VA officials have announced the launch of the new Veterans Affairs Life Insurance (VALife) program, beginning this year. It is the VA's first new life insurance program in over 50 years. This is a big step for disabled veterans, enabling them access to life insurance policies with no medical disqualifications.
The VA previously offered the Service-Disabled Veterans Life Insurance program for those individuals whose injuries have made them ineligible for other life insurance plans. However, this program is contingent upon enrollment within two years of receiving a disability rating and will no longer be offered once VALife is in place. However those who already have this policy are able to keep it if they'd like.
VALife will offer disabled veterans up to $40,000 in coverage at competitive rates. There is no intended profit from the program, and its pricing is set up to avoid any new deficits for the department. Officials have yet to provide a target enrollment goal or how many veterans currently cannot obtain life insurance.
The VALife program was mandated by Congress in legislation passed last year and will be available for veterans ages 80 and under. Enrollment should now be open.
This change was in response to veterans’ advocacy and concern over limited availability of life insurance offered to those with service-connected injuries. The VA is receiving overwhelming support for their move to provide more access to life insurance to those who have earned it.
If you are interested, you can find more detailed policy details here.