Guaranteed Issue Plan
Qualified veteran borrowers1 or spouses who cannot satisfy the medical standards for Basic Plan may be insured under the Guaranteed Issue Plan. The amount of insurance is limited during the first four years of coverage and is limited during those years of coverage as follows:
| Year | Insurance Amount |
|---|---|
| 1 | 25% of mortgage balance up to $5,000 |
| 2 | 25% of mortgage balance up to $10,000 |
| 3 | 50% of mortgage balance up to $50,000 |
| 4 | 75% of mortgage balance up to $75,000 |
| 5 and beyond | 100% of mortgage balance |
The above limitations do not apply to deaths that are a result of an accident (with death occurring within 90 days of the accident). The amount of insurance is at least equal to the insurance premiums paid. To determine the cost of the Guaranteed Issue Plan, please access the Premium Calculator.
Before enrolling, review the Loan Cancellation Life Insurance Certificate for exclusions, limitations and reductions for each plan offered by ODVA.
1 Veterans who used their loan eligibility in obtaining a home or farm loan under the ODVA's requirements are considered qualified veterans.