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Life Health > Life Insurance

Veterans Bill Includes Life And Disability Provisions

By Staff Writer

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Members of the Senate today voted 96-1 to approve S. 1315, which would create the Disabled Veterans Insurance Improvement Act.

Several sections of the bill concern government life insurance and disability insurance benefits for military veterans.

Section 101 of the bill would permit disabled veterans under age 70 to buy up to $50,000 in level-premium term life insurance directly from the federal government, and it would permit older disabled veterans who paid for insurance through the program before age 70 to get up to $10,000 in free life insurance once they were 70.

Section 104 of the bill would increase the amount of supplemental insurance available for totally disabled veterans to $30,000, from $20,000.

Section 108 would increase the amount of Veterans’ Mortgage Life Insurance available to severely disabled veterans to $150,000, from $90,000. In 2012, the VMLI limit would increase to $200,000.

The bill was introduced by Sen. Daniel Akaka, D-Hawaii.

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