The Department of Veterans Affairs (VA) has announced plans to begin issuing guaranteed life insurance policies for all veterans, regardless of disability status. This will mean that anyone who wants to will be able to obtain life insurance through the VA, even if they would otherwise not qualify for such a policy. This way, veterans can get an insurance policy to help cover expenses for after they pass away, avoiding significant financial burdens for their families.
What is This New Program?
The new life insurance program, VALife, will offer guaranteed acceptance whole life insurance to all veterans 80 years old or younger who have a disability rating of 0 to 100. Older veterans will also be able to apply if they applied for disability compensation before turning 81, but did not receive a disability rating until after their 81st birthday. The plan will offer payouts up to $40,000, with lower payouts available in increments of $10,000.
Who Can Apply For This Program?
Any veteran of the United States military in good standing will be able to apply, so long as they fit into the aforementioned criteria. Unlike many other life insurance programs, VALife will not require people to go through medical exams or other testing to obtain insurance, nor will they need to answer questionnaires. The approval process is expected to be handled entirely online, with the VA promising “instant approvals” for qualified applicants.
What Are the Benefits of This Program?
The VALife program will allow people to obtain life insurance coverage, which will pay out money in accordance with the policy’s stated terms upon the insured individual’s death. This money can be used to pay for funeral expenses, to pay the legal costs associated with executing their estate, or to help cover any unpaid debts. That way, veterans can know their loved ones will not be left with overwhelming expenses or debts after they pass away.
How Can This Help Veterans?
This program will allow veterans of all types to obtain life insurance, even those who might not otherwise be eligible for these insurance policies. Disabled veterans, in particular, often have difficulty obtaining life insurance due to their chronic health issues, and often need to pay substantially higher premiums for lower payouts. For eligible veterans, it may potentially be a way to protect their families from debt when they are no longer able to pay for themselves.
The attorneys of Sullivan & Kehoe place a special focus on assisting disabled veterans. Our veterans’ disability lawyers are still available for remote consultation on your legal issues. Call our office at (800) 395-7830 to schedule a consultation in our New York City, Garden City, Kings Park, Riverhead, or White Plains office, or visit our contact page.