Home → Veterans Guide to VA Insurance Benefits → Veterans' Mortgage Life Insurance → Benefits
VMLI provides up to $200,000 mortgage life insurance and is payable only to the mortgage holder (i.e., a bank or mortgage lender), not to a beneficiary. The amount of coverage will equal the amount of the mortgage still owed, but the maximum can never exceed $200,000. VMLI is decreasing term insurance which reduces as the mortgage balance declines. VMLI has no loan or cash values and does not pay dividends.
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