VA Life Insurance Programs
September marks Life Insurance Awareness Month, prompting you and your family to consider if your current coverage adequately protects your financial future. The Department of Veterans Affairs (VA) provides a variety of life insurance programs designed to cater to the unique requirements of service members and Veterans, regardless of their stage in life.
VA life insurance programs have recently undergone enhancements, providing more extensive coverage for Veterans and service members. If you’re eligible, now might be the opportune moment to integrate life insurance into your estate plan or to augment your existing coverage.
Whole Life Coverage: Veterans Affairs Life Insurance (VALife)
VALife offers guaranteed acceptance whole life insurance for Veterans, aged 80 and below, with service-connected disabilities. VALife distinguishes itself by providing coverage to a larger number of service-connected Veterans compared to previous programs and includes the following features:
- A maximum coverage of $40,000, available in increments of $10,000.
- No requirement for a medical exam or health-related inquiries during enrollment.
- No application deadline.
- Consistent premiums that remain unchanged.
- Cash value accrual throughout the policy’s duration.
Applying for VALife is convenient, with online applications that allow Veterans to receive an immediate decision and manage most aspects of their policy entirely online. Discover more about VALife and how to apply on the VA’s official website: https://www.va.gov/life-insurance/options-eligibility/valife/
Term Life Insurance Coverage: Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI)
SGLI provides affordable group term life insurance coverage, offering up to $500,000 to eligible service members. Service members who meet the eligibility requirements are automatically enrolled in SGLI. To gain more details about SGLI, visit the online SGLI website: https://www.va.gov/life-insurance/options-eligibility/sgli/
VGLI enables service members nearing separation to convert their SGLI coverage to renewable group term insurance. Veterans have a window of one year and 120 days from their separation date to apply for VGLI. This coverage is available in amounts varying from $10,000 to $500,000, depending on the SGLI coverage amount at the time of separation. For more information, consult the VGLI website: https://www.va.gov/life-insurance/options-eligibility/vgli/
These affordable life insurance options offer a crucial safety net, ensuring the financial stability of those who matter most. SGLI and VGLI can be utilized for end-of-life planning and to provide income replacement. These programs allow families to focus on supporting each other during difficult times, reducing financial stress after the passing of a service member or Veteran.
Other VA Life Insurance Programs
Beyond the programs mentioned, the VA offers additional insurance options to address a comprehensive range of needs. To learn more concerning these programs, their eligibility requirements, and the application process, visit the VA’s life insurance options website online: https://www.va.gov/life-insurance/options-eligibility/
