VA Comes Out With New Life Insurance Program

The Department Of Veterans Affairs is coming out with a new life insurance program for veterans with a service-connected disability. Also known as VALife, the plan goes into effect on January 1, 2023. According to the VA, the service offers veterans with disabilities a cheaper alternative to similar private insurance policies with similar benefits.

What Does VALife Offer?

Signed into law last January under the Veterans Health Care and Benefits Improvement Act, VALife offers veterans with disabilities a maximum of $40,000 in guaranteed whole-life insurance coverage. The program is also available in increments of $10,000 up to the maximum amount.

VALife was explicitly designed for disabled vets to access affordable life insurance easily. Unlike other private insurance plans, VALife has no medical requirement or underwriting necessary to sign up. Once enrolled applicants pay their premiums for two years, they’ll have guaranteed full coverage.

Who Qualifies For The Insurance Program?

According to the program’s requirements, any veteran with a service-connected disability can be eligible. However, the premiums and rules vary depending on your age. For the entire $40,000 coverage, rates range from $43 for a 20-year-old veteran to over $500 for vets over 80.

Those under 80 can enroll as long as they have a disability rating. On the other hand, veterans 81 or older will have had to apply for benefits before 81 and receive their rating after 81 to be eligible. Additionally, vets in the 81+ age group must enroll within two years of receiving their VA rating for a service-related condition they applied for before their 81st birthday.

Your premiums won’t increase regardless of age once you’ve signed up for your policy. 

How Will This Affect Veterans Going Forward?

As VA Secretary Denis McDonough stated, “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.”

Before this program became a reality, millions of veterans were stuck paying higher premiums or barred from having affordable life insurance altogether. But a government program like VALife finally gives these veterans a chance to care for their loved ones if anything happens to them.   

Our VA Disability Attorneys Are Here To Help 

Are you a veteran who needs help filing a VA disability claim? Hiring an experienced VA disability attorney to help you navigate the legal process can increase your chances of winning your case. Our team of veterans’ disability lawyers has many years of experience helping veterans secure the benefits they are entitled to.

If you have any questions or want to schedule a free consultation, please use our contact form on our website or call us at 855-208-7783 today. We serve Long Island, Brooklyn, Queens, and more.