The Department of Veterans Affairs (VA) has announced a major milestone for its Veterans Affairs Life Insurance (VALife) program. Since its inception, over 51,000 veterans have enrolled in VALife, and the program is approaching its two-year anniversary in January 2025.
A key achievement is the provision of full coverage, based on selected amounts, for more than 5,400 veterans who enrolled in January 2023. Additionally, over 24,000 more veterans will have their full coverage take effect in the coming year. Under VALife, full life insurance coverage becomes active two years after application, assuming premiums are kept current during that period. In the event of a death during the waiting period, the VA will provide beneficiaries with a sum equal to all premiums paid, plus interest.
VALife distinguishes itself by eliminating application deadlines, making it accessible to more veterans than ever before. The program grants guaranteed acceptance whole-life insurance for veterans aged 80 and under with any level of service-connected disability (0%-100%). Veterans aged 81 or older may also qualify if they meet certain criteria and apply within a specified timeframe.
Key Features of VALife:
- Coverage up to $40,000, available in $10,000 increments.
- No health questions or medical examinations for enrollment.
- No application deadline for those aged 80 or under.
- Convenient online application and enrollment.
- Cash value accrues over the policy’s lifetime after the initial two years.
VALife premium rates are identical for men and women and are not based on medical conditions; these rates remain constant throughout the policy’s duration. Premiums are determined by the veteran’s age at enrollment and the coverage amount chosen. In most cases, VALife premium rates are competitive with or superior to similar private sector guaranteed acceptance programs. Notably, VALife does not offer a waiver of premiums.
For detailed monthly premium rates, visit the online resources available at the VA website: https://www.va.gov/life-insurance/options-eligibility/valife/.
Veterans can apply for VALife, receive immediate decisions, and manage their policies online at www.va.gov/life-insurance. This program is designed to provide veterans with a valuable tool to safeguard their loved ones. For further assistance or inquiries, visit Ask VA or call 1-800-698-2411.
