At the beginning of December, the Department of Veterans Affairs announced a new life insurance program specifically for veterans that is due to commence on the first day of the new year. Known as VALife, the program will be accessible to any veteran 80 years of age or younger who has a service-related disability. According to the Veteran’s Association, the new insurance program will come at a much lower cost than most existing civilian options. Denis McDonough, VA Secretary, stated in a media release: “All Veterans deserve to know that their families will have financial support when they pass away. 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.”
No Medical Examination Required
VALife is a whole-life policy which means that vets have to pay monthly premiums to acquire a policy. A limit will also be placed on benefit pay-outs until the policy’s second birthday. Up to $40,000 life insurance will be offered to all qualifying veterans. A vet does not have to undergo a medical examination as part of the application process and acceptance is guaranteed as long as the veteran falls into the correct age group and has at least a zero percent disability. The eligibility criteria of the program as well as the coverage are all clearly specified in the Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Act.
Monthly Premiums Vary
VALife monthly premiums are determined by the amount of coverage required as well as the age of the veteran. An 18-year-old applying for $10,000 coverage can pay as little as $11 a month. An 80-year-old wanting $40,000 coverage, however, can expect to pay in the region of $510. When it comes to claiming disability benefits, there are a number of problems that can arise. That is why it is so important that a VA disability calculator is used to determine the exact benefits a veteran is entitled to. Similarly, a life insurance calculator can be used to compare rates and help ensure that coverage is sufficient.
Apply at Any Time
Veterans can apply for the VALife program at any time. Those presently enrolled in the Service-Disabled Veterans Insurance (S-DVI) program have the choice of sticking with their current program or changing to VALife in 2023. Veterans that are currently enrolled in the Veterans’ Mortgage Life Insurance (VMLI) or Veterans’ Group Life Insurance (VGLI), however, have the option of continuing in their current program and adding VALife if they qualify. In addition to a very easy application process, VALife policies can also be canceled (and premiums refunded with interest) after the policy has been in effect and paid up to date for at least two years.
VALife will provide veterans with a new and affordable insurance option as from January 1, 2023. It is predicted to soon become one of the most popular insurance choices thanks to its low premiums and the fact that no medical examination is required upon approval.
