It is surprising that many men and women who have served our nation proudly and were honorably discharged are unaware of the life insurance options available to them once they re-enter the civilian world. To that end, it is highly recommend that veterans getting ready to be discharged from the military look into all the insurance – life and otherwise – available to them.

The first thing a veteran should do to prepare themselves for this is to have a complete physical exam at least 120 days prior to their discharge date. This will come in handy as insurance companies will have no reason to give the veteran higher quotes in the event that the veteran should look for insurance outside the Department of Veteran’s Affairs (DVA).

This could also set the stage for any future claims for disability compensation from the DVA after leaving military service.  It is extremely important to get copies of all medical records from the department and to also have them certified.  And it is also important that all veterans see what is available to them from the department before they go looking for private coverage.

There is a $10,000 limit on total life insurance that veterans may be issued by the government, however it should also be noted that veterans who have what are called “Veteran’s Reopened Insurance” and “Veteran’s Special Life Insurance” are also able to buy additional paid-up coverage.

Veterans are also able to borrow up to 94 percent of their life policy’s total value.  The interest they pay if they do so will be adjustable, with the rates being adjusted on October 1 every year.  It basically comes out to a reducing balance, meaning that the interest total will go down as the amount of the loan is gradually paid off.

Although the focus of this writing is about veteran’s life insurance it is important that each and every member of the armed forces, prior to re-entering civilian life, find out the vast array of insurance benefits, housing options, educational opportunities and so forth that they are eligible for. And providing for one’s family in the event of misfortune gives peace of mind to all concerned.