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Disabled Veterans Life insurance (SDVI) Changes

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broncovet

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broncovet Grand Master

broncovet

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https://www.va.gov/life-insurance/options-eligibility/s-dvi/

SDVI (The "free" or "waiver of premium" life insurance for disabled Vets) plan has ended Dec. 31, 2022.  

If you have the plan, you may keep it, and if you had waiver of premiums, they should continue to pay those.  

My advice:  NEVER EVER cancel the SDVI.  Never.  Its like throwing money away.  If you need more life insurance, well, go ahead and get it, but dont give up your existing no cost (premium waived) SDVI.  I guarantee you wont get a better deal.  VA wants to "Convert" some of those plans to VA life.  Dont do it.  

Its a conversion that costs YOU money.  Again, get additional insurance if you need it, but dont surrender your SDVI, as they will continue to pay those premiums until the policy matures, and then you can get the $10,000 whether you are alive or not, but only if you keep the policy.  

If you are desperate for money, you can borrow from the cash value.  Your heirs will get the face amount

minus the loan.  So, if you borrow 4000 and the policy is 10,000, then your heirs would get $6000, minus some interest.  

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broncovet
broncovet

https://www.va.gov/life-insurance/options-eligibility/s-dvi/ SDVI (The "free" or "waiver of premium" life insurance for disabled Vets) plan has ended Dec. 31, 2022.   If you have the plan, y

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jfrei Grand Master

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Thanks for the heads up havent gotten a letter to convert it yet but Im sure it will be a matter of time

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broncovet Grand Master

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It worked for me, but there is one thing you can count on:

You cant count on VA's websites..they go down, fail, come back again (when they want to).  My computer is more reliable than VA's and I guarantee they have much more money to fix theirs than I do.  

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