Glossary of Terms

Benefits that were due to a veteran but unpaid at the time of death. In some cases, a surviving spouse or eligible dependent may receive these payments.

The person or entity designated to receive the proceeds of a life insurance policy or other benefit after the insured person passes away.

A monetary benefit that may help cover burial and funeral costs for eligible veterans. The amount depends on whether the death was service-connected.

The portion of a permanent life insurance policy that accumulates value over time. Policyholders may be able to borrow against or withdraw from this amount under policy terms.

The Civilian Health and Medical Program of the Department of Veterans Affairs. A health care program that covers spouses and dependents of veterans who are permanently and totally disabled or who died from a service-connected condition.

A formal request submitted to the VA asking for a benefit or service. A claim must include required documentation to support eligibility.

The money paid out to beneficiaries when the insured person dies under a life insurance policy.

A one-time payment made to surviving family members of a service member who dies on active duty. It is designed to provide immediate financial support.

A monthly, tax-free payment made to eligible surviving spouses of veterans who died while on active duty, during training, or from a service-connected illness or injury.

Department of Defense. The federal department responsible for the U.S. military, separate from the Department of Veterans Affairs.

A statement from an insurer explaining what medical services were covered, what was paid, and what the patient may owe.

The stated amount a life insurance policy will pay out upon the death of the insured, before any adjustments for loans or interest.

A type of whole life insurance designed to cover end-of-life costs such as funeral expenses, medical bills, and small debts. These policies typically have a smaller face value and may be easier to qualify for than traditional life insurance.

A set of education benefit programs that help cover tuition, housing, and other education costs for veterans and, in some cases, their dependents or survivors.

A type of permanent life insurance that combines a death benefit with a cash value component. The cash value growth is tied to a stock market index, such as the S&P 500, but is generally protected from market losses by a guaranteed minimum. Policy values can fluctuate based on index performance, and policy loans or withdrawals may reduce the death benefit.

A unique identifier assigned by the National Association of Insurance Commissioners to licensed insurance professionals. It helps verify an agent is properly licensed.

A VA designation for a veteran whose service-connected disabilities are rated as 100% disabling and are not expected to improve. This status can affect survivor eligibility for certain benefits.

A loan taken by a policyholder against the cash value of a permanent life insurance policy. Unpaid loans may reduce the death benefit paid to beneficiaries.

The amount a policyholder pays, typically monthly, quarterly, or annually, to keep an insurance policy active.

An optional add-on to an insurance policy that provides additional coverage or modifies the base policy. Examples include accelerated death benefit riders or waiver of premium riders.

A condition, illness, or injury that was caused by or worsened during military service. Service-connection is required for many VA disability and survivor benefits.

A needs-based, tax-free monthly payment for low-income surviving spouses and unmarried dependent children of deceased wartime veterans. Eligibility is based on income and net worth.

The process an insurer uses to evaluate an applicant's risk and decide whether to issue a policy and at what rate. Some final expense policies use simplified or guaranteed-issue underwriting.

The federal agency that provides benefits and services to veterans, service members, and their families, including health care, disability compensation, education, and survivor benefits.

A recognized organization that provides free assistance to veterans, their families, and survivors with VA claims. Examples include the VFW, American Legion, and DAV.

A type of permanent life insurance that remains in force for the insured's entire life (as long as premiums are paid) and builds cash value at a guaranteed rate.