VALife premiums depend on your age and the amount of coverage you choose. Here is a link to a chart displaying the monthly premium rates: www.va.gov/life-insurance/options-eligibility/valife/#:~:text=How%20much%20you%E2%80%99ll%20pay%20for%20VALife
Does the premium payment stop once you have paid the benefit amount? For example, if I have paid the annual premium at my current age, 56 years old, $1988.80 X 20 years = $39,776. This doesn't even account for the cash gains.
Your assessment is a common frustration with the new program. Yes, you generally will continue paying monthly premium payments in perpetuity. The monthly payments for VA life insurance programs typically continue every month for as long as you maintain your coverage. Here's a breakdown of such: VALife: Premiums are due every month until the policy matures or you cancel it. There are no premium waivers, even in cases of total disability. VGLI: Premiums are due every month to keep your coverage active. If you become totally disabled, you may be eligible for a premium waiver after two years of continuous disability. S-DVI: If you have an existing S-DVI policy, premiums are also due monthly. However, if you're totally disabled, you might qualify for a premium waiver. Important Note: Even with a premium waiver, it's crucial to stay current on your policy's status and any changes in regulations or benefits. Hope this helps. Good luck!
Accessing the cash value of your S-DVI policy depends on whether you have supplemental coverage. Basic S-DVI coverage does not accrue cash value. Supplemental S-DVI coverage does accrue cash value over time. You can access this cash value by either taking a policy loan or surrendering your policy. If you have supplemental coverage and want to access the cash value, you should contact the VA directly to discuss your options and the specific process. Here are some key things to remember: Policy Loans: You can borrow against the cash value of your policy. These loans accrue interest, and any outstanding loan balance will be deducted from the death benefit when you pass away. Surrendering your policy: You can surrender your policy and receive the cash surrender value. This will terminate your coverage, and you will no longer have life insurance protection. It's important to carefully consider the implications of either option before making a decision. This VA link might be helpful too: www.va.gov/resources/can-i-get-a-loan-through-my-va-life-insurance-policy/
It's not cheap, but it's actually competitive with other insurances, and in many instances it's cheaper. Also, many insurers won't provide life insurance to individuals with disabilities. The VA system at least gives Vets a chance. No doubt...it could be better - much better. Thanks for commenting!
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I'm still waiting to hear what the cost is not that it is less or more than other insurance what is the exact cost per month?
VALife premiums depend on your age and the amount of coverage you choose. Here is a link to a chart displaying the monthly premium rates: www.va.gov/life-insurance/options-eligibility/valife/#:~:text=How%20much%20you%E2%80%99ll%20pay%20for%20VALife
Does the premium payment stop once you have paid the benefit amount? For example, if I have paid the annual premium at my current age, 56 years old, $1988.80 X 20 years = $39,776. This doesn't even account for the cash gains.
Your assessment is a common frustration with the new program. Yes, you generally will continue paying monthly premium payments in perpetuity.
The monthly payments for VA life insurance programs typically continue every month for as long as you maintain your coverage. Here's a breakdown of such:
VALife:
Premiums are due every month until the policy matures or you cancel it.
There are no premium waivers, even in cases of total disability.
VGLI:
Premiums are due every month to keep your coverage active.
If you become totally disabled, you may be eligible for a premium waiver after two years of continuous disability.
S-DVI:
If you have an existing S-DVI policy, premiums are also due monthly.
However, if you're totally disabled, you might qualify for a premium waiver.
Important Note: Even with a premium waiver, it's crucial to stay current on your policy's status and any changes in regulations or benefits.
Hope this helps. Good luck!
@@VADisabilityGroupI have a cash value on my SDVI how can I access that cash value
Accessing the cash value of your S-DVI policy depends on whether you have supplemental coverage.
Basic S-DVI coverage does not accrue cash value.
Supplemental S-DVI coverage does accrue cash value over time. You can access this cash value by either taking a policy loan or surrendering your policy.
If you have supplemental coverage and want to access the cash value, you should contact the VA directly to discuss your options and the specific process.
Here are some key things to remember:
Policy Loans: You can borrow against the cash value of your policy. These loans accrue interest, and any outstanding loan balance will be deducted from the death benefit when you pass away.
Surrendering your policy: You can surrender your policy and receive the cash surrender value. This will terminate your coverage, and you will no longer have life insurance protection.
It's important to carefully consider the implications of either option before making a decision.
This VA link might be helpful too: www.va.gov/resources/can-i-get-a-loan-through-my-va-life-insurance-policy/
Sounds like an awesome benefit
It can definitely be a nice benefit!
VA life insurance cost to much 🤬
It's not cheap, but it's actually competitive with other insurances, and in many instances it's cheaper. Also, many insurers won't provide life insurance to individuals with disabilities. The VA system at least gives Vets a chance.
No doubt...it could be better - much better.
Thanks for commenting!