Service-Disabled Life Insurance: Applying For Peace Of Mind

Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. The program offers up to $40,000 in coverage, with lesser amounts available in $10,000 increments. As of January 1, 2023, eligible veterans can apply for VALife, which provides low-cost coverage with premiums depending on age and coverage amount. This insurance is available to veterans with a VA service-connected disability rating, even if the rating is 0%. This article will explore the eligibility requirements, benefits, and application process for VALife, helping veterans understand their options for securing financial protection for their loved ones.

Check your eligibility for VALife

To check your eligibility for VALife, you must meet the following criteria:

If you're age 80 or younger:

You're eligible for VALife if you have a VA service-connected disability rating—even if your rating is 0%. There’s no time limit to apply after getting your disability rating.

If you're age 81 or older:

You may be eligible for VALife if you meet the following requirements:

• Before you turned 81 years old, you applied for VA disability compensation for a service-connected disability.
• After you turned 81, you received a rating for that same disability.
• You apply for VALife within 2 years of getting notification of your disability rating.

VALife is a new guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. It provides up to $40,000 in whole life insurance coverage, in $10,000 increments.

You can check your eligibility and apply online.

Calculate your premium

The premium (the amount you’ll pay for your coverage) depends on the following factors:

• The amount of insurance you have
• The coverage plan you requested
• Whether you pay once each month or once each year
• Your age when you apply
• The amount of coverage you want

Your premium rate will never increase as long as you keep your VALife policy. If more than 6 months have passed since your last birthday, you will be considered 1 year older when determining your premium rate. For example, if you’re 59 years, 6 months, and 1 day old, you’ll pay the rate for age 60.

VALife offers whole life insurance coverage of up to $40,000 to Veterans with service-connected disabilities. Lesser amounts are available in increments of $10,000.

Ages 18 to 30 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 18 | $10.90 | $21.80 | $32.70 | $43.60 |

| 19 | $11.10 | $22.20 | $33.30 | $44.40 |

| 20 | $11.40 | $22.80 | $34.20 | $45.60 |

| 21 | $11.70 | $23.40 | $35.10 | $46.80 |

| 22 | $12.10 | $24.20 | $36.30 | $48.40 |

| 23 | $12.40 | $24.80 | $37.20 | $49.60 |

| 24 | $12.80 | $25.60 | $38.40 | $51.20 |

| 25 | $13.20 | $26.40 | $39.60 | $52.80 |

| 26 | $13.60 | $27.20 | $40.80 | $54.40 |

| 27 | $14.00 | $28.00 | $42.00 | $56.00 |

| 28 | $14.40 | $28.80 | $43.20 | $57.60 |

| 29 | $14.90 | $29.80 | $44.70 | $59.60 |

| 30 | $15.40 | $30.80 | $46.20 | $61.60 |

Ages 31 to 40 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 31 | $15.90 | $31.80 | $47.70 | $63.60 |

| 32 | $16.40 | $32.80 | $49.20 | $65.60 |

| 33 | $17.00 | $34.00 | $51.00 | $68.00 |

| 34 | $17.60 | $35.20 | $52.80 | $70.40 |

| 35 | $18.30 | $36.60 | $54.90 | $73.20 |

| 36 | $18.90 | $37.80 | $56.70 | $75.60 |

| 37 | $19.60 | $39.20 | $58.80 | $78.40 |

| 38 | $20.40 | $40.80 | $61.20 | $81.60 |

| 39 | $21.10 | $42.20 | $63.30 | $84.40 |

| 40 | $22.00 | $44.00 | $66.00 | $88.00 |

Ages 41 to 50 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 41 | $22.80 | $45.60 | $68.40 | $91.20 |

| 42 | $23.70 | $47.40 | $71.10 | $94.80 |

| 43 | $24.60 | $49.20 | $73.80 | $98.40 |

| 44 | $25.60 | $51.20 | $76.80 | $102.40 |

| 45 | $26.60 | $53.20 | $79.80 | $106.40 |

| 46 | $27.70 | $55.40 | $83.10 | $110.80 |

| 47 | $28.80 | $57.60 | $86.40 | $115.20 |

| 48 | $30.00 | $60.00 | $90.00 | $120.00 |

| 49 | $31.20 | $62.40 | $93.60 | $124.80 |

| 50 | $32.50 | $65.00 | $97.50 | $130.00 |

Ages 51 to 60 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 51 | $33.90 | $67.80 | $101.70 | $135.60 |

| 52 | $35.30 | $70.60 | $105.90 | $141.20 |

| 53 | $36.90 | $73.80 | $110.70 | $147.60 |

| 54 | $38.40 | $76.80 | $115.20 | $153.60 |

| 55 | $40.10 | $80.20 | $120.30 | $160.40 |

| 56 | $41.90 | $83.80 | $125.70 | $167.60 |

| 57 | $43.70 | $87.40 | $131.10 | $174.80 |

| 58 | $45.70 | $91.40 | $137.10 | $182.80 |

| 59 | $47.70 | $95.40 | $143.10 | $190.80 |

| 60 | $50.00 | $100.00 | $150.00 | $200.00 |

Ages 61 to 70 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 61 | $52.30 | $104.60 | $156.90 | $209.20 |

| 62 | $54.60 | $109.20 | $163.80 | $218.40 |

| 63 | $56.90 | $113.80 | $170.70 | $227.60 |

| 64 | $59.40 | $118.80 | $178.20 | $237.60 |

| 65 | $62.00 | $124.00 | $186.00 | $248.00 |

| 66 | $64.80 | $129.60 | $194.40 | $259.20 |

| 67 | $67.80 | $135.60 | $203.40 | $271.20 |

| 68 | $70.90 | $141.80 | $212.70 | $283.60 |

| 69 | $74.40 | $148.80 | $223.20 | $297.60 |

| 70 | $78.00 | $156.00 | $234.00 | $312.00 |

Ages 71 to 80 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 71 | $81.80 | $163.60 | $245.40 | $327.20 |

| 72 | $85.80 | $171.60 | $257.40 | $343.20 |

| 73 | $90.10 | $180.20 | $270.30 | $360.40 |

| 74 | $94.70 | $189.40 | $284.10 | $378.80 |

| 75 | $99.50 | $199.00 | $298.50 | $398.00 |

| 76 | $104.60 | $209.20 | $313.80 | $418.40 |

| 77 | $109.90 | $219.80 | $329.70 | $439.60 |

| 78 | $115.60 | $231.20 | $346.80 | $462.40 |

| 79 | $121.40 | $242.80 | $364.20 | $485.60 |

| 80 | $127.50 | $255.00 | $382.50 | $510.00 |

Ages 81 to 95 (monthly rates)

| Age | Monthly premium rate for $10,000 coverage | Monthly premium rate for $20,000 coverage | Monthly premium rate for $30,000 coverage | Monthly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 81 | $133.80 | $267.60 | $401.40 | $535.20 |

| 82 | $140.40 | $280.80 | $421.20 | $561.60 |

| 83 | $147.40 | $294.80 | $442.20 | $589.60 |

| 84 | $154.70 | $309.40 | $464.10 | $618.80 |

| 85 | $162.60 | $325.20 | $487.80 | $650.40 |

| 86 | $171.10 | $342.20 | $513.30 | $684.40 |

| 87 | $180.40 | $360.80 | $541.20 | $721.60 |

| 88 | $190.90 | $381.80 | $572.70 | $763.60 |

| 89 | $202.90 | $405.80 | $608.70 | $811.60 |

| 90 | $217.00 | $434.00 | $651.00 | $868.00 |

| 91 | $234.30 | $468.60 | $702.90 | $937.20 |

| 92 | $256.40 | $512.80 | $769.20 | $1,025.60 |

| 93 | $287.40 | $574.80 | $862.20 | $1,149.60 |

| 94 | $337.00 | $674.00 | $1,011.00 | $1,348.00 |

| 95 | $442.00 | $884.00 | $1,326.00 | $1,768.00 |

Ages 18 to 30 (yearly rates)

| Age | Yearly premium rate for $10,000 coverage | Yearly premium rate for $20,000 coverage | Yearly premium rate for $30,000 coverage | Yearly premium rate for $40,000 coverage |

|---|---|---|---|---|

| 18 | $129.30 | $258.60 | $387.90 | $517.20 |

| 19 | $131.70 | $263.40 | $395.10 | $526.80 |

| 20 | $135.30 | $270.60 | $405.90 | $541.20 |

| 21 | $138.80 | $277.60 | $416.40 | $555.20 |

| 22 | $143.60 | $287.20 | $430.80 | $574.40 |

| 23 | $147.10 | $294.20 | $441.30 | $588.40 |

| 24 | $151.90 | $303.80 | $455.70 | $607.60 |

| 25 | $156.60 | $313.20 | $469.80 | $626.40 |

| 26 | $161.40 | $322.80 | $484.20 | $645.

Apply for VALife

Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. The program began accepting applications on January 1, 2023, and offers up to $40,000 in whole life insurance coverage in $10,000 increments.

Eligibility

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 getting your disability rating. If you are aged 81 or older, you may still be eligible if you meet the following requirements:

• Before turning 81 years old, you applied for VA disability compensation for a service-connected disability.
• After turning 81, you received a rating for that same disability.
• You apply for VALife within two years of getting the notification of your disability rating.

Benefits

VALife offers the following benefits:

• Up to $40,000 in whole life insurance coverage (in $10,000 increments).
• Cash value that starts to accumulate two years after your application is approved.
• Guaranteed acceptance, meaning you will be automatically approved if you meet the eligibility requirements.
• No need to prove you are in good health.
• Coverage for the rest of your life.
• If you die during the two-year waiting period, your beneficiaries will receive the total amount you paid in premiums, plus interest.

Premiums

Your premium amount will depend on your age when you apply and the amount of coverage you want. The premium rate will never increase as long as you keep your VALife policy. If more than six months have passed since your last birthday, you will be considered one year older when determining your premium rate. For example, if you are 59 years, six months, and one day old, you will pay the rate for a 60-year-old.

You can choose to pay your premiums monthly or once a year. When you apply, you will need to submit your first premium payment.

How to Apply

You can check your eligibility and apply for VALife online. If your application is approved, you will be notified by email, text, or both, based on your preferred communication method. This notification will include a link to the VA life insurance portal, where you can access, download, and print a copy of your policy.

Access your VALife policy

If your VALife application is approved, you will be notified by email, text, or both, depending on the communication preferences you selected when you applied. This notification will include a link to the VA life insurance portal. From there, you can go to AccessVA to access, download, and print a copy of your policy.

If you know your application has been approved but can't find the email or text, you can go directly to AccessVA. You will need to sign in to access your policy.

What you can do when you access your VALife policy

• Check your policy's status to make sure it's up to date.
• Pay your premium (the amount you pay each month or each year to keep your coverage).
• Find out about your plan and renewal options, depending on which type of plan you have.
• Update your beneficiaries (the people you've picked to receive the money from your policy if you die).

How to access your VALife policy

You can access your VALife policy through the VA life insurance portal if you have a VALife policy that starts with a G.

File a death claim for insurance

Filing a death claim for insurance can be a daunting process, but it is important to act quickly to receive the financial security a death benefit offers. Here is a step-by-step guide on how to file a death claim for Service-Disabled Veterans Life Insurance (S-DVI) or Veterans Affairs Life Insurance (VALife):

Step 1: Identify the Insurance Company

Firstly, identify the policyholder's insurer. This information should be detailed in the policy documents. If you are unable to locate the documents, you may contact the policyholder's financial advisor or estate planning attorney to obtain this information.

Step 2: Obtain the Death Certificate

Obtain multiple certified copies of the policyholder's death certificate from the relevant local government agency, such as your local vital records office. This is required by life insurance companies to verify the policyholder's passing. Having multiple copies is useful as you may need to provide them to other institutions, such as banks or government bodies.

Step 3: Gather Required Documentation

The specific documentation required may vary depending on the insurance company and the type of policy. However, in the case of S-DVI and VALife, the following documents are typically needed:

• VA Form 29-4125e, Claim for One Sum Payment, signed by the beneficiary
• Death certificate of the insured Veteran, showing the date and cause of death
• Letters testamentary, letters of administration, or a court order of distribution (if applicable)
• VA Form 29-541e, Certificate Showing Residence and Heirs of Deceased Veteran (if applicable)

Please note that original copies of death certificates are not required, and you can attach the death certificate to the electronic claim form.

Step 4: File the Claim

You can file the claim for VA Life Insurance online, which is the fastest and most secure way. Alternatively, you can upload your documents using the VA's secure web page or mail them to the following address:

> Department of Veterans Affairs Insurance Center

> P O Box 7208

> Philadelphia, Pennsylvania 19101

Step 5: Choose Your Payout Method

Insurers typically offer several death benefit payout methods, and it is important to understand the tax consequences of each option. Here are some common methods:

• Lump sum: Receive the full amount in one payment.
• Life income annuity: Receive fixed, regular payments for life, based on the beneficiary's estimated life expectancy.
• Specific income annuity: Receive payments over a fixed period, such as 10 years.
• Retained asset account: Keep the death benefit in an interest-bearing savings account with the insurer and withdraw as needed.

Step 6: Receive the Death Benefit Payout

Once the insurer approves the claim, they will disburse the death benefit according to the chosen payout method. Communicate with the insurer throughout the process to ensure a smooth transaction and follow up on any delays.

Additional Notes:

• In most cases, life insurance claims can take 14 to 60 days from filing to the death benefit payout.
• If there are delays in receiving the payout, contact the insurer to inquire about the reason.
• If your claim is denied, you have the right to know the reason and to file an appeal. Contact the insurance company, your state's department of insurance, or seek legal advice if needed.

Filing a death claim for Service-Disabled Veterans Life Insurance or Veterans Affairs Life Insurance involves several steps, but understanding the process and having the necessary information can make it a smoother experience.

Frequently asked questions