Jeffrey Wade
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. It offers coverage of up to $40,000 for veterans with service-connected disabilities, with no medical questions asked. VALife is available to veterans who meet specific requirements, such as having a VA service-connected disability rating and applying before turning 81 years old. The program provides low-cost coverage with premiums that never increase, and veterans can apply online to receive an immediate decision. This introduction provides an overview of the VALife program, including its key features, eligibility criteria, application process, and benefits for veterans with service-connected disabilities.
| Characteristics | Values |
|---|---|
| Name | Veterans Affairs Life Insurance (VALife) |
| Administering Body | Veterans Affairs (VA) |
| Target Group | Service-connected Veterans aged 80 and under |
| Coverage | Up to $40,000 in coverage with increments of $10,000 |
| Cost | Premium rates depend on age and desired coverage; rates never increase |
| Application | Online; immediate decision |
| Notification | Email, text, or both |
| Policy Access | AccessVA |
| Additional Policies | Other commercial policies or VA life insurance policies can be held |
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What You'll Learn
- VALife offers guaranteed acceptance whole life coverage of up to $40,000 for veterans with service-connected disabilities
- Veterans' Group Life Insurance (VGLI)
- Veterans' Mortgage Life Insurance (VMLI) offers mortgage protection insurance to families of veterans with severe service-connected disabilities
- Service-Disabled Veterans' Life Insurance (S-DVI) closed to new enrollment after December 31, 2022
- VALife policyholders can hold other commercial policies or VA life insurance policies
VALife offers guaranteed acceptance whole life coverage of up to $40,000 for veterans with service-connected disabilities
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. It offers coverage of up to $40,000 for veterans with service-connected disabilities, with lesser amounts available in increments of $10,000. This insurance plan is available to veterans who have a VA service-connected disability rating, even if the rating is 0%. There is no time limit to apply after receiving a disability rating, however, veterans must apply within two years of getting notified of their disability rating.
The VALife program provides low-cost coverage, with the premium depending on the age of the applicant and the amount of coverage desired. The premium rate will remain constant as long as the policy is maintained. The application process is simple and can be completed online, with an immediate decision provided in most cases. Veterans who already have Service-Disabled Veterans Life Insurance (S-DVI) can keep their existing coverage and apply for VALife by December 31, 2025. Their S-DVI coverage will end when their VALife benefits begin after the two-year waiting period.
It is important to note that VALife does not offer premium waivers or loans. Additionally, if the coverage is cancelled within the two-year waiting period, there will be no return of funds unless it is cancelled within 31 days of enrollment. The policy begins to earn cash value after the initial two years, and this value can be used for extended term insurance or surrendered for cash. While VALife provides up to $40,000 in coverage, veterans should consider their specific needs, premium costs, and other factors when deciding between VALife and other insurance options.
Overall, VALife offers a valuable opportunity for eligible veterans to obtain guaranteed acceptance whole life coverage of up to $40,000, providing financial security for themselves and their families.
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Veterans' Group Life Insurance (VGLI)
VGLI, like SGLI, is overseen by the Department of Veterans Affairs but administered by the Office of Servicemembers' Group Life Insurance. To get VGLI coverage, you must apply within one year and 120 days or 240 days of leaving the military. You can apply online with the Office of Servicemembers' Group Life Insurance (OSGLI) or by filling out the Department of Veterans Affairs' Form SGLV 8714.
VGLI coverage is issued in multiples of $10,000 up to a maximum of $500,000. A service member's VGLI coverage amount, however, cannot be more than the SGLI they had when they left the service. VGLI premiums increase over time—every five years as the policyholder hits age milestones (35, 40, etc.). For example, while $500,000 of VGLI coverage for a veteran under 30 costs $35 per month, the price jumps to $300 per month for a 55- to 59-year-old and $735 per month for a 65- to 69-year-old.
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Veterans' Mortgage Life Insurance (VMLI) offers mortgage protection insurance to families of veterans with severe service-connected disabilities
Veterans' Mortgage Life Insurance (VMLI) is an insurance program that provides mortgage protection insurance to families of veterans with severe service-connected disabilities. It is designed to pay off the home mortgages of disabled veterans in the event of their death, with the money going directly to the bank or mortgage lender. The maximum coverage provided by VMLI is $200,000, although one source states the figure to be $90,000. This coverage is available on new, existing, refinanced, or second mortgages.
To be eligible for VMLI, veterans must have received a Specially Adapted Housing (SAH) grant from the VA to assist in building, remodelling, or purchasing an adapted home to fit their needs. They must also have a severe disability that the VA has concluded was caused or made worse by their service. Additionally, eligible veterans must apply for VMLI before their 70th birthday.
VMLI is a decreasing-term insurance, meaning that the coverage amount decreases as the mortgage balance is paid off. If a veteran pays off their mortgage, their VMLI coverage will end. Premiums for VMLI are determined by the age of the veteran, the outstanding balance of the mortgage at the time of application, and the remaining length of the mortgage. Veterans who desire insurance will be advised of the correct premium when it is determined. These premiums must be paid by deduction from the veteran's monthly compensation or pension payments, or directly to the VA if the veteran is not receiving such payments.
To apply for VMLI, veterans must complete VA Form 29-8636, Veterans Mortgage Life Insurance Statement, and submit it to the Department of Veterans Affairs Regional Office and Insurance Center in Philadelphia. If a veteran already has an SAH grant, they should ask their agent about VMLI, and the agent will help them fill out the form.
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Service-Disabled Veterans' Life Insurance (S-DVI) closed to new enrollment after December 31, 2022
Service-Disabled Veterans Life Insurance (S-DVI) is a type of life insurance offered by the Department of Veterans Affairs. It provides low-cost coverage to eligible service members with service-connected disabilities. This includes veterans with a VA service-connected disability rating, even if the rating is 0%.
S-DVI was closed to new enrollment after December 31, 2022. However, veterans who already had S-DVI coverage were allowed to keep it. Additionally, those with S-DVI had the option to switch to Veterans Affairs Life Insurance (VALife), a new guaranteed acceptance whole life insurance program for service-connected veterans that launched on January 1, 2023.
VALife offers guaranteed acceptance whole life coverage of up to $40,000 to veterans with service-connected disabilities, with lesser amounts available in increments of $10,000. The monthly premiums for VALife are based on the veteran's age when they enroll and will not increase once locked in.
It is important to note that VALife does not offer premium waivers, and any waivers granted for S-DVI premiums will not transfer to VALife. Additionally, while S-DVI required proof of good health prior to enrollment, VALife has no time limit to apply if the veteran is aged 80 and under, with veterans aged 81 and older still eligible if they meet certain criteria.
In summary, while S-DVI is no longer accepting new enrollments, veterans with service-connected disabilities now have the option to apply for VALife, which offers guaranteed acceptance and coverage of up to $40,000.
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VALife policyholders can hold other commercial policies or VA life insurance policies
VALife is a new guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. It offers guaranteed acceptance whole life coverage of up to $40,000 to veterans with service-connected disabilities. Importantly, VALife policyholders can hold other commercial policies or VA life insurance policies. This means that you can have multiple policies in addition to your VALife coverage. For example, you could consider Veterans' Group Life Insurance or Veterans' Mortgage Life Insurance as complementary options.
If you are a veteran with a service-connected disability, VALife provides low-cost coverage options. You are eligible for VALife if you have a VA service-connected disability rating, even if that rating is 0%. There is no time limit to apply after receiving your disability rating. However, to be eligible, you must have applied for VA disability compensation before turning 81 years old and received a rating for the same disability after turning 81. Additionally, you must apply for VALife within two years of receiving notification of your disability rating.
The premium you pay for VALife depends on your age when you apply and the amount of coverage you desire. Importantly, your premium rate will never increase as long as you maintain your VALife policy. However, if more than six months have passed since your last birthday, you will be considered one year older when determining your premium rate. For instance, if you are 59 years and six months old, you will be charged the rate for a 60-year-old.
VALife offers guaranteed acceptance, meaning that if you meet the eligibility requirements, your application will be automatically approved without the need to prove your health status. Furthermore, you can retain your VALife coverage for the rest of your life. Once you apply, your full life insurance coverage begins two years later, during which you must continue paying the premiums. If you pass away during this two-year waiting period, your beneficiaries will receive the total amount of premiums paid, plus interest. However, if you pass away after this period, your beneficiaries will receive the full coverage amount stated in your policy.
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Frequently asked questions
VALife is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. It offers coverage of up to $40,000, with lesser amounts available in increments of $10,000.
To be eligible for VALife, you must have a VA service-connected disability rating, even if your rating is 0%. There is no time limit to apply after receiving your disability rating.
You can apply for VALife through the VALife online application. You will receive a decision immediately upon submitting your application.
Yes, you can hold other commercial policies or VA life insurance policies, such as Veterans' Group Life Insurance or Veterans' Mortgage Life Insurance, in addition to your VALife policy.
Yes, you can cancel your VALife policy within the two-year waiting period, but there will be no return of funds unless the policy is canceled within 31 days of enrollment. If you cancel your policy and later want to establish a new VALife policy, you will need to reapply and wait another two-year period for the full amount of coverage to take effect.
