Waiver of Premiums

[SueEdel]

"Under certain conditions, the basic S-DVI policy provides for a waiver of premiums in case of total disability."

After a 2013 decision I applied for the additional $9000 life insurance I was eligible for and because I was at that point denied TDIU premiums were paid directly from my compensation.

i am now 100% P&T TDIU. I understand I can get a waiver. When I called the insurance the clerk was rather clipped and curt. They sent me a 29-357.  Is this the correct form? 

Why would they need doctors info and records if the VA inself has declared 100%? This form is asking about treatment, physicians, employment. Wouldn't the decision letter showing disabilities scheduler at 90% with TDIU at 100% P&T suffice? 

 

Edited May 30, 2017 by SueEdel

[broncovet]

Well, I agree with you, but, you have no choice but to comply with their information request in order to get a waiver or premiums.  It's irritating, I know.  Disability for "VA" for "VA life insurance" and for social security have different criteria from each other, and they are not necessarily interchangeable.  Each of these agencies (VA benefits, VA life insurance, social security) have a different defination of what they call "disabled".  

I humbly suggest you give them their requested information, on the applicable form with the applicable evidence.  I have had good luck with service with VA life insurance.  It has the best satisfaction of all the VA, by far.  

Can you imagine if VA life insurance was ran like VA benefits???  

"Ok, now your death claim on your late husband should be just about done..only 3 more years of appeals left."  

Death claims are fairly straight forward...you supply the death certificate signed by a doctor, and they send you a check for the life insurance amount minus any loans you have made against the policy.  

Of course, if murder is a possibility, the insuance company will investigate that.  Unlike TV would like for us to believe, murder is fairly rare, especially for people 70 years or older.  Even if there was a murder, the beneficiary will get the benefits unless he or she is convicted of the murder.  

[SueEdel]

Just wasn't sure this was the correct form. Seems ludicrous. 

[Gastone]

File it, not only did I get the waiver for my $10K future payments, also got about 12 or 16 mos refund of payments back to the Award date. Hoops may seem a bit "Ludicrous," isn't he a Rapper, but start jumping and get your $$.

Semper Fi

[broncovet]

I agree with Gastone.  I got waiver of premium for filing for it, EVEN BEFORE I was 100 percent.  I have had my VA life insurance for almost 10 years now.  Even tho I have not paid a cent, (it was always paid by waiver of premiums), I could "cash in" my life insurance for about $3800 cash now.  In 10 more years, that will grow to the full 10,000 dollars, unless I borrow some/all of it.  

Its realy nice having that 3800 or so backup in case I need money bad.  Yea, it takes a while to get it, but its nice knowing its there.  So far, I have not tapped the money, even thos I have needed it at times, I always was able to manage without borrowing or cashing in the life insurance.  

The 10,000 in paid life for disabled Vets is one of the benefits that it is crazy not to take advantage of.  

VA life insurance sends me a notice, once a year, in my birthday month a status of my life insurance policy.  I keep the notices.  It always has the "cash surrender value" and the amount I can borrow.  I think its 5 or 6 percent interest if I borrow the money.  

By the way, if you do need money, its almost always better to borrow it than to fully cash in the  policy.  Here is why:

If I borrow, I can borrow up to 3600 at 5%.  

If I cash it in, its worth 200 more at 3800 cash surrender value.  

If I cash it in, then I die, I get zero.  

However, if I borrow the money, my spouse will get 10,000 minus the amount owed.  In this instance, if I borrowed 3600, my spouse would get 6400 at my death.  

You dont EVER have to pay back the borrowed money.  It simply will be deducted from the face value if you die.  

This life insurance is a good thing.  You have cash now if you need it, cash for your spouse when you die.  Both are good.  

Each year, you get dividends on the policy, that is, the cash value increases as also does the amount you can borrow.  9 years ago the cash value was only a couple hundred bucks, and it has grown to over 3800, about 300 or 400 per year.  

Edited May 31, 2017 by broncovet

[SueEdel]

I just received a phone call from GSA FTS Regional responding to an email and no I don't need to file it. They said they have all the info they need. They stopped the deduction as of today. Refund will be 14-15 months of payment. Letter for additional insurance if desired will arrive in 7-10 days.

 

when I was first disabled in 1977 they offered $1000 insurance and they paid the premiums. So my last purchase was for $9000.

 

 

Edited May 31, 2017 by SueEdel

[Buck52]

I thought the wavier was for 100% p&t vets only?

 broncovet if you got the wavier before you were 100%  how did that happen?

I never knew we could barrow$$ on this VA 10.000 life insurance policy? 

I missed the boat on taking out the higher policy above the 10.000 wavier but I did take out an extra life Insurance policy from a private carrier.

I have had my VA Wavier 10.000 life policy now 15 years and ain't touch it, they send me the  wavier statements each year too  I just file them in my policy folder.