VA Expands Veterans Affairs Life Insurance to Millions of Veterans
Starting on January 1, 2023, the VA is opening enrollment for Veteran’s Life Insurance, expanding access to millions of Veterans. VALife provides up $40,000 of whole life insurance for all Veterans who are 80 years old or younger and have at least one condition service-connected.
Several of the benefits of the new VALife program include the removal of a time limit to apply. Previously, a Veteran had to apply within two years of being granted service-connection for a disability, now a Veteran can apply so long as they are not over 80 years old. Another change is the removal of the requirement that that Veterans be in good health except for their service-connected conditions. The last major change is that coverage has been increased from $10,000 to $40,000, with the full benefit taking affect after 2 years. Premiums are determined based on the age that the Veteran enrolls, so Veterans interested in the program should enroll sooner rather then later to keep their premiums as low as possible.