Disabled Veterans’ Life Insurance: VMLI Benefits
A concern for many families of disabled veterans is the ability to keep their home in the event their loved one passes away. The Veterans’ Mortgage Life Insurance (VMLI) benefit helps provide life insurance to pay off the home mortgage of a severely disabled veteran. This coverage can provide up to $200,000 to the lender holding the deceased veterans’ home mortgage so the surviving family can keep their house.
There are some restrictions to applying for VMLI benefits. To qualify, a veteran must have received a Specially Adapted Housing Grant (SAHG) from the Department of Veterans Affairs (VA). Their application must also be submitted before they turn 70-years-old. Premiums are still to be paid by the veteran’s household, while the policy is still active, and it has no loan or cash value, nor does it pay dividends.
While a disabled veteran should be notified about the option of applying for VMLI when they meet with a Loan Guaranty personnel about their SAHG, there is a chance some veterans may go unaware that these benefits exist. In fact, the VA has several life insurance programs in place targeted toward providing assistance to disabled veterans, aside from their regular life insurance programs that veterans should seek into.
If you are a disabled veteran who has been denied disability compensation or have not yet applied for benefits from the VA, a South Florida disability representative from Disability Help Group is ready to help. To learn if you are entitled to certain programs and benefits contact our associates today – 1-(800)-800-3332.