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VA Launches New Life Insurance Plan

Millions of veterans eligible for VALife

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The Department of Veterans Affairs (VA) began accepting applications for its first new life insurance program in over 50 years on Jan. 1. The plan, VALife, is expected to extend eligibility to millions of veterans.

The policy will provide up to $40,000 in life insurance coverage for any veteran 80 or younger. No medical underwriting is required, and veterans of any disability rating will be accepted.

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Veterans have the option to apply online, where they may also receive instant decisions, make payments and receive beneficiary updates.

“All veterans deserve to know that their families will have financial support when they pass away,” VA Secretary Denis McDonough said in a statement. “VALife is a critical step toward making that goal a reality, helping VA provide more life insurance to more veterans than ever before in our nation’s history.”

Detailed policy info

  • There is no time limit to apply. VA’s existing life insurance program, Service-Disabled Veterans Insurance (S-DVI), requires most to apply within two years of receiving their disability rating. Veterans 80 and younger have no time constraint for VALife.
  • There are no health requirements. S-DVI requires veterans to be in good health except for service-connected conditions.
  • Veterans may be insured for more money. For those covered under S-DVI, most veterans could only receive up to $10,000 of coverage. VALife provides up to $40,000 to those with service-connected disabilities. Lesser amounts are available in increments of $10,000.
  • Monthly premiums range from $10.90 to $1,768 depending on age and coverage amounts.
  • Coverage takes effect two years after enrollment, provided all premiums are paid. If a veteran dies during the two-year waiting period, the named beneficiary will receive the premiums paid plus interest.
  • Veterans enrolled in S-DVI can keep their current coverage or switch to VALife. If they apply between 2023 and 2025, they may also retain coverage under S-DVI during the two-year waiting period for the VALife death benefit to take effect.
  • Veterans 81 or older may be eligible if they applied for VA Disability compensation before age 81 and did not receive the rating for a new service-connected condition until after turning 81. But they must apply to VALife within two years of receiving their rating. 

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