Thinking about life insurance coverage can bring up all kinds of emotions, and many of them are negative, given the nature of how it functions. But you have the power to shift perspective on this issue.
There are multiple programs for every stage of life through the Department of Defense or Department of Homeland Security. If you are still active-duty, Servicemembers’ Group Life Insurance (SGLI) is available to you, and you can add coverage for your family through Family Servicemembers’ Group Life Insurance. There’s also short-term insurance available for catastrophic or traumatic injury events. You can find information about these options through MilConnect.
The Department of Veterans Affairs (VA) developed VALife to provide financial security and ease of use for America’s warriors.
Any veteran with a service-connected disability (0%-100%) from VA may be eligible for VALife with no time limit to apply. The program is also a way for veterans to avoid having pre-existing conditions possibly prevent them from receiving coverage through a private insurance entity.
If you have a service-connected disability rating of any kind, VALife may be right for you. For most veterans to qualify, they simply need to be younger than 80 years old with a disability rating. However, options exist for older veterans who meet certain criteria.
If you have Service-Disabled Veterans Life Insurance (S-DVI), you can elect to keep it or switch to VALife.
The program is a guaranteed acceptance whole life insurance. It means that as long as you meet the criteria, you’re approved. After two years of premiums, you will receive your full life insurance premium. If you pass away prior to the two-year waiting period, your beneficiaries will receive what you paid into it plus interest.
What does it cost? That depends. Premium rates will differ based on your age at the time of securing the benefit. The VALife landing page has a calculator to determine your cost for you. As you age, the premium costs rise which is why it is advisable to seek coverage sooner rather than later.
As you take control of your planning and figure out what is right for you and your family, the VA stands by ready to offer an easy and cost-effective choice for life insurance coverage.
For more information, or to see if you’re eligible, visit the VA website.
