For serving our country our veterans and service members are given benefits outside of the general public. Not everyone joins the military with the expectation that they are going to be receiving government benefits. Therefore, we’ve compiled a list of some of the most popular and important benefits for veterans. Our American heroes deserve these options for keeping our country safe.
Life Insurance
Veterans have the option to receive Veterans Group Life Insurance (VGLI). This replaces the SGLI. You can sign up to the amount you had during service if you had the SGLI. It is overseen by the VA, but is administered by the Office of Servicemembers’ Group Life Insurance. The coverage is issued in multiples of $10,000 up to $400,000, but cannot be more than the SGLI they had during service.
Home Loans
Instead of having a regular mortgage, veterans, active military members, and service member families can have a VA home loan. This enables the purchase of a home without a downpayment. You can receive long-term financing with 3 different choices; purchase loans, interest rate reduction refinance loans and cash-out refinance loans. Now in 2020, without a loan limit, veterans can receive a larger VA home loan and purchase the home of their dreams. Speak with a VA Home Loan lender like Devin Fahrner if you would like to explore your options in Idaho.
Disability Benefits
Veterans with service-related injuries or illnesses may be entitled to receive VA disability compensation. It is a monthly tax-free payment for veterans who got sick or injured while serving in the military. The amount received can range anywhere from $133 to $3400 a month. This amount can be increased depending on the severity of the disability. Remember to always provide as much paperwork as you can to receive the right plan.
Education
Financial aid for education is one of the many benefits that veterans can choose to partake in. The Post 9/11 GI Bill provides up to 4 years of education benefits to servicemembers and veterans. It isn’t subjected to just college either. The bill provides assistance for business technical or vocational courses, correspondence courses, apprenticeship/job training, flight training, and licensing & testing programs. Some states have gone farther in offering more benefits for veterans too. Check out these states with more military education benefits.
Benefits in 2020
Keep an eye on military benefits as they are constantly changing. Just recently the VA Home Loan limit changed. So who knows how many more benefits will see a change in 2020. If they are anything like the home loan limit change, then surely military benefits are changing for the better. Hopefully, you’ve learned which benefits you would like to use. There are many benefits for the men and women who have served our country, and they deserve to live a life outside of the military that is comfortable and safe. If you’re interested in finding out more about VA Home Loans, contact Devin Fahrner of VA Home Loans Idaho for more information.
