New VA Life Insurance (VALI) Program
The Office of the Assistant Under Secretary for Health for Operations is sending the message below on behalf of the Executive Director, Insurance Service, Veterans Benefits Administration (VBA).
I’m excited to share with you a new financial benefit that will help many thousands of our service disabled Veterans who may have missed the opportunity to plan for life insurance and now want to protect their loved ones.
Beginning January 1, 2023, based on Veteran advocacy and recent legislation, the VA will offer a new Veterans Affairs Life Insurance program (VALI). I’m asking you to help inform our Veterans about the VA’s launch of VALI as a financial benefit.
Insurance is foundational in family financial planning as 63% of adults protect their spouse, children, or other beneficiary. As a person ages, life insurance becomes more popular, but also more expensive or difficult to approve the later someone applies. VALI has fixed premiums for life that are lower the sooner one signs up; an initial two year period to achieve the policy face value; and retains cash value that builds up over time.
VALI offers guaranteed acceptance whole life coverage up to $40,000 for all service-connected Veterans age 80 and under with no medical underwriting and no time limit to apply. Some Veterans over age 80 may also be eligible.
Some VALI resources to share include:
- An online factsheet going over coverage up to $40,000, premium rates, and FAQs: https://www.benefits.va.gov/INSURANCE/docs/VALI_Information.pdf
- A link to register for email updates on the new program: https://public.govdelivery.com/accounts/USVAVALI/subscriber/new
- The VA.gov Life Insurance website: https://www.va.gov/life-insurance
- VA Life Insurance Call Center: 1-800-669-8477 (M-F 8:30 AM to 6:00 PM ET)
For questions, please contact Mychael Lee Askew (mychaellee.askew@va.gov), Insurance Specialist, VBA
Very respectfully,
Daniel J. Keenaghan, SES
Executive Director, Insurance Service