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  • 14 Questions about VA Disability Compensation Benefits Claims

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    When a Veteran starts considering whether or not to file a VA Disability Claim, there are a lot of questions that he or she tends to ask. Over the last 10 years, the following are the 14 most common basic questions I am asked about ...
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  • Most Common VA Disabilities Claimed for Compensation:   

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  • Can a 100 percent Disabled Veteran Work and Earn an Income?

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    You’ve just been rated 100% disabled by the Veterans Affairs. After the excitement of finally having the rating you deserve wears off, you start asking questions. One of the first questions that you might ask is this: It’s a legitimate question – rare is the Veteran that finds themselves sitting on the couch eating bon-bons … Continue reading

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"If" you are disabled by VA and "do not" have the 10,000 VA life insurance, at no cost to you,  you should get it ASAP, if eligible.  Follow the links to see if you are eligible:

https://www.va.gov/life-insurance/

Also, if you have your 10,000 VA life insurance, its also like a bank account you can draw on.  As an example, if you have had the 10,000 life insurance for 10 years, you could withdraw (that is get a "loan" from your life insurance proceeds) for $1000 or more.  Yes, you would pay interest on the loan, "but" you would never have to pay it back (the amount borrowed, plus interest, would be deducted from the 10,000 upon your death. ) 

Bottom line:  If you dont have it, get it, and if you do have it, and need money, consider the consequences of borrowing on your life insurance.  It may be a relatively painless way to get money you need NOW vs, after you are gone.  Also, lets say you borrow 1000, 2000, or even 5000 from your life insurance policy, AND you "come into money" 2 years down the road, you can pay it back and restore your family's full life insurance proceeds. 

"Unless" there was a compelling reason, I would not recommend "cashing in" your life insurance policy.  (A compelling reason may be that you have cancer and not long to live, and you want to use the money). 

Instead of "cashing in" leave your options open by borrowing the max from your policy.   You have the option of paying it back or not..at your discretion, in your time. 

VA life insurance sends me a notice each year, around my birthday, as to how much I could borrow, or cash in the policy for.  The cash value of the policy grows each year.  After about 20 years, you can cash it in for the full face value, about 10,000. 

You can likely do the same with "other than VA" whole life insurance policies, too:  Borrow, or cash it in. 

In a nutshell whole life insurance is "owned" insurance, while  term insurance is "rented" insurance.  Like a car, if you own it you can sell it, or get a loan on it.  But you cant get a loan on your rented apartment. 

Edited by broncovet
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"If" you are disabled by VA and "do not" have the 10,000 VA life insurance, at no cost to you,  you should get it ASAP, if eligible.  Follow the links to see if you are eligible: https://www.va.g

I see what Blah is saying. It would have to be a new grant to get to 100% to get the waiver. If it's an increase to get to 100% then the waiver doesn't apply.   In my case, I was already 100% but

You are limited when you purchase the "free" life insurance.  My idea was to maximize the value of the free insurance and to select the plan with the highest premium as it would build cash faster.  Hi

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I wish we could get more than $10,000 but I appreciated the free insurance. 

Thanks to your posts about this in the past, I finally applied for it a few months ago when I got some new granted claims and qualified for it again. I could have had it years ago in 2015 when I hit 100% but I was still working at the time and I didn't read the fine print. 

I just new scars granted at 0% and the VA sent me another letter about applying for it but I already have it.  

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i think once you reach 100% you are eligible for an additional 20,000 can someone correct me if I'm wrong.

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