September is Life Insurance Awareness Month, and a timely reminder for veterans and service members to evaluate their financial planning. The Department of Veterans Affairs (VA) offers a range of life insurance programs specifically designed to meet the needs of those who have served. Recent enhancements to these valuable programs mean that veterans and active-duty personnel may have more ways than ever to find the coverage that’s right for them.
This might be the perfect moment to consider adding life insurance to your estate plan or to enhance existing coverage. Several VA programs offer valuable options:
Whole Life Coverage: Veterans Affairs Life Insurance (VALife)
VALife provides guaranteed acceptance whole life insurance for veterans up to age 80, especially those with service-connected disabilities. Key features include:
- Coverage up to $40,000, available in increments of $10,000.
- No medical exam or health questions for enrollment.
- No application deadline.
- Locked-in premiums that never increase.
- Cash value that grows over the life of the policy.
VALife features a streamlined online application process for convenience. Veterans can apply, receive instant decisions, and manage their policies entirely online. For further information and to apply, visit the VALife website at https://www.va.gov/life-insurance/options-eligibility/valife/.
Term Life Insurance Coverage: Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI)
Servicemembers’ Group Life Insurance (SGLI)
SGLI offers affordable group term life insurance up to $500,000 for eligible service members. Those who meet the criteria are automatically enrolled. For more details, visit the SGLI website at https://www.va.gov/life-insurance/options-eligibility/sgli/.
Veterans Group Life Insurance (VGLI)
VGLI allows separating service members to convert their SGLI coverage to renewable group term insurance. Veterans must apply within one year and 120 days of their separation date. Coverage options range from $10,000 to $500,000, based on the SGLI coverage amount at the time of separation. For more information, visit the VGLI website at https://www.va.gov/life-insurance/options-eligibility/vgli/.
These life insurance programs offer affordable ways to safeguard those who matter most by helping to cover end-of-life planning and income replacement. They provide families with a financial foundation to focus on supporting one another during difficult times.
For those seeking additional life insurance options, the VA offers a variety of other programs designed to meet a wide range of needs. Explore eligibility requirements and application details at the VA’s life insurance options website online at https://www.va.gov/life-insurance/options-eligibility/.
