Insurance After New Rating

[relpats]

If a NEW condition has been SC'd within the last 2 years you are eligible.

This does not apply to an increase of a condition that was already SC'd.

Yes, there is a VA Form 21-8764 that comes in the award package mentioning the VA insurance, but you have ask for the rate booklet. After checking into the rates(Oh Boyeeee) who could afford that. Don't remeber and can't find that rate booklet right now, but red may not even qualify at age 72. Anyone have the rate booklet handy? Fortunately, I converted to VGLI at retirement.

Edited October 3, 2012 by relpats

[carlie]

Yes, there is a VA Form 21-8764 that comes in the award package mentioning the VA insurance, but you have ask for the rate booklet. After checking into the rates(Oh Boyeeee) who could afford that. Don't remeber and can't find that rate booklet right now, but red may not even qualify at age 72. Anyone have the rate booklet handy? Fortunately, I converted to VGLI at retirement.

relpats,

If a vet is SC'd at total P&T or 100 percent P&T

they can get the first 10K of the life insurance, with waiver of any premiums.

[broncovet]

For the "non insurance" people, let me explain what "wavier of premiums" means:

It means you get the insurance and dont have to pay for it, if the "waiver" is approved.

Soooo..here is the strategy:

Most states have a "30 day free look". This means you can buy insurance (pay for the first month) and be covered. Then you get the policy and can read it over. If you dont like the policy, you can get your money back. This would include if you think the coverage is too expensive.

This means that you have 0 risk in applying for a policy, at least for the first month. My states gives you 30 days from receipt of the policy, not when you applied.

You could simply apply, get the insurance, then if you dont get the waiver you can send the policy back and have your money refunded.

Bottom line: Apply. Get the policy. Then decide if you want to keep it.

Edited October 3, 2012 by broncovet

[broncovet]

For a "new" disabled Vet (within 2 years) this is a no brainer: Get the insurance, at least the first 10,000 worth.

Reasons:

The insurance is whole life, not term, that builds up cash value. What this means:

You can get the insurance, and your premiums will be paid (for the first 10k of a disabled Vet whose waiver of premiums is approved). If you die, your family gets 10,000. If you live, and you need money, you can "cash in" the life insurance policy, or, better yet, "borrow" on your policy.

Bottom line. The 20 pay life will have a cash value of 10,000 in 20 years. This means you can apply for the insurance, and, if you live 20 years, you would have $10,000 in a "bank account" (the insurance policy) that you can collect, if you see fit to do just that.

I got my 10,000 policy and the premiums were waived about 5 years ago. My policy, that I did not have to pay for, is now "worth" about 2000 dollars. I could borrow or cash the policy in, but its valuable and I am keeping it.

You are throwing money away not getting your 10,000 life insurance if you have a new disability (and you are eligible for waiver of premiums)

[vetswifeIndy]

relpats,

If a vet is SC'd at total P&T or 100 percent P&T

they can get the first 10K of the life insurance, with waiver of any premiums.

Not sure if my husband would qualify for insurance. Here is our situation.

In March he was awarded 60% for IHD, we received the pkt. with insurance but didn't immediately apply for it.

He received a pacemaker/ defib a couple of days after this, and in 3 wks. was rated 100% P&T.

So... is he not eligible to apply for the insurance unless he gets another SC disability rating???

Thanks,

VetswifeIndy

[deanbrt]

I went from 30% to 100% recenlty. I had signed up for the $10,000 previously, as there was no cost but were stretched financially and I could not pay for the additional $10,000. They told me I had missed the 2 year window and it was too late.