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Service
Disabled Veterans Insurance
(1951
to Present)
The Service Disabled
Veterans Insurance (S-DVI) program was established in 1951 and is
still open to new issues.
Basic SDVI - To be eligible for basic SDVI, a veteran must meet all the
following conditions:
- must have
been released from active duty under other than
dishonorable conditions
on
or after
April 25, 1951
- must have
received a rating for a service-connected disability
- must be
in good health except for any service-connected
conditions
. Application
must be made within two years of being granted service-connection
for a disability. (Disabled veterans
are advised
to investigate other commercial insurance options prior
to purchasing SDVI. Other commercial policies, especially group
plans through employers
or colleges, may well be better buys.) SDVI is available
in a
variety of permanent plans as well as term insurance. Policies
are
issued
for a maximum face amount of $10,000. Under certain conditions,
the Basic SDVI policy provides for a waiver of premiums in
case of total
disability. Veterans who are granted service-connection
for
a disability
will receive VA
form 29-4364, Application For Service-Disabled Veterans Life
Insurance,
along with their Notice of Disability Rating. They must
submit the application along with the first month's premium within
two years from the date service-connection is established.
Supplemental
SDVI - Policyholders who carry the basic SDVI coverage and who
become eligible for a waiver of premiums due to total disability can
apply for and be granted additional Supplemental SDVI of up to $20,000.
The insured has up to one year after being notified of his/her eligibility
for waiver on the basic policy to apply for the Supplemental SDVI.
No waiver of premiums due to total disability can be granted on Supplemental
SDVI coverage.
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