The Department of Veteran Affairs (VA) offers a range of resources and benefits for Veterans with service-connected disabilities. While the exact VA Disability benefits and eligibility depend on each Vet’s disability rating percentage, which ranges from 0%-100%, there is often ongoing financial support for Veterans while they are living. However, these benefits do not cover the expenses their survivors will face. By including life insurance in your financial toolkit, you can provide additional financial security for your loved ones in the event of your passing.  

When it comes to your VA benefits and your need for adequate life insurance coverage, here are some important factors to consider: 

Lost Income Replacement 

Because VA Disability benefits are designed to support living Veterans, they will not replace lost income or cover living expenses for surviving family members. Life insurance can help fill that gap, especially if the Veteran has been the primary breadwinner. 

Final Expenses 

VA Disability benefits do not cover funeral or burial expenses. While your survivors can file a claim to receive a burial allowance of $978 for a non-service-connected death or to up to $2,000 for a service-connected death, that amount will likely not cover all funeral and burial costs. Acquiring additional life insurance now can help offset these final expenses. 

Repayment of Financial Obligations  

The season of life you’re in at the time of your passing will determine the amount and type of financial obligations your survivors will face. If you have a mortgage, car loans, or college expenses for your children, you need a plan in place to address these obligations to allow your survivors to maintain their own financial stability. 

Additional Financial Protection 

While VA benefits are meant for a Veteran’s personal care and daily expenses, life insurance provides a financial safety net for your family in case of your death, so they won’t have to pay any of your expenses out of pocket themselves. This can even cover the future living expenses of your survivors.  

Supplemental Benefits  

VA Disability compensation might not be enough to cover long-term care needs, emergencies, or other unexpected expenses. Life insurance can help provide extra financial support for such situations. For instance, Armed Forces Mutual offers a Value-Added Whole Life policy that includes a long-term care settlement option.  

Payout Flexibility 

Unlike VA Disability compensation, which is specific to covering the disabled Veteran’s needs while they’re still living, life insurance benefits can be used by your beneficiaries as they see fit.  

Get Peace of Mind 

Having both life insurance and VA Disability compensation can provide the peace of mind that comes with knowing you’re protecting your family — now and in the future. It’s important to understand that your VA Disability benefits end with your death and to consider how much coverage your family would need to meet their financial needs in your absence. Contact an Armed Forces Mutual Membership Coordinator today at 877-398-2263 or get a quote now.