On January 1, 2023, the Division of Veterans Affairs will open enrollment for Veterans Affairs Life Insurance coverage—the primary new VA life insurance coverage program for veterans in additional than 50 years—extending VALife entry to tens of millions of veterans.
VALife will present as much as $40,000 of complete life insurance coverage for all veterans, age 80 or underneath, with service-connected disabilities rated from 0 – one hundred pc. Acceptance in this system is assured, and no medical underwriting is required.
It is going to additionally permit veterans to finish their utility on-line, obtain instantaneous choices, and carry out self-service features, together with digital funds and beneficiary updates.
“All veterans should know that their households may have monetary help after they go away,” stated VA Secretary Denis McDonough. “VALife is a important step towards making that purpose a actuality, serving to VA present extra life insurance coverage to extra veterans than ever earlier than in our nation’s historical past.”
VALife will improve Veteran entry to life insurance coverage in a number of methods:
There isn’t any time restrict to use: VA’s present life insurance coverage program for service-disabled veterans, Service-Disabled Veterans Insurance coverage, required most veterans to use for insurance coverage inside two years of receiving their incapacity ranking. VALife has no such
time constraint for veterans aged 80 and underneath.
There isn’t any well being requirement to use:
Underneath S-DVI, veterans needed to be in good
well being aside from service-connected circumstances. VALife has no medical analysis tied
to it.
Veterans are eligible for extra protection
than earlier than: Underneath S-DVI, most veterans
might solely obtain as much as $10,000 of protection. Underneath VALife, all veterans are eligible
for as much as $40,000 of protection.
VALife premium charges are aggressive with, or higher than, comparable protection accessible within the personal sector, and $40,000 of protection is extra protection than different like merchandise supplied. The coverage will construct money worth after the primary two years of protection when the face worth goes into impact. If a veteran passes away throughout this two-year ready interval, the named beneficiary will obtain all premiums paid plus curiosity. In contrast to S-DVI, veterans won’t be able to get a waiver for his or her premiums.
Veterans at present enrolled in S-DVI may have the choice to maintain their present protection or change to VALife. These veterans can apply for VALife at any time after January 1, 2023.
To study extra, go to VALife at www.advantages. va.gov/insurance/valife.asp.