability. These payments continue as long as the total disability continues.
All veterans who meet basic service and discharge requirements and were exposed to toxins and other hazards while serving are eligible for VA health care. This includes veterans who served in the Vietnam War, Gulf War, Iraq, Afghanistan, or any other combat zone after 9/11. If you are retiring, you are eligible for TRICARE and may also qualify for certain VA health care benefits. If you are separating from service due to a service-connected illness or injury, you may be eligible for VA health care benefits and certain TRICARE benefits.
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Frequently asked questions
Service-connected veterans can apply for Service-Disabled Veterans Insurance (S-DVI) or Veterans Group Life Insurance (VGLI). Veterans with service-connected disabilities can also apply for disability housing grants to make changes to their homes to live more independently.
To be eligible for S-DVI, veterans must have been released from active service on or after April 25, 1951, and apply within 2 years of the date the VA grants a new service-connected condition.
To be eligible for VGLI, veterans must have served in the active military, naval, or air service and not received a dishonorable discharge. They must have served 24 continuous months or the full period for which they were called to active duty.
