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VA Insurance
Servicemembers' Group Life Insurance (SGLI) is a low-cost group term life insurance program for Service members. Coverage is automatic for most active duty Service members. Coverage can be extended for up to two years if the Service member is totally disabled at time of separation from the Armed Forces.
Veterans' Group Life Insurance (VGLI) allows veterans to convert their SGLI to a civilian program of lifetime renewable term coverage after separation from active military service. Service members with full-time SGLI coverage are eligible to convert SGLI to VGLI after separation from military service.
Family Servicemembers' Group Life Insurance (FSGLI) insures spouses and children of service members with SGLI coverage. Spousal coverage may not exceed the service member's coverage. Dependent children are automatically covered at no charge. Term life insurance coverage is automatically provided to spouses and dependent children of service members insured under SGLI.
Servicemembers' Group Life Insurance Traumatic Injury Protection (TSGLI) is an automatic feature of SGLI that provides payments to service members who suffer losses, such as amputations, blindness, and paraplegia, due to traumatic injuries that occur in military service. All service members insured by SGLI are automatically covered by TSGLI.
Service-Disabled Veterans' Life Insurance (S-DVI) provides life insurance coverage to veterans who have been given a VA rating for a new service-connected disability in the last two years. Totally disabled veterans are eligible for free coverage and have the opportunity to purchase additional life insurance. Service members who were released from active duty under “other than dishonorable” conditions after April 25, 1951, and have been granted service-connection for any disability (even 0 percent) within the last two years, and are in good health except for any service-connected conditions may be eligible. This is the most common form of Life Insurance for veterans. This insurance is routinely offered once a veteran becomes disabled through the VA Compensation Claim process.
Veterans' Mortgage Life Insurance (VMLI) provides mortgage life insurance protection to disabled Veterans who have been approved for a VA Specially Adapted Housing (SAH) grant. VMLI is available to Veterans who received a Specially Adapted Housing Grant (SAH), have title to the home, and have a mortgage on the home.
Speed Up Claim WIth New Online Portal
The Department of Veterans Affairs (VA) launched a new online portal for veterans with a VA Fully Developed Claim. The new tool is for veterans and spouses interested in obtaining their Aid & Attendance benefits as quickly as possible. (click here)
Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Improvement Act of 2020
Expanded criteria for eligibility for Vietnam era veterans whose wartime service began on or after November 1, 1955. The previous start date to qualify for the VA home loan benefit for Vietnam era veterans was February 28, 1961.
Enhanced access to active duty service members and some veterans of the National Guard. The new statutory authority extends eligibility to members of the National Guard who have been mobilized to perform full-time guard duty for at least 90 cumulative days, with 30 days of that service being consecutive.
Active duty service members, veterans and qualifying survivors with VA-guaranteed home loans or VA direct loans whose residences have been substantially damaged or destroyed in an area that has been declared a major disaster by the President are now eligible to be charged a first-time use funding fee on a VA-guaranteed loan rather than a subsequent use funding fee. The borrower’s next VA-guaranteed loan must be for the repair of the damaged or destroyed residence or purchase or construction of a new home closed within three years of the Presidential declaration of the disaster.
VA Home Loan
Eligible veterans, active duty service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means veterans won’t have to pay a down payment, and VA guarantees the lender that if a veteran defaults on a loan that’s over $144,000, VA will pay them up to 25% of the loan amount.
Veterans have full entitlement if they meet either of the requirements listed below.
At least one of these must be true. You’ve:
- Never used your home loan benefit, or
- Paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
- Used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid VA in full
How Does A VA-backed Home Loan work?
With a VA-backed home loan, we guarantee (or stand behind) a portion of the loan you get from a private lender. If your VA-backed home loan goes into foreclosure, the guaranty allows the lender to recover some or all of their losses. Since there’s less risk for the lender, they’re more likely to give you the loan under better terms. In fact, nearly 90% of all VA-backed home loans are made without a down payment.
Lenders follow VA standards when making VA-backed home loans. They may also require you to meet additional standards before giving you a loan. These standards may include having a high enough credit score or getting an updated home appraisal (an expert’s estimate of the value of your home).