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Life Insurance

 

Mandatory Electronic Payments

 

Beginning March 1, 2013, the Department of the Treasury has mandated that all payments must be made via Electronic Fund Transfer (EFT) and they will no longer send paper checks. This means that in order to receive a life insurance payment, VA must send the payment via EFT directly to your bank.

To implement this change we have updated our VA Insurance forms to require banking information. When you apply to receive a life insurance payment such as a policy loan, cash surrender, or beneficiary claim for insurance proceeds, you will be required to send us your banking information . Your name must be on the account. and you should include your bank name, address, bank account number, and the bank's routing and transit number. To make it easier, you may send us a voided check along with your application.

Important Note: You do not need to send us your banking information now, you will only need to send it when you apply for an insurance payment.

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