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VA - Life Insurance - Veterans Life Insurance Policy Loans

Insurance > VA - Life Insurance - Veterans Life Insurance Policy Loans

 

Program Description:

Policyholders who have permanent plans of insurance under one of the programs listed below may borrow up to 94% of the cash value of the policy after it has been in force for one year.

United States Government Life Insurance (USGLI) - USGLI was generally issued to veterans of World War I. This program has been closed to new applicants since 1951.

National Service Life Insurance (NSLI) - NSLI was generally issued to veterans of World War II. This program has been closed to new applicants since 1951.

Veterans?? Special Life Insurance (VSLI) - VSLI was generally issued to Korean War-era veterans. This program has been closed to new applicants since 1957.

Service Disabled Veterans Insurance (S-DVI) - S-DVI is issued to qualifying veterans who separated from service on or after April 25, 1951, with service-connected disabilities. This program is still open to new issues.

Veterans Reopened Insurance (VRI) - VRI was generally issued to World War II and Korean veterans with service-connected or serious non-service connected disabilities. This program was open only for one year, from May 1965 to May, 1966, and is closed to new applicants.

 

General Program Requirements:

In order to qualify for a life insurance policy loan you must have a permanent plan of insurance issued under one of the following programs:

  • United States Government Life Insurance (USGLI)
  • National Service Life Insurance (NSLI)
  • Veterans?? Special Life Insurance (VSLI)
  • Service Disabled Veterans Insurance (S-DVI)
Policyholders may borrow up to 94% of the cash value of the policy.

A loan may be obtained at the end of the first policy year of a whole life or endowment plan of insurance, which has loan value and is in force on a premium-paying basis or is paid-up. A loan may also be obtained on paid-up additional insurance attached to either permanent or term plans of insurance.

Loans are granted in any amount up to 94% of the policy??s reserve value, minus any existing indebtedness against the policy, plus interest.

 

Status

Active

 

Loan Terms:

Variable Interest Rate between 5-12% with no Upfront Fees or Pre-payment penalties. Maximum Loan Length at maturity. Maximum Loan Amount 94% of the policy reserve value. Annual Payment Frequency.

 

Application Process:

A policyholder can apply for a loan by filing VA Form 29-1546, Application for Policy Loan. This application can be either faxed toll-free to 1-888-748-5828 or mailed to:

Department of Veterans Affairs Regional Office and Insurance Center
P.O. Box 7327
Philadelphia, PA. 19101

To download a policy loan application please visit:
http://www.insurance.va.gov/inForceGliSite/forms/forms.htm

To apply for a policy loan online please visit:
https://insurance.va.gov/inForceGliSite/SelfService/insmain.asp

 

Program Contact Information:

For more information, please visit:
http://www.insurance.va.gov

To download a policy loan application, please visit:
http://www.insurance.va.gov/inForceGliSite/forms/forms.htm

To apply for a policy loan online, please visit:
https://insurance.va.gov/inForceGliSite/SelfService/insmain.asp

If you have questions about your insurance policy, please call:
1-800-669-8477

 

Managing Agency:

Veterans Benefits Administration (VBA)
http://www.vba.va.gov




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