VA Distributes 2008
Insurance Dividends
Peake: Payments Are “Commitment from a Grateful Nation”
during 2008, according to the Department
of Veterans Affairs (VA).
“These dividends are a commitment
from a grateful nation to safeguard the interests of
VA operates one of the nation’s
largest life insurance programs, providing more than $1 trillion in coverage to
7.1 million service members, veterans, and family members.
The dividend payments will be sent
to an estimated 1.1 million holders of VA insurance policies on the anniversary
date of their policies. Sent
automatically through different payment plans, the amounts will vary based on
the age of the veteran, the type of insurance, and the length of time the
policy has been in force.
The dividends come from the
earnings of trust funds into which veterans have paid insurance premiums over
the years, and are linked to returns on investments in
VA officials caution veterans about
a long-running scam in which various groups charge fees to “locate” veterans
who are eligible for the dividends.
Veterans eligible for the dividends have had VA life insurance policies
in effect since they left the military and have received annual notifications
from VA about the policies.
Dividends are paid each year to
veterans holding certain government life insurance policies and who served
between 1917 and 1956.
World War II veterans holding
National Service Life Insurance ("V") policies comprise the largest
group receiving 2008 insurance dividend payments. They are expected to receive total payments
of $269.6 million.
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Insurance Dividends 2/2/2/2
An
additional group of World War II era veterans, those who have Veterans Reopened
Insurance ("J," "JR" and "JS") policies, will in
total receive dividends of $9.2 million.
Korean War era veterans who have
maintained Veterans Special Life Insurance ("RS" and "W")
policies can expect to receive dividends totaling $69.3 million.
Dividends totaling $875,000 will be
paid to veterans who served between World War I and 1940 and who hold U.S.
Government Life Insurance ("K") policies.
Veterans who have questions about
their policies may contact the VA insurance toll-free number at 1-800-669-8477
or send an email to VAinsurance@va.gov. They may also visit VA on the Internet at www.insurance.va.gov.