VALIFE enrollment

[x020574]

I am currently scheduler 94% (VA math) but was awarded 100% TDIU Total & Permanent some time ago. I have s-dvi  $10k policy and exempt from premiums. How does the VALife effect S-DVI (premiums waived) if I apply for $30k (or $40k if I could, not sure if I keep my s-dvi or does it convert to VALife). Can I still have s-dvi 10k premiums exempt AND apply for VALife for $40 policy. Anybody have a better handle on this than I?

[Richard1954]

From my reading of the rules for the new insurance, you would keep your old policys in force for the first two years, at which time they would revert to the new insurance program. This is because they are not going to pay out during the first two years.

Depending on your age you could purchase up to $40K of  the S-DVI  insurance. Once you get past 59 under the S-DVI you cannot purchance any more insurance if you have not already puchased the allowable maximum of $40K insurance. 

Now, if I understand the rules  you cannot have  both kinds of the insurance at the same time.

The new insurance is guaranteed life insurance much like the globe life and other insurance advertised on TV.  Under S-DVI the would not insure anyone who had a serious condition that was not service connected.

Under the nw program they ask no questions, but as I said will not pay out for the first two years, so while you can convet your presnt insurance to the new program, you will retain your old policys for the first two years,  That way  if you pass during the first two years, they will still pay out. 

[x020574]

On 6/8/2022 at 12:04 AM, Richard1954 said:

From my reading of the rules for the new insurance, you would keep your old policys in force for the first two years, at which time they would revert to the new insurance program. This is because they are not going to pay out during the first two years.

Depending on your age you could purchase up to $40K of  the S-DVI  insurance. Once you get past 59 under the S-DVI you cannot purchance any more insurance if you have not already puchased the allowable maximum of $40K insurance. 

Now, if I understand the rules  you cannot have  both kinds of the insurance at the same time.

The new insurance is guaranteed life insurance much like the globe life and other insurance advertised on TV.  Under S-DVI the would not insure anyone who had a serious condition that was not service connected.

Under the nw program they ask no questions, but as I said will not pay out for the first two years, so while you can convet your presnt insurance to the new program, you will retain your old policys for the first two years,  That way  if you pass during the first two years, they will still pay out. 

 

[x020574]

Well that sux, I thought the RH insurance was building equity to 10k and one could take loans against it? So if you are correct….poof, all that goes away after the second year of the new policy? 
 

Thank you for your response

[Richard1954]

On 1/5/2023 at 3:02 PM, x020574 said:

Well that sux, I thought the RH insurance was building equity to 10k and one could take loans against it? So if you are correct….poof, all that goes away after the second year of the new policy? 
 

Thank you for your response

Exactly that is one reaason why it makes no sense to switch over