More than 41% of loans against life insurance have been processed through updated VA technology.
The Department of Veterans Affairs implemented its Instant Loan Approval service as part of its insurance service in mid-May of 2021. A department review found that 41% of all loans against veterans’ VA-administered life insurance policies during this fiscal year were made through the automated service. Over 10,000 loans have been paid out since the feature launched, totaling more than $6.7 million distributed to veterans.
“As the department modernizes efforts, it makes sense to include an instant loan approval feature in our approval process to improve the customer experience,” said VA Insurance Executive Director Dan Keenaghan. “When a Veteran with an eligible life insurance policy holding cash value applies and is approved for a loan online, the payment is deposited directly into their bank account within two to five business days, which is helpful in times of need.”
As the Lord Leads, Pray with Us…
- For Director Keenaghan as he oversees the VA insurance office.
- For wisdom for Secretary McDonough as he manages the Department of Veterans Affairs.
- For the U.S. veterans who are in need of loans against their VA life insurance.
Sources: Department of Veterans Affairs
