In January 2023, VA will launch a new life insurance program called Veterans Affairs Life Insurance (VALife), which provides guaranteed acceptance whole life insurance coverage to veterans age 80 and under, with any level of service-connected disability. Some veterans age 81 and older may also be eligible. Guaranteed acceptance is a whole life policy that does not require a medical exam or ask health questions. It also does not have a limited two-year window to sign up. Whole life insurance provides coverage for the entire life of the individual policyholder, provided that premiums are always paid. Premium rates are locked in for the life of the policy, and unlike term policies, will not increase as the policyholder ages. Created by Public Law 116-315, the new program meets the needs of service-connected veterans who may not have previously qualified for life insurance with VA. VALife offers guaranteed acceptance whole life insurance coverage that lasts for an individual’s entire life as well as other benefits.
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