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North Carolina Congressman Walter Jones has introduced H. R. 2026, the Disabled Veterans Insurance Improvement Act of 2007, a bill that would increase the amount of supplemental life insurance available for totally disabled veterans. H. R. 2026 would increase the coverage available by $20,000, making a total of $50,000 of life insurance available to totally disabled veterans. Senator Daniel Akaka (Hawaii), Chairman of the Senate Committee on Veterans’ Affairs, has also introduced companion legislation in the U.S. Senate.
“All of our men and women in uniform, and especially the brave veterans who have been wounded in combat, deserve our nation’s support,” Congressman Jones said. “They are there fighting for us on the battlefields when our nation is at war, and we must be there for them when they find themselves in difficult times as a result of their bravery.”
“The $30,000 maximum life insurance coverage currently available for totally disabled veterans falls well short of the death benefits available to servicemembers and veterans enrolled in the Service members' Group Life Insurance and Veterans' Group Life Insurance programs,” Jones said. “Because many totally disabled veterans have difficulty getting life insurance on the commercial market, this legislation would help these heroes by providing them, and their families, with a sense of security for the future.”
Service-Disabled Veterans' Insurance (S-DVI) was established during the Korean War to provide life insurance to veterans with service-connected disabilities through a $10,000 benefit (totally disabled veterans are eligible for waiver of premiums on this benefit). This amount has never been increased. In 1992, supplemental coverage worth $20,000 was offered to the veterans who qualify for S-DVI (premiums must be paid for this coverage), making the maximum possible coverage for totally disabled veterans $30,000.
The Disabled Veterans Insurance Improvement Act of 2007 would allow totally disabled veterans to purchase an additional $20,000 in coverage, bringing their total possible coverage to $50,000: $10,000 (original) + $20,000 (1992 supplemental) + $20,000 (2007 supplemental) = $50,000 available to totally disabled veterans.
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