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VA Life Insurance Premiums
Premium Rates (how are they calculated?)
Payment of Premiums
Different Ways you may Pay Premiums (Premium Options)
Use your dividend to pay your annual premium
Pay your premium directly
Deduct premiums from you VA benefits
Deduct premiums from your retired service pay
Use your dividend credit account to pay premiums
Deduct premiums from your checking account
Request a waiver of premiums
The premium rate on a policy is based on 3 factors:
Here's an example-
Age: John Jones' birthday is 4/5/30. His policy was effective 11/5/50. John was 20 years, 7 months old when the policy was effective. His insurance age is 21.
Amount: John requested 10,000 in coverage.
Plan: John chose an Ordinary Life Policy
At age 21, the premium rate for Ordinary Life Insurance is $1.25 per thousand.
Johns' premium is $1.25 x 10 = $12.50 monthly. You may find out the premium rate for any plan of insurance by calling our toll-free number (1-800-669-8477.)
Premiums are due each month, however, payments may also be paid quarterly, semiannually, or annually. If you choose to pay more than one month at a time, the premium will be discounted at an annual interest rate of 7.5% for the following insurance programs:
The table below describes the different ways you may pay your premiums (premium options. We cannot tell you what option is best for you. Only you can make that decision. These general rules apply:
You may change your option at any time by calling our toll-free number (1-800-669-8477).
|Premium Options||How it Works|
|Use Your Dividend to Pay Your Annual Premium||
Note: Under this option, only dividends earned on a policy can be used to pay it's premium. Dividends will not be used to pay premiums on other policies.
|Pay Your Premium Directly||
You may send payments in the form of a check, draft, or money order payable to the VA. Payments may be made in cash to VA employees authorized to accept cash payments; however, cash sent by mail will be at the insured's own risk. Payments may also be made by a third party.
|Deduction From Benefits Paid by the VA||
The deduction from your benefit payment will be for the insurance and/or TDIP premium due for the next month. The authorization will continue in effect as long as:
|Deduction From Retired Service Pay||You may have your premium automatically deducted from your retired service pay. The following general rules apply:
|Premiums paid from Dividend Credit Account||
If you forget to call and request a premium withdrawal, VA will automatically deduct a monthly premium from your account 31 days after the premium due date.
|VA MATIC||You may have monthly premiums deducted from a checking account by electronic funds transfer. The following general rules apply:
|Waiver of Premiums||
The waiver applies to both insurance and disability premiums (if applicable). Download the Application for Waiver of Premiums form to complete your request.
Note: Premiums on a Supplemental Service Disabled Insurance (SRH) policy cannot be waived.