Jeffrey Wade
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for service-connected veterans aged 80 and under. Veterans 81 or older may also apply for VALife within two years of receiving notification of a new service-connected disability if they applied for a new VA-rated disability before age 81 and received a new service-connected disability after turning 81. The premium rate depends on the age when the veteran applies and the amount of coverage they want.
| Characteristics | Values |
|---|---|
| Name of insurance | Veterans Affairs Life Insurance (VALife) |
| Age limit | 80 or under |
| Eligibility | Veterans with service-connected disabilities |
| Premium | Depends on age when you apply and the amount of coverage |
| Premium rate increase | Never, as long as you keep your VALife policy |
| Coverage | Up to $40,000 |
| Coverage increments | $10,000 |
| Cash value | Builds over time after the first two years of enrollment |
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What You'll Learn
Veterans Affairs Life Insurance (VALife)
Veterans 81 or older may also apply for VALife within two years of receiving notification of a new service-connected disability if they applied for a new VA-rated disability before age 81 and received a new service-connected disability after turning 81. VALife offers a low-cost coverage option for veterans with service-connected disabilities. To be eligible, you must have a VA service-connected disability rating—even if your rating is 0%. You can check your eligibility and apply online.
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Eligibility for VALife
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. Veterans over the age of 80 may also be eligible for VALife if they applied for VA disability compensation for a service-connected disability before turning 81 and received a rating for that same disability after turning 81. In this case, they must apply for VALife within two years of getting notification of their disability rating.
To be eligible for VALife, veterans must have a VA service-connected disability rating, even if their rating is 0%. There is no time limit to apply after getting a disability rating.
The premium rate for VALife depends on the age when the veteran applies and the amount of coverage they want. The premium rate will never increase as long as the veteran keeps their VALife policy. For example, if a veteran is 59 years and 6 months old, they will pay the rate for age 60.
VALife offers up to $40,000 in coverage, available in $10,000 increments, and has a cash value that builds over time after the first two years of enrollment.
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Premium rates
The premium rate for Veterans Affairs Life Insurance (VALife) depends on the age of the veteran when they apply and the amount of coverage they want. The premium rate will never increase as long as the veteran keeps their VALife policy. If more than six months have passed since the veteran's last birthday, they will be considered one year older when determining their premium rate. For example, if a veteran is 59 years, six months and one day old, they will pay the rate for a 60-year-old.
VALife is a new guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. Veterans 80 or under with any level of service-connected disability (0%–100%) are eligible to apply at any time with no medical exams or health questions necessary for enrollment. Veterans 81 or older may also apply for VALife within two years of receiving notification of a new service-connected disability if they applied for a new VA-rated disability before age 81 and received a new service-connected disability after turning 81. VALife offers up to $40,000 in coverage, available in $10,000 increments, and has cash value that builds over time after the first two years of enrollment.
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Applying for VALife
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. It became available on 1 January 2023 and offers up to $40,000 in coverage, available in $10,000 increments. Veterans 80 or under with any level of service-connected disability (0%–100%) are eligible to apply at any time with no medical exams or health questions necessary for enrollment.
Veterans 81 or older may also apply for VALife within two years of receiving notification of a new service-connected disability if they applied for a new VA-rated disability before age 81 and received a new service-connected disability after turning 81.
Your premium depends on your age when you apply and the amount of coverage you want. Your 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’re 59 years and six months and one day old, you’ll pay the rate for age 60.
To apply for VALife, you must 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. You can check your eligibility and apply online.
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Scams and hoaxes
Veterans Affairs Life Insurance (VALife) is a guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. Veterans 81 or older may also apply for VALife within two years of receiving notification of a new service-connected disability if they applied for a new VA-rated disability before age 81 and received a new service-connected disability after turning 81.
There have been rumours spread for over 30 years that Congress approved a "Special Dividend" for veterans who do or do not have government life insurance. These rumours are false and are sometimes used to scam veterans. The hoax claims that veterans are entitled to a special dividend from the government, which is not true. This scam is often used to trick veterans into providing personal information or paying fees to claim the non-existent dividend.
Another common scam related to VALife is the sale of fake policies. Some individuals or companies may pose as authorised VALife agents and offer fake policies to veterans, often at a lower cost than the official VALife program. These policies are not valid and will not provide any coverage in the event of a claim. It is important to only purchase VALife policies through the official Department of Veterans Affairs website or through authorised agents.
Veterans should also be aware of phishing scams, where scammers send emails or text messages pretending to be from the Department of Veterans Affairs or VALife. These messages may ask for personal information or direct veterans to fake websites where they are asked to enter their login information. It is important to never click on links or provide personal information in response to unsolicited emails or text messages.
Additionally, there may be scams related to the premium rates for VALife policies. Scammers may offer to "waive" or "reduce" your premium rates in exchange for an upfront fee or personal information. VALife does not offer premium waivers, and any offer to reduce or waive your premiums is a scam. It is important to only review and pay your premiums through the official VALife website or authorised agents.
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Frequently asked questions
VALife is a guaranteed acceptance whole life insurance program for all service-connected veterans aged 80 and under. It became available on 1 January 2023 and offers coverage of up to $40,000 to veterans with service-connected disabilities.
The age limit for VALife is 80.
The premium depends on your age when you apply and the amount of coverage you want. Your premium rate will never increase as long as you keep your VALife policy.
You can apply for VALife through the VA life insurance portal. If your application is approved, you will be notified by email, text, or both.
Usually, veterans' life insurance can last up to 120 days after service. You might be able to convert your Servicemember's veterans group life insurance (SGLI) into a civilian plan, but there may be better coverage options available.
