Let’s Update the VA’s Disabled Veterans Life Insurance Program

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Let’s Update the VA’s Disabled Veterans Life Insurance Program

VetsFirst A Program of United SpinalVeterans deserve access to quality life insurance with affordable premiums. This legislation would provide updated mortality and annuity information for VA to modernize its Disabled Veterans Life Insurance Program.

The Department of Veterans Affairs’ (VA’s) disabled veterans life insurance program is a financial must for thousands of veterans who do not qualify for other life insurance due to illnesses or injuries incurred while in the service. This program is currently restricted by outdated regulations and funding and has not been updated to better serve veterans since before World War II.

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Veterans deserve access to quality life insurance with affordable premiums. This legislation would provide updated mortality and annuity information for VA to modernize its Disabled Veterans Life Insurance Program.

The Department of Veterans Affairs’ (VA’s) disabled veterans life insurance program is a financial must for thousands of veterans who do not qualify for other life insurance due to illnesses or injuries incurred while in the service. This program is currently restricted by outdated regulations and funding and has not been updated to better serve veterans since before World War II.

Data used by the VA for this program is from mortality tables dating back to 1941. These tables are extremely outdated and inaccurate, as life expediencies in the United States have increased drastically since 1941. Additionally, the annuity tables currently being used were assigned in 1949.

United Spinal is proud to support Representative Steve Pearce and his Disabled Veterans Life Insurance Act of 201 7 (H. R. 4146) . This act would:

lengthen the application period to this program from 2 years to 10 years;

  • allow the VA Secretary to waive time limits for veterans who were unaware of life insurance options due to hardship;
  • provide industry standard updates, every five years, to mortality and annuity tables used for life insurance purposes;
  • increase supplemental payout amounts from $30, 000 to $115, 000:
    `with many life insurance policies the only benefit received is a lump sum payout upon death. An immediate annuity begins regularly scheduled payouts `within one year of purchase. A payout is a sum of money paid to a policyholder when a claim is accepted

VETSFIRST REQUEST TO REPRESENTATIVES Cosponsor and pass H. R. 4146, the Disabled Veterans Life Insurance Act of 2017 to mandate needed updates to Title 38 for the Disabled Veterans Life Insurance Program and provide quality life insurance for disabled veterans. House sponsor: Steve Pearce, R – NM – 2nd.

United Spinal Association Supports S. 2372/H.R. 5674 – VA MISSION ACT

2018-06-17T23:16:27+00:00 Categories: Advocacy Action|

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