Instant loan approval for insurance loans is here

Instant loan approval has arrived. The service is available to over 350,000 life insurance clients who have loan value on their policies, and over 42,000 Veterans with outstanding loans. This modernized feature provides an advanced option to access the benefits of the policy.

The new Instant Loan Approval Service streamlines and automates online processes that eliminate human intervention to provide decisions for loan applications.

This benefit provides veterans with permanent insurance plans the flexibility to borrow up to the reserve (cash) value of their policy less any debt. The policy is not lapsed and premiums must be paid or canceled at least one year before a policy has loan value.

How it works

Instant loan approval includes the basic verification requirements that a client must meet in order to apply for a loan and receive an instant decision. Veterans must be an “authenticated user” and be able to successfully log into “VA Insurance Policy Online Access” website.

Once logged in, veterans can access the loan application page if they have loan value available on their policy and meet other basic security criteria. If all the criteria are met, the veteran will go to the next screen and be prompted to enter the loan amount requested. The veteran will submit the request and receive an instant decision on their loan request.

If the loan is approved instantly, the payment will be processed. On average, it takes two to five business days for a loan repayment to be received.

If You Do Not Meet Instant Loan Verification Requirements

If the veteran does not meet the verification requirements, they can still submit a loan application online by downloading VA Form 29-1546, by completing the application and saving it in the secure insurance document download tool.

Note: The Military Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI) programs do not offer loans. Current clients of Disabled Veterans Insurance (S-DVI) can apply for instant loan approval if all eligibility requirements are met.

VA has provided life insurance to military personnel, veterans and their families for over 100 years. Life insurance is designed to provide financial assistance for a variety of reasons, including income replacement, financial inheritance, and end-of-life costs. The purpose of the VA Insurance Service is to provide quality and effective insurance products and services to our nation’s Veterans, Military and Military families. VA life insurance programs provide financial security to policyholders and their families that honor the risks of military service and reflect the rewards earned for the sacrifice of serving our country.

For more information on instant loan approval, as well as other online tools and features, visit

Mychael Lee Askew is a Strategic Communications Officer with the VBA Insurance Department.

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