In response to veteran advocacy and recent legislation, the Department of Veterans Affairs (VA) will begin offering Veterans Affairs Life Insurance (VALI) as of Jan. 1, 2023. The new benefit will help thousands of disabled veterans who may have missed the chance to buy life insurance and now wish to protect their loved ones.
Sixty-three percent of all adults protect their spouses, children, or other beneficiaries through life insurance. The later in life someone applies for life insurance, the more expensive or difficult it will be to approve.
The premiums for VALI are fixed and decrease the earlier one signs up; there is a two-year period to acquire the policy's face value, and the cash value builds.
Veterans aged 80 and under are eligible for guaranteed acceptance whole life coverage up to $40,000. There is no medical underwriting and there is no time limit to apply. Older veterans may also qualify.
Here are some VALI resources to share:
- There is an online factsheet discussing coverage and premium rates up to $40,00, as well as FAQs: https://www.benefits.va.gov/INSURANCE/docs/VALI_Information.pdf
- Here is the link to sign up for email updates about the new program: https://public.govdelivery.com/accounts/USVAVALI/subscriber/new
- The VA.gov Life Insurance website is: https://www.va.gov/life-insurance
- Call Center for VA Life Insurance: 1-800-669-8477 (M-F 8:30 a.m. to 6:00 p.m. ET)
Mychael Lee Askew, Insurance Specialist, VBA, can be reached at email@example.com