Jane Dotson
Veterans' life insurance is available to those who took advantage of the life insurance offered to them through Servicemembers' Group Life Insurance while they were an active service member or a member of the reserves. Veterans Group Life Insurance (VGLI) is a term life insurance policy, which means it covers the policyholder for a set period of time. If the policyholder dies during that term, their beneficiaries will receive a payout. Veterans Affairs Life Insurance (VALife) is another option, which provides low-cost coverage to veterans with service-connected disabilities.
| Characteristics | Values |
|---|---|
| Name | Veterans Affairs Life Insurance (VALife) or Veterans Group Life Insurance (VGLI) |
| Who is eligible? | Veterans with service-connected disabilities, including those with physical or mental health issues |
| Coverage | Up to $40,000, available in $10,000 increments |
| Cost | Low-cost |
| Application process | No medical exams or health questions necessary for enrollment |
| Payout | Death benefit paid to chosen beneficiaries |
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What You'll Learn
Veterans Group Life Insurance (VGLI)
VGLI is available to those who took advantage of the life insurance offered through Servicemembers' Group Life Insurance while they were an active service member or a member of the reserves. As long as you are an eligible veteran, you cannot be turned down for VGLI, even if you have physical or mental health issues.
VGLI is more affordable than whole life insurance when the policyholder is young, but it becomes more expensive as they get older. It also does not build cash value over time, so, unlike whole life insurance, you cannot borrow money from it.
There are other life insurance options for veterans, such as Veterans Affairs Life Insurance (VALife) and Veterans' Mortgage Life Insurance (VMLI). VALife provides low-cost coverage to veterans with service-connected disabilities, while VMLI offers mortgage protection insurance to the families of veterans with severe service-connected disabilities who have adapted a home to fit their needs.
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Veterans Affairs Life Insurance (VALife)
Veterans 80 or under with any level of service-connected disability 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.
Veterans' Mortgage Life Insurance (VMLI) offers mortgage protection insurance to the families of veterans with severe service-connected disabilities who have adapted a home to fit their needs.
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Life insurance for disabled veterans
Life insurance for veterans and life insurance for disabled veterans are both available. Veterans Group Life Insurance (VGLI) is available to those who took advantage of the life insurance offered to them through Servicemembers’ Group Life Insurance while they were an active service member or a member of the reserves. VGLI is a term life insurance policy, which means it covers the policyholder for a set period of time and then ends. If the policyholder dies during that term, their chosen beneficiaries will receive a payout in the amount of the coverage they selected.
Veterans Affairs Life Insurance (VALife) is another option for veterans with service-connected disabilities. VALife provides low-cost coverage to veterans with a VA service-connected disability rating, even if their rating is 0%. There is no time limit to apply after getting a disability rating, and veterans 80 or under can 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.
Veterans' Mortgage Life Insurance (VMLI) is a further option for the families of veterans with severe service-connected disabilities who have adapted a home to fit their needs.
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Mortgage protection insurance for families of veterans with disabilities
Veterans Group Life Insurance (VGLI) is a term life insurance policy available to eligible veterans. This means it covers the policyholder for a set period of time, after which it ends. If the policyholder dies during that term, their beneficiaries will receive a payout in the amount of the coverage selected.
Veterans' Mortgage Life Insurance (VMLI) is a type of mortgage protection insurance offered to the families of veterans with severe service-connected disabilities who have adapted a home to fit their needs.
Veterans Affairs Life Insurance (VALife) is another option for veterans with service-connected disabilities. This provides low-cost coverage to veterans with a VA service-connected disability rating, even if their rating is 0%. There is no time limit to apply after receiving a disability rating, and veterans 80 or under can apply at any time with no medical exams or health questions necessary for enrollment. 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.
Veterans with disabilities have several options for life insurance, including VGLI, VMLI, and VALife. These policies can provide financial protection for veterans and their families, helping to ensure that their loved ones are taken care of in the event of their death.
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Term life insurance policies
Veterans are eligible for life insurance through the Veterans Group Life Insurance (VGLI) scheme. VGLI is a term life insurance policy, which means it covers the policyholder for a set period of time, or 'term'. If the policyholder dies during that term, their chosen beneficiaries will receive a death benefit payout in the amount of the coverage selected.
Veterans' term life insurance policies are available to eligible veterans regardless of any physical or mental health issues. Veterans Affairs Life Insurance (VALife) is another option for veterans with service-connected disabilities. This provides low-cost coverage to veterans with a VA service-connected disability rating, even if their rating is 0%. There is no time limit to apply for VALife after receiving a disability rating.
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Frequently asked questions
Veterans' Life Insurance is a type of insurance that provides coverage for veterans with service-connected disabilities.
Veterans with any level of service-connected disability (0-100%) are eligible to apply for Veterans' Life Insurance. There is no upper age limit for eligibility, and no medical exams or health questions are required for enrollment.
Veterans' Life Insurance offers low-cost coverage, with up to $40,000 in benefits available in $10,000 increments. The policy also has a cash value that builds over time after the first two years of enrollment.
You can check your eligibility and apply for Veterans' Life Insurance online.
