It is always a good idea to do a bit of research towards the end of service in the armed forces. There’re lots of benefits that veterans can benefit from the Dept of Veterans Affairs or VA as it is commonly called. The first step in getting good veterans insurance is to have a complete physical done at least four monts before taking a discharge from service.
This will prove beneficial in that the insurance companies would have no grounds to quote higher rates should the veteran decide to seek insurance out of the department’s provisions for the same. It can also pave the way to claim future disability compensation from the department after being discharged. So remember to get yourself a copy of all your medical records from the relevant dept and get them certified as well. eBenefits.Va.Gov
Before setting out to get some private policy from a private life insurance company it is better to understand what you are eligible for from the department of Veteran’s Affairs. Many veterans are entitled to health care, disability compensation, and life insurance too. Though there is a ceiling of $10,000 USD on the total insurance the government issues to a veteran. It may be noted here that veterans holding a ‘Veterans Reopened Insurance’ and those with ‘Veterans Special Life Insurance’ can also purchase additional paid-up cover.
Veterans having contracting disability after their 65th birthday and are likely to stay in that disabled condition for at least six months are entitled to have the premium of their veterans policy waived by the Department of Veterans Affairs. Veterans who are permanently disabled should consult with the relevant authority in the V.A to have the proceeds or the dividends of their policies delivered to them on a monthly basis.
Veterans also have the advantage of being able to borrow as much as 94 % of the total value of their veteran’s life policy. This is applicable on their permanent plan by continuing to pay the premium of the policy in force. The interest charged is an adjustable rate that is adjusted on the 1st of October every year. So this works out to a reducing balance, which means that the total interest reduces as the loan amount is paid up gradually. eBenefits.Va.Gov
There are a lot of benefits for veterans when it comes to insurance policies. For more information it is advisable to call the department of veteran’s affairs on their national toll free number and get an update on what you are entitled to and what you are not. eBenefits.Va.Gov
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