Life Insurance
Service-Disabled Veterans Insurance
Service-Disabled Veterans Insurance (S-DVI) offers life insurance in $500 intervals, up to $10,000, to Veterans who have sustained a service-related disability. The insurance is available as either term or whole life insurance. Premiums differ greatly based on a variety of criterion. To determine how much your monthly premiums would be, consult the VA Pamphlet on Service-Disabled Veterans Insurance. Some of these premiums can be pricey, so if you aren’t seriously disabled, consider using a commercial policy or at least shopping around. However, if you become 100% disabled before your 65th birthday and remain 100% disabled for 6 months, you can apply for a premium wavier. As long as you remain 100% disabled, you will not have to pay premiums. If you are unable to work because of a disability, you should apply for a wavier as quickly as possible, if you are eligible.
To be eligible for Service-Disabled Veterans Insurance you must:
- Have been released from active duty after April 25, 1951.
- Have been rated for a service-connected disability.
- Be in good health except for any service-connected conditions.
- Apply within two years from the date the VA granted your service-connected disability.
Apply
To apply for Service-Disabled Veterans Insurance, you can either complete the application online by selecting the VA’s Auto Form application or you can download VA Form 29-4364 and submit it to your VA regional office.
If you are eligible for a premium wavier, you are also eligible for a $20,000 supplemental coverage policy. While you won’t have to pay premiums on the Service-Disabled Veterans Insurance, you will have to on the supplemental policy. Those premiums are outlined in the VA Pamphlet on Service-Disabled Veterans Insurance. To apply for the supplemental policy, request a VA Form 29-0189 from your VA regional office and complete and submit it. You can also apply by sending a signed letter requesting the supplemental policy to your VA regional office. You must be sure to apply for this policy within one year of receiving your premium wavier; otherwise, you are no longer eligible.
