Starting January 1, 2023, Veterans can enroll in a new life insurance program from VA, VALife. This new whole life insurance program differ from the current Service-Disabled Veterans Life Insurance (S-DVI), and VA notes the following benefits of this new program:
- Guaranteed acceptance whole life insurance up to $40,000, available in increments of $10,000.
- Premiums will never increase for the life of the policy and are competitive with similar private sector offerings.
- No medical requirements for enrollment. Due to the absence of medical requirements, there is a two-year waiting period for full coverage to take effect.
- Cash value that builds over the life of the policy after the first two years of enrollment.
- Fully automated online enrollment with instant approvals.
- No deadline to apply for Veterans age 80 and under.
For more information on how to apply, as well as how to swap from S-DVI to VALife, visit VA.gov to learn more.