VA now offers life insurance to Veterans without medical exam

VALife is guaranteed acceptance whole life insurance. This means that if you meet the eligibility requirements for VALife, we’ll automatically approve your application. You won’t need to prove you’re in good health. And you can keep your coverage for the rest of your life. -VALife homepage

However, there’s a catch.

Your full life insurance coverage won’t start until 2 years after you apply, and you must pay the premiums for those 2 years. If you die during the mandatory 2-year waiting period, the VA will pay your elected beneficiaries the total amount paid in premiums, plus interest.

During a press release, VA Secretary Denis McDonough stated, “All Veterans deserve to know that their families will have financial support when they pass away… VALife is a critical step toward making that goal a reality, helping VA provide more life insurance to more Veterans than ever before in our nation’s history.”

Premiums are based on age and do not factor in gender or previous medical conditions. Premiums will only increase based on age. Policies range from $10,000 to $40,000 in $10,000 increments.

Veterans can elect to pay in several ways, including paying the Department of the Treasury directly, or having the sum deducted from their monthly check. Also, Veterans can pay their premiums monthly or yearly.

To view rates, and more info, visit the official VALife policy page by clicking here.

(U.S. Air Force photo by Yasuo Osakabe)

This new life insurance is available to all service members under 80 years old with a disability rating of 0-100%.

Those over 81 may apply for VALife within two years of being notified of a service-connected disability if they applied for a new VA rated disability before turning 81 or received a new service-connected disability after turning 81.

The application for VALife is all online and does not require a medical examination. The VA claims the rate of their premiums are cheaper than other civilian options.