How would you like to find some unclaimed money? There’s a page on VA’s website where you can see if current and former insurance policyholders – or their beneficiaries – are owed money by the VA.
So, this isn’t a very exciting topic, life insurance, and I’ll apologize up front for being so sensationalistic, but I wanted to get your attention. I figured free money was better than ‘psst…hey buddy, wanna buy some life insurance?’ And as for the link to the unclaimed funds search, I’m saving that for last in this article. And while I know you can simply scroll down, since you’re already here, why not at least look at what the VA has to offer.
Before looking at the plans, do you even need life insurance? Here’s a link to the VA’s Life Insurance Needs Calculator.
Veterans’ Group Life Insurance lets continue coverage after you get out of the military. If you apply within 240 days of separation, you won’t have any health questions asked. You do have a bit of time before you have to decide on this one – you can apply up to one year and 120 days after separation.
Family Servicemembers’ Group Life Insurance is a way for spouses and children of active duty to convert coverage to an individual plan with a private insurer. You have 120 days from the servicemembers separation date to get this benefit.
Servicemembers’ Group Life Insurance Disability Extension is for anyone separation from the service and is considered totally disabled and unable to work. You can apply for two years of free coverage too. After two years, veterans automatically qualify for Veterans’ Group Life Insurance (VGLI) as long as the VGLI premiums are paid.
Veterans’ Mortgage Life Insurance is for severely disabled servicemembers and veterans who receive a Specially Adapted Housing grant. This pays the family’s home mortgage in the event of the veteran’s death.
Service-Disabled Veterans Insurance. VA doesn’t require a 100 percent disability rating for this insurance. Even vets with a zero percent rating can qualify if they meet other criteria.
Servicemembers’ Group Life Insurance Traumatic Injury Protection. This covers anyone with SGLI in the event of a serious injury. It’s not for combat injuries; this is for anything that happens off duty.
You can find all the needed forms right here.
And as promised, here’s the link to the unclaimed funds page. Please note that you shouldn’t use this search page if you are a SGLI or VGLI policy holder.