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Mortgage life insurance increases for veterans

11/11/11

The U.S. Department of Veterans Affairs announced recently that the maximum amount for veterans' mortgage life insurance increased.

The maximum amount for VMLI life insurance increased from $90,000 to $150,000 under the Veterans' Benefits Act of 2010. The maximum of $150,000 is also scheduled to increase to $200,000 after January 1, 2012.

VMLI is provided to veterans and service members who are severely disabled and received grants from Veteran Affairs for specially adapted housing. In the event of death, VMLI is designed to pay off the policyholder's mortgage.

Policyholders have the option of declining the increase in insurance and retaining their original policy and premium, accepting the new maximum coverage or adjusting the amount of coverage they have.

The VA has also developed a website, which allows policyholders to see descriptions of their different options and enables them to change the amount of coverage they have.

The VA has sent a letter to all policyholders informing them of the change in coverage options.

According to the U.S. Census Bureau, there were approximately 21.9 million veterans in the United States in 2009. 

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