Veterans Life Insurance

Facts You Should Know About Veterans Life Insurance!

What is veterans life insurance? In order to compensate the beneficiaries of United States Armed Service members, the US Government provides all members of the armed forces with life insurance. Through the Department of the Veteran Affairs, members of the armed forces may be eligible for medical care, disability cover, and veterans life insurance cover.

During World War I, when merchant ships carrying supplies to the Allied forces overseas were being attacked and sunk by German U-boats, the US Government passed the War Risk Insurance Act, which compensated ship owners for their losses while helping the Allied forces. As the United States entered the war in 1917, the government added an amendment to the War Risk Insurance Act which provided veterans life insurance to the members of the armed forces. This service was later extended to veterans as well as active service members

Veterans life insurance was a touchy area for many commercial sector insurance providers because the effects of military service, especially war, was an unpredictable variable in the estimation of human life. In other words, they couldn't get a very accurate estimation as to when the individual would die. This made insuring veterans very risky and prompted the government to provide for the needs of veterans.

Currently, the Veterans Group Life Insurance (VGLI) offers a renewable 5 year term veterans life insurance policy at the end of service in the armed forces. Veterans can renew their policy or convert it to a commercial insurance policy at the end of each 5 year term.

There have been many rumors circulating about unclaimed funds from veterans life insurance, these have been proven to be hoaxes. To read more on these hoaxes and find out more information on veterans life insurance, refer to the web pages below.