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Benefits offered by Veteran Affairs
The Department of Veteran Affairs (VA) is a federal agency that provides health care for veterans at medical centers across the country. The agency also provides benefits such as education and training, pension, transition assistance, disability compensation, life insurance, vocational rehabilitation, home loans, and burial benefits. Below is a brief insight into each of these benefits.
VA Transition Assistance
You can seek assistance from VA Benefits Advisors to help you transition from military to civilian life. These advisors are usually former veterans or military spouses who can relate to your situation and provide the resources required to help you transition smoothly.
VA Disability Compensation
Veterans who suffer from disabilities, diseases, or injuries occurred during active military service can avail monthly benefits through VA disability compensation. The program also provides aid to spouses, dependent children and parents of late veterans in lieu of the economic loss caused by their deaths during service. The benefit amount is decided based on the degree of the disability on a scale from 10% to 100%. These benefits are tax-free.
VA Home Loans
Veteran Affairs also helps veterans and surviving spouses to buy a home. They offer a home loan guarantee benefit in addition to a range of housing-related programs that provide aid in purchasing a home, repairing, and adopting a home. These home loans are offered by private lenders such as banks and mortgage companies. VA offers these lenders with a guarantee on a portion of the home loan, thus persuading them to provide reasonable terms.
VA Life Insurance
VA provides a range of life insurance options to protect veterans’ families and endow them with financial security. The Servicemembers’ Group Life Insurance (SGLI) offers low premiums for Servicemembers. The Veterans’ Group Life Insurance (VGLI) enables veterans to change their SGLI to a civilian program that offers a lifetime renewable term coverage. Family Servicemembers’ Group Life Insurance (FSGLI) offers coverage for spouses and children of Servicemembers who have an SGLI coverage. Service-Disabled Veterans’ Life Insurance (S-DVI) offers life insurance to veterans who have a disability from military service in the last two years.
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