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Life Insurance Programs -
Life Insurance is one of those things that seemingly everyone has, and
the Department of Veterans Affairs has helped veterans purchase life
insurance for several decades. It all began with the War Risk
Insurance Act in 1914. The Act provided insurance for cargo and
crew ships supplying allied nations during World War I.
Eventually, this insurance was expanded to cover the captains and crews
of the ships that were already insured. In 1917, President
Woodrow Wilson had an amendment added to the Act that included a
provision for voluntary life insurance on the lives of servicemen.
As a result of the War Risk Insurance Act, the US Government became the
largest life insurer in the country. 93% of those eligible for
the insurance, would take the coverage, and most of those took the
maximum amount of $10,000. Over the years as wars came and
passed, the government expanded the coverage of their life insurance
policies to include members of the armed services while they were on
active duty and after they were separated.
Today, 6 different life insurance programs are available for veterans
of World War I and World War II, as well as veterans of the Korean War,
and certain disabled veterans. The following is a table
representing the Program name, veterans that are eligible for it, and
the years of service of that veteran:
Insurance
Program
|
Veterans
Insured
|
Years
Issued
|
United States Government Life
Insurance
|
World War I
|
1919 to 1951 |
National Service Life Insurance
|
World War II
|
1940 to 1951 |
| Veterans' Special Life Insurance |
Korean War |
1951 to 1956 |
Veterans' Reopened Insurance
|
Disabled, WWII and Korean War |
1965 to 1966 |
| Service-Disabled Veterans Insurance |
Disabled |
1951 to Present |
| Veterans' Mortgage Life Insurance |
Severely Disabled |
1971 to Present |
We are not associated with the Department of Veterans Affairs or any governmental agency.
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