The Department of Veterans Affairs (VA) is highlighting the success and growth of its Veterans Affairs Life Insurance (VALife) program. With over 51,000 veterans enrolled, the program is set to reach a significant milestone in January 2025, marking its two-year anniversary. A major benefit of VALife: Full coverage, based on the selected amount, will be in effect for over 5,400 veterans who initially enrolled in January 2023. Moreover, more than 24,000 additional veterans will have their full coverage activated in 2025.
Under VALife, full life insurance coverage becomes active two years after enrollment, provided that premiums have been consistently paid during this waiting period. If a veteran passes away during the initial two-year period, the VA will pay the beneficiaries the total amount of premiums paid, along with any accrued interest.
One of the key advantages of VALife is the elimination of application time limits, which has broadened its reach to encompass more veterans than ever before. The program ensures guaranteed acceptance and offers whole-life insurance to veterans aged 80 and under who have any level of service-connected disability, ranging from 0% to 100%. Veterans aged 81 and older may also be eligible if they meet specific criteria and apply within a designated time frame.
Key Features of the VALife Program
- Coverage options up to $40,000 are available in increments of $10,000.
- No health questions or medical examinations are required for enrollment.
- There is no deadline to apply for those aged 80 or under.
- The program offers a convenient online application and enrollment process.
- A cash value accumulates throughout the policy’s lifespan after the first two years of enrollment.
VALife premium rates are consistent for both men and women, are not affected by medical conditions, and remain constant throughout the policy’s duration. These premiums are calculated based on the veteran’s age at the time of enrollment and the selected coverage amount. In most cases, the VALife premium rates are comparable to, or even more favorable than, similar guaranteed acceptance programs in the private sector.
It is important to note that VALife does not offer a waiver of premiums. Comprehensive details regarding monthly VALife premium rates are accessible online at https://www.va.gov/life-insurance/options-eligibility/valife/.
Veterans can apply for, receive an instant decision on their application, and manage various aspects of their VALife policy through the online portal found at www.va.gov/life-insurance. The VA encourages veterans to explore VALife to safeguard those who are most important to them.
