For Your Benefit
For and about Hawaii's military
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Insurance dividends are paid annually
Question: I heard there may be insurance dividends sent to veterans. Can you explain?
Answer: More than a million veterans are in line to share $369 million in annual insurance dividends during 2007. The dividend payments will be sent to an estimated 1.3 million holders of Veterans Affairs insurance policies on the anniversary date of their policies.
Sent automatically, 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 a trust fund into which veterans have paid insurance premiums.
The VA cautions veterans about a long-running scam in which 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 the 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 compose the largest group receiving 2007 insurance dividend payments. There are additional groups of WWII and Korean War era veterans also eligible.
Questions can be directed to the VA insurance toll-free number at (800) 669-8477 or sent in an e-mail to VAinsurance@va.gov. You can also visit the Internet at www.insurance.va.gov.
Q: I'm getting close to retirement and heard I should attend a TAP class. What is TAP?
A: "TAP" stands for Transition Assistance Program and consists of three-day workshops at military installations that are designed to help service members as they make the transition into civilian life. The program provides job-search, employment and training information, as well as VA benefits information, to service members within 12 months of separation or 24 months of retirement.
A companion workshop, the Disabled Transition Assistance Program, provides information on the VA's Vocational Rehabilitation and Employment Program.
You can contact the VA for information on TAP and where the workshops are held at (800) 827-1000.
If you have questions about your benefits as a veteran, call Fred Ballard at the Veterans Affairs at 433-0049 or visit the VA Web site at
www.va.gov/hawaii or the Star-Bulletin at 529-4747.