September is National Life Insurance Awareness Month. VA Insurance Service is highlighting its mission to provide our Nation’s Veterans, service members and military families with life insurance products and services. There are several life insurance programs available for service-connected Veterans and upcoming changes will expand the benefit to even more Veterans in honor of their service.
What is Service-Disabled Veterans Life Insurance (S-DVI)?
S-DVI is VA’s current life insurance program for Veterans with service-connected disabilities. The program offers up to $10,000 in basic life insurance coverage. S-DVI also offers up to $30,000 in supplemental coverage if a Veteran is totally disabled, unable to work and qualifies for a premium waiver.
S-DVI closes to new enrollment at the end of 2022
Both S-DVI and supplemental S-DVI will close to new enrollment after December 31. Veterans currently enrolled in S-DVI may keep their coverage after this date, if they choose. Veterans currently not enrolled in S-DVI may apply within two years of the date they separated from service, or by December 31, whichever comes first.
Veterans Affairs Life Insurance (VALife) launches in January 2023
On January 1, 2023, enrollment opens for VALife—a new VA life insurance program offering increased access for Veterans age 80 and under with any level of service-connected disability (0-100%). Veterans who are 81 or older may apply for VALife within two years of receiving notification of a new service-connected disability rating if they:
- Applied for VA disability compensation before age 81, and;
- Received a new service-connected disability rating after turning 81.
VALife offers the following benefits:
- 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.
If Veterans currently have S-DVI, how do they switch to VALife?
Once the application goes live on January 1, 2023, S-DVI-insured Veterans age 80 and under may switch to VALife at any time by applying on the VALife website. There are, however, certain application time frames to be aware of:
- If a Veteran applies for VALife on or before December 31, 2025, they may keep their S-DVI coverage during the two-year waiting period for VALife coverage to take effect. The S-DVI coverage will end after the two-year waiting period and the full VALife coverage takes effect.
- If a Veteran applies for VALife on or after January 1, 2026, their S-DVI coverage ends on the day they enroll for VALife, and they will not have that coverage during the two-year waiting period for VALife coverage to take effect.
Learn more about S-DVI and VALife
Veterans and their families can learn more about S-DVI and VALife by visiting the following websites:
- S-DVI: https://www.va.gov/life-insurance/options-eligibility/s-dvi/
- VALife: https://www.benefits.va.gov/insurance/valife.asp
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