Life Insurance for Veterans - Face Amount of New Life Insurance Policies Issued

 

To provide life insurance protection for other than dishonorably discharged Veterans who are service-disabled separated from active duty on or after April 25, 1951, and to provide mortgage protection life insurance for Veterans and Servicemembers who have received a grant for specially adapted housing. These programs represent new contingent liabilities of VA and are reported under this CFDA program. VA Insurance also administers four other life insurance programs and supervises four additional programs for the benefit of Servicemembers, Veterans, their families and their beneficiaries. The four administered programs are closed to new issues. The supervised programs are not contingent liabilities of VA, and are therefore not reported under this CFDA.

General information about this opportunity
Last Known Status
Active
Program Number
64.030
Federal Agency/Office
Agency: Department of Veterans Affairs
Office: Veterans Benefits Administration
Type(s) of Assistance Offered
Insurance
Program Accomplishments
Not Applicable.
Authorization
The Servicemen’s Indemnity and Insurance Act of 1951, Public Law 82-23, 38 U.S.C 1903-1922; The Veterans’ Benefits Act of 1992, Public Law 102-568; The Housing and Economic Recovery Act of 2008, Public Law 110-289; The Mortgage Protection Life Insurance Act of 1971, Public Law 92-95.
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
A Veteran discharged under other than dishonorable conditions from active military duty, on or after April 25, 1951, who has been granted a service connection for a new disability, and who, if not for the disability would be otherwise insurable in accordance with the established standards of good health, applies for coverage within 2 years from the date of notice of the VA service-connected rating may be issued Service-Disabled Veterans Insurance. The time period in which to apply is limited to one year from the date of notice of the VA service–connected rating if the notice was provided before September 1, 1991. A Veteran insured under Service-Disabled Veterans Insurance who qualifies for waiver of premiums, who is under age 65, and who applies within one year from date of notice from VA that he/she qualifies for waiver of premiums, may be issued Supplemental Service-Disabled Veterans Insurance coverage. A Veteran or Servicemember who has been given a VA grant for specially adapted housing will be sent notice that he/she is automatically insured for mortgage protection unless he/she elects in writing not to be so insured, or fails to respond within 60 days after a final request for information on which premium can be based is mailed to him/her.
Beneficiary Eligibility
If the Veteran is mentally incompetent, a VA-recognized fiduciary may apply on his/her behalf for Service-Disabled Veterans Insurance. Service –Disabled Veterans Insurance may also be granted under certain conditions to mentally incompetent Veterans who were otherwise eligible for such insurance, but due to their incompetency, died without filing an application.
Service-Disabled Veterans Insurance is issued by the Philadelphia Regional Office and Insurance Center to any Veterans meeting the requirements listed under Applicant Eligibility above. Veterans Mortgage Life Insurance is automatically issued to all Veterans and Servicemembers receiving a grant for specially adapted housing.
Credentials/Documentation
A Veteran may apply for Service-Disabled Veterans Insurance by submitting the application on VA Form 29-4364 or VA Form 29-0151. A Veteran may also apply online using the VA’s AutoForm application.
Veterans and Servicemembers who receive a grant for specially adapted housing are automatically approved for Veterans Mortgage Life Insurance. They must submit the following mortgage documentation for VA to establish premiums for coverage: Settlement Statement; Truth-In-Lending Disclosure Statement; and current mortgage account statement. Failure to provide these documents in a timely manner will result in coverage not being issued. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedure
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Upon receipt of VA’s notice of eligibility for Service-Disabled Veterans Insurance, a Veteran may apply by submitting the application on VA Form 29-4364. Upon receipt of notice from VA that he/she qualifies for waiver of premiums, an individual insured under Service-Disabled Veterans Insurance may apply for additional supplemental coverage by submitting an application on VA form 29-0190. He/she may be guided by VA Pamphlet 29-9 in selecting the type of policy. The form and pamphlet may be obtained from the nearest VA office (listed in Appendix IV of the Catalog) and submitted to the Philadelphia VA Regional Office and Insurance Center, P.O. Box 7208, Philadelphia, PA 19101. A Veteran or Servicemember eligible for Veterans Mortgage Life Insurance need only submit information and documentation to the Philadelphia VA Regional Office and Insurance Center, P.O. Box 7208, Philadelphia, PA 19101.
Award Procedure
Individuals will be notified of the acceptance/issuance of their insurance policy by VA or the appropriate designated entity.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Approval/Disapproval Decision Time
From 60 to 90 days. Approvals/disapprovals will be issued from 1 to 3 months upon application for Service-Disabled Veterans Insurance after VA’s notice of the service-connected rating. Veterans Mortgage Life Insurance is effective immediately upon approval of a specially adapted housing grant.
Appeals
Not Applicable.
Renewals
Not Applicable.
How are proposals selected?
Not Applicable.
How may assistance be used?
Life insurance settlement is paid upon death of insured. The face amount of the policy, less any indebtedness on the policy, is payable to the designated beneficiary upon the insured’s death under a regular life policy, and only to the mortgage holder under Veterans Mortgage Life Insurance coverage.
What are the requirements after being awarded this opportunity?
Reporting
Not Applicable.
Auditing
Not Applicable.
Records
None.
Other Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
None. Method of awarding/releasing assistance: lump sum.
Who do I contact about this opportunity?
Regional or Local Office
See Regional Agency Offices. For all States, contact the Department of Veterans Affairs, P.O. Box 42954, Philadelphia, PA 19101.
Headquarters Office
Michelle Staton, P.O. Box 42954, Philadelphia, Pennsylvania 19101 Email: michelle.staton@va.gov Phone: (1-800) 669-8477.
Website Address
http://www.insurance.va.gov
Financial Information
Account Identification
36-8150-0-1-701.
Obligations
(Insurance) FY 11 Not Available; FY 12 Estimate Not Available; and FY 13 Estimate Not Available
Range and Average of Financial Assistance
None.
Regulations, Guidelines and Literature
Not Applicable.
Examples of Funded Projects
Not Applicable.