Never to young for life insurance

[jfrei]

I just found out I may be eligible for free Life insurance for my family and I am unsure whats the better plan I've never even thought about it until now . As a. P and T Vet does anyone have any recommendations over one over the other unsure of what they are for?!

[Gastone]

First off, all SC'd Vets under 65 are eligible for up to (3) separate $10K Whole Life insurance policies regardless of their Health. The payments are deducted from the Vet's monthly comp payments.

If you're under 65 and 100% SC or IU, VA will cover the the $10K Life policy. You're also eligible for (2) additional $10K life Poilicies, but you have to pay for those yourself out of your monthly Comp. If a Vet has (1) of these SC VetLife policies in effect when he is Awarded IU, a refund of monthly payments back to the effective date of the IU or 100% Scheduler Rating will be refunded.

Semper Fi

[Buck52]

I think there is a time limit on getting the extra policy's   so if you choose to do so  you need to do it I think within 2 yeas after being rated 100% or IU.

In Addition to this information if you have medication receipts that you paid for save  them and VA will re inverse you.

Edited September 6, 2017 by Buck52

[jfrei]

I was made P and T this year does that count as newly rated?

[Buck52]

Well yes but as I understand it you have 24 months to apply for the extra policy's Gastone mention above.  Now this is After you get your free 10.000 life policy for  being P&T  so when you file for your free 10.000 life policy  if you want the extra policy's and let them know how much you want it for  then they can just take the premiums out of your compensation pay  and you never have to worry about it   then something happens to you  your spouse or your beneficiary will be set.

you should get the paper work for the free or waived premiums of the 10.000 policy's and  how to add the extra Policy's if you so choose...I highly recommend it  but you may want to check with your private Insurance on the price before you decide...getting it  through the VA is a lot more convenient...jmo

 

I waited to long to get my extra policy's  Grrrr and I ask for a waver/& let hem know I didn't know  but they still denied it.

[Gastone]

Buck, I don't recall the "24 Month" cut for the (2) additional $10K policies, just the age 65 Cut Off.

When I got my initial IU Rating in 14, the VA refunded my (1) Life Policy payments back to mid 2012. I had reached 65 so the other (2) policies weren't available. As I recall, the (1) Policy started out at $106 per mos back in 2010 and was costing about $92? when the VA took over paying in 2014.

Semper Fi

[Buck52]

Gastone,

I was not either until I was denied for the extra life policy we can get from VA After we have the waived 10.000 policy Which I have that...

I just waited to long to get them b/c I never knew there was a 2 year filing date deadline....and they are very strick on it.

Here is the 4 criteria a veteran must have to get the extra policy's.

https://www.benefits.va.gov/insurance/s-dvi.asp