Service-disabled Veterans Insurance (s-dvi)

[allan]

Department of Veterans Affairs

Service-Disabled Veterans Insurance (S-DVI)

What Is Service-Disabled Veterans Insurance (S-DVI)?

Service-Disabled Veterans Insurance is life insurance for veterans who have received a service-connected disability rating by the Department of Veterans Affairs. The basic S-DVI program, commonly referred to as "RH Insurance", insures eligible veterans for up to $10,000 of coverage. Veterans who have the basic S-DVI coverage and are totally disabled are eligible to have their premiums waived. If a waiver is granted, totally disabled veterans may apply for additional coverage of up to $20,000 under the Supplemental S-DVI program. Premiums for Supplemental S-DVI coverage, however, cannot be waived.

Who Is Eligible?

You are eligible for S-DVI if:

• You were released from service under other than dishonorable conditions on or after April 25, 1951 AND

• VA has notified you that you have a service-connected disability AND

• You are healthy except for your service-related disability AND

• You apply within two years of being notified of your service-connected disability.

You are eligible for SUPPLEMENTAL S-DVI if:

• You have an S-DVI policy AND

• The premiums on your basic coverage are being waived due to total disability AND

• You apply within one year of being notified of the waiver AND

• You are under 65 years of age.

REMINDER: Waiver of Premiums - you may be eligible for a waiver if you become totally disabled before your 65th birthday and remain disabled for at least six consecutive months. (Premiums for Supplemental S-DVI can't be waived.)

How Much Does It Cost?

The cost varies depending upon age, type of plan (term or permanent), and the amount of coverage.

How Can You Apply?

You can apply by using the following forms:

• VA Form 29-4364 to apply for basic S-DVI

• VA Form 29-0189 to apply for Supplemental S-DVI (or you may submit a letter, over your signature, requesting Supplemental S-DVI)

• VA Form 29-357 to apply for a total disability waiver of S-DVI premiums

For More Information, Call Toll-Free 1-800-669-8477

or Visit Our Web Site at http://www.insurance.va.gov.

Insurance Service – April 2006

SOURCE: http://www.vba.va.gov/benefit_facts/Insura...SDVIeg_0406.doc

[john999]

20,000 bucks worth of life insurance in grossly inadequate for the true purpose of life insurance. Life insurance is supposed to replace lost income and not be just a burial policy. Most younger vets with families need 500,000 bucks worth of life insurance.

[Berta]

I need to understand more about this type of insurance-

my husband had some veteran's life insurance that he got before he became disabled.

After 20 years from discharge he had to convert it to private insurance-(it think it was NSGLI?)

Private insurance was a much higher premium but still- John- you are right-death is very expensive.

My daughter has SGLI too-I guess at some point she would have to convert this to a private policy also.

Private Life insurance can be a very good investment.

A young veteran with a family and whole life policies could potentially even borrow at a very low interest rate from the face value of the policy as it builds equity if they had a financial crisis- and the amount can be paid back to re-establish the face value.

This is much better than paying high interests rates for a regular loan.

Term life is cheaper but with less borrowing power-if any.

I dont know if the gov policies have any loan provisions.

[Guest terrysturgis]

I have the $10,000 policy with the waved premiums and pay $291.00 quaterly for the extra $20,000. I am 59. As a diabetic no one else will sell me insurance. I know the $30,000 is not a lot but it is better than no insurance at all. Terry Sturgis