September is National Life Insurance Awareness Month, a time for you and your family to reflect on whether you have the right coverage to secure your financial future. If you are a service member or Veteran, VA has a wide array of life insurance programs tailored to fit your unique needs, no matter what stage of life you’re in.
VA life insurance programs have undergone changes over the past year, resulting in more coverage for Veterans and service members than ever before. Now might be the perfect time to add life insurance to your estate plan or increase your coverage if you are eligible.
Launch of Veterans Affairs Life Insurance (VALife)
VALife is VA’s newest life insurance program, and it’s open to Veterans with service-connected disabilities. VALife provides coverage to more service-connected Veterans than ever before, and offers the following key features:
- Up to $40,000 in coverage, available in increments of $10,000
- No medical exam or health questions required for enrollment
- Cash value that builds over the life of the policy
VALife offers an easy and convenient online application. Veterans can apply, receive an instant decision and manage most aspects of their VALife policy completely online. You can learn more about VALife and how to apply at the VALife webpage online.
Coverage increases for Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI)
The SGLI and VGLI maximum coverage increased from $400,000 to $500,000. This includes service members who previously declined or reduced their amount of SGLI coverage. Even though the maximum coverage amount increased, the SGLI premium rate is not changing and will remain at $0.06 per $1,000 of coverage. The premium for the new $500,000 of coverage will be $30 per month, plus $1 for Traumatic Injury Protection (TSGLI) coverage.
VGLI allows separating service members to convert their SGLI coverage to renewable group term insurance. Veterans have one year and 120 days from date of separation to apply for VGLI, and it’s available in amounts ranging from $10,000 to $500,000, based on the amount of SGLI coverage at separation. Visit the SGLI/VGLI webpage online for more information.
Affordable life insurance options help protect those who matter most. SGLI and VGLI can be used to cover end-of-life planning and provide income replacement. It allows family members to focus on each other and worry less about finances when a service member or Veteran passes.
Learn more
In addition to the life insurance programs mentioned above, there are several other insurance programs offered by VA to meet a diverse range of needs. You can learn more about these programs, eligibility requirements and how to apply at the VA Life Insurance webpage online.
