Veterans Mortgage Life Insurance (VMLI)This is a unique type of life insurance policy that only applies to veterans with a service-related disability and who have received a Specially Adapted Housing (SAH) grant to help build, remodel, or purchase a home, and also hold the title to that home and have a mortgage on that home. Your VMLI policy provides up to $200,000 in coverage, which pays benefits directly to the mortgage holder (your bank or lender) in the event of your death - not to a beneficiary. Keep in mind that the value of your policy will decrease over time as the balance of your mortgage continues to be paid off. You can calculate your prospective VMLI insurance premiums at the U.S. Department of Veterans Affairs website.
Service-Disabled Veterans Insurance (S-DVI)
If you have a service-related disability, you can apply for S-DVI if you meet certain criteria outlined here at the U.S. Department of Veterans Affairs website. In the event of total disability due to a service-connected injury, your premiums may be waived altogether. Policies have a value of $10,000, and policyholders under age 65 (who have not had their premiums waived) can now apply for supplemental coverage of up to $30,000, thanks to the Veterans' Benefits Act of 2010. The premium rates and additional info about the types of permanent and term SDVI policies available can be found in this downloadable pamphlet.
In addition to your offerings from the Department of Veterans Affairs, there are numerous commercial life insurance policies to consider as either primary or supplemental life insurance options. If you need a refresher course on the differences between commercial types of life insurance options such as Term Life Insurance, Whole Life Insurance, or Universal Life Insurance, visit the Protective Life Learning Center.