Veterans Life Insurance Claim: A Step-by-Step Guide

Navigating the process of filing a veterans life insurance claim can be overwhelming, but it doesn't have to be. The Department of Veterans Affairs (VA) offers a variety of life insurance policies specifically for veterans and their families.

To begin the claim process, you'll need to gather the required documents, which typically include a copy of the veteran's death certificate, proof of service, and any relevant policy documents.

The VA requires that you file a claim within two years of the veteran's death to be eligible for benefits.

On a similar theme: Life Insurance Policy after Death

Veterans' Life Insurance is a vital benefit for those who have served their country. Provided the service member qualifies, they are offered veterans' life insurance programs through the VA.

The VA has established a separate system for veterans due to their risk of potential recall and other service-related disabilities and medical conditions. This makes it difficult for them to enroll in civilian life insurance programs.

A veteran can opt from various programs contingent on their status. The VA offers different options to cater to individual needs and circumstances.

Intriguing read: Military Whole Life Insurance

Filing a veterans life insurance claim can be a complex process, but understanding the steps involved can make it less daunting. Contact the insurance company that issued the policy to initiate the claims process.

The company will verify your identity, which involves providing your name, date of birth, and Social Security number, and may require proof of your identity. Additional steps may be required if you live outside of the U.S. or are not a U.S. citizen.

The insurance company will also ensure the policy is still active and that the policy owner hasn’t lapsed on any payments and that the term has not expired. If the policy is no longer active, the company will not pay out a death benefit.

Here are the typical steps to receive the death benefit:

Note that at Navy Mutual, fixed payments, quarterly interest payments, and life payments require a minimum benefit amount of $20,000.

Filing a claim for a life insurance policy can be a straightforward process. Contact the insurance company that issued the policy to initiate the claims process.

You'll need to submit a completed claims form and a certified death certificate to get started. The company will verify your identity, so be prepared to provide your name, date of birth, and Social Security number.

If you live outside of the U.S. or are not a U.S. citizen, additional steps may be required. The insurance company will also check to make sure the policy is still active and that the policy owner hasn't lapsed on any payments or let the term expire.

If the policy is no longer active, the company won't pay out the death benefit. Fortunately, this is a common and relatively quick process, with most claims paid out within 30-60 days once all required documentation is received.

Here are the key steps to initiate a claim:

Note that if you're a beneficiary, you'll need to be in contact with the insurance company to initiate your claim, as the benefits due to each beneficiary can be different.

Service-Disabled veterans have access to Service-Disabled Veterans' Insurance (S-DVI), which offers term insurance and various permanent plans up to $10,000 in coverage.

To qualify for S-DVI, veterans must meet specific standards, including being released from active duty on or after April 25, 1951, with a discharge deemed other than dishonorable, and being rated for a service-related disability.

Monthly premiums for S-DVI depend on the service member's age, chosen coverage amount, and insurance plan.

Veterans can apply for S-DVI by completing a VA Form 29-4364, Application for Service-Disabled Veterans Life Insurance, available from VA regional offices.

To be eligible, veterans must apply within two years from the date the VA grants their service-related disability.

Servicemembers are automatically enrolled in the Servicemembers' Group Life Insurance (SGLI) program at the maximum coverage of $400,000, unless they opt for a lesser amount or no coverage in writing.

The monthly premium for full SGLI coverage is $27, which is $0.065 per $1,000 of insurance, regardless of age.

For those with children, an additional $10,000 of bonus coverage is automatically allotted for dependent children of members insured under SGLI, with no premium required.

SGLI coverage commonly terminates 120 days after departure from the military, but members can convert their coverage to term insurance under the Veterans' Group Life Insurance (VGLI) program or to a permanent plan with a participating commercial insurance company.

Traumatic Servicemembers' Group Life Insurance (TSGLI) pays a monthly premium of $1 and provides financial assistance to covered members during a time of rehabilitation due to traumatic injury, with coverage ranging from $25,000 to $100,000.

TSGLI is automatically applied to individuals already enrolled in SGLI, and coverage ends when SGLI discontinues 120 days after separation from the military.

Family Servicemembers' Group Life Insurance (FSGLI) allocates a maximum of $100,000 of insurance coverage for spouses and $10,000 for dependent children, with monthly rates contingent on the amount of overage selected and the age of the spouse.

Veterans can convert their SGLI coverage to renewable term insurance under the VGLI program within 485 days of discharging from the military, with premiums ranging from $0.80 per month to $1,800 per month.

Here is a list of options for converting SGLI coverage: