Department of Veterans AffairsM29-1, Part 1, Chapter 7
Department of Veterans AffairsM29-1, Part 1, Chapter 7Veterans Benefits Administration April 9, 2019Washington, DC 20420Key Changes Changes Included in This RevisionThe table below describes the changes included in this revision of Veterans Benefits Insurance Manual M29-1, Part 1, Chapter 7, Renewal of Term Insurance.Notes: M29-1, Part 1, Chapter 7 has been rewritten in its entirety for the purpose of improving clarity and readability. Any substantive changes are itemized in the table below.Minor editorial changes have also been made to improve clarity and readabilityadd referencesupdate incorrect or obsolete referencesupdate obsolete terminology, where appropriatereorganize/relocate content within M29-1, Part 1, Chapter 7 so that it flows more logicallyreassign alphabetical designations to individual blocks, where necessary, to account for new and/or deleted blocks within a topicupdate the labels of individual blocks and the titles of sections and topics to more accurately reflect their content, and bring the document into conformance with M29-1 standards.Reason(s) for Notable ChangeCitationRemoves USGLI Subchapter 7.01 as the program is closing Subchapter 7.01Moves current NSLI Subchapter reference from 7.02 to 7.01Subchapter 7.01/7.02Clarifies that premium rates on the five-year level premium term (LPT) policies will not exceed renewal rates at age 70 term premium policies Subchapter 7.01Removes references to the renewability of limited convertible term insurance (W) policies, including but not limited to the insured’s 50th birthday as all policyholders have exceeded the age upon which such conversion/renewability could occur by lawSubchapter 7.01Removes references to the total disability income provision (TDIP) when member is totally disabled and elects not to renew term insurance as all insureds impacted by this provision are now beyond the age limit where it would applySubchapter 7.01Adds reference to termination dividend now available to insureds whose policies lapse or are cancelled; explains that dividend may be received as a cash payment or can be used to buy paid-up insurance (PUA)Subchapter 7.01Explains that when an LPT policy on waiver is renewed at age 70, the policy is converted to either an ordinary or 20 payment life policySubchapter 7.01 Reason(s) for ChangeCitationNote explains how VA handles a request from an insured to retain his term insurance rather than convert to a permanent plan of insuranceSubchapter 7.01RescissionsNone AuthorityBy Direction of the Under Secretary for Benefits SignatureVincent E. Markey, DirectorInsurance Service DistributionLOCAL REPRODUCTION AUTHORIZEDRABvAGMAVABlAG0AcAAxAFYAYQByAFQAcgBhAGQAaQB0AGkAbwBuAGEAbAA=
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