Program Description
Policyholders who have permanent plans of
insurance under one of the programs listed below may borrow up to 94% of the
cash value of the policy after it has been in force for one year.
United States
Government Life Insurance (USGLI) - USGLI was generally
issued to veterans of World War I. This program has been closed to new
applicants since 1951.
National Service Life Insurance (NSLI) -
NSLI was generally issued to veterans of World War II. This program has been
closed to new applicants since 1951.
Veterans’ Special Life Insurance (VSLI) -
VSLI was generally issued to Korean War-era veterans. This program has been
closed to new applicants since 1957.
Service Disabled Veterans Insurance
(S-DVI) - S-DVI is issued to qualifying veterans who
separated from service on or after April 25, 1951, with service-connected
disabilities. This program is still open to new issues.
Veterans Reopened Insurance
(VRI) - VRI was generally issued to World War II and
Korean veterans with service-connected or serious non-service connected
disabilities. This program was open only for one year, from May 1965 to May,
1966, and is closed to new applicants.
General Program Requirements
In order to qualify for a life insurance policy
loan you must have a permanent plan of insurance issued under one of the
following programs: - United States
Government Life Insurance
(USGLI)
- National Service Life Insurance
(NSLI)
- Veterans’ Special Life Insurance
(VSLI)
- Service Disabled Veterans
Insurance (S-DVI)
Policyholders may
borrow up to 94% of the cash value of the policy.
A loan may be obtained at the end of the first policy
year of a whole life or endowment plan of insurance, which has loan value
and is in force on a premium-paying basis or is paid-up. A loan may also be
obtained on paid-up additional insurance attached to either permanent or
term plans of insurance.
Loans are
granted in any amount up to 94% of the policy’s reserve value, minus any
existing indebtedness against the policy, plus interest.
Loan Terms
Variable Interest Rate between 5-12% with no Upfront Fees or
Pre-payment penalties. Maximum Loan Length at maturity. Maximum Loan Amount
94% of the policy reserve value. Annual Payment Frequency.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
For more information, please
visit:
http://www.insurance.va.gov
To download a policy loan application, please
visit:
http://www.insurance.va.gov/inForceGliSite/forms/forms.htm
To apply for a policy loan online,
please visit:
https://insurance.va.gov/inForceGliSite/SelfService/insmain.asp
If you have questions about your insurance policy, please
call:
1-800-669-8477
Managing Agency
Veterans Benefits Administration (VBA)
http://www.vba.va.gov
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