National Insurance Awareness Day is a time for individuals and families to learn about the importance of insurance coverage and determine whether they have the right policies in place for protection. VA offers life insurance that allows Veterans, service members and their families to plan for the future with a variety of life insurance programs tailored to fit their financial needs, no matter their stage of life.

Beginning Jan. 1, 2023, VA will offer a new guaranteed acceptance whole life insurance program called Veterans Affairs Life Insurance (VALife). If you’re considering purchasing life insurance, make sure you understand the difference between whole life and term life insurance.

Term Life versus Whole Life programs

The most common types of life insurance coverage are term life and whole life. Each one can be tailored to the unique financial needs of the individual or family purchasing the policy.


Term life provides protection for a limited amount of time, such as 10, 15, or 20 years. Whole Life provides protection that stays in force for an individual’s entire life.

Cash Value

Term life provides no cash value. Whole life builds cash value over the life of the policy that is available for use. Cash value will generally go up every five years as you age.


Term life premiums are typically less expensive compared to whole life, are set for a fixed term, but will increase if the policyholder decides to renew for another term. Whole life premiums are generally higher and fixed for the life of the policy.


Term life provides death benefits only. Whole life provides death benefits as well as the cash value that builds during the life of the policy.

Advantages of buying Whole Life Insurance

Whole life insurance programs offer a variety of advantages, especially if you are buying at a younger age. For example, if you purchase insurance in your 20s or 30s you can:

  • Lock in a price discount that you’ll keep for the rest of your life.
  • Set aside some savings each month by putting money toward a whole life insurance policy that builds cash value.
  • Grow wealth over time to help pay for life’s expenses.
  • Plan for your family’s future and know that your parents, spouse or other loved ones will not have to struggle financially to pay for your funeral and other final expenses.

What Whole Life coverage does VA offer?

VALife provides guaranteed acceptance whole life insurance coverage to Veterans age 80 and under with any level of service-connected disability.

Guaranteed acceptance is a type of whole life coverage that does not require the applicant to answer health questions or get a medical exam for enrollment. Due to the absence of medical requirements with guaranteed acceptance, there is typically a set waiting period for full coverage to take effect.

VALife meets the needs of service-connected Veterans who may not have previously qualified for life insurance with VA and offers the following benefits:

  • All service-connected Veterans age 80 and under with 0-100% VA disability ratings are eligible.
  • Coverage in increments of $10,000, up to a maximum of $40,000, with premiums that are competitive with what’s available in the private sector, after a two-year waiting period for full face value coverage.
  • No medical requirements for enrollment.
  • Fully automated online enrollment with instant approvals.
  • Cash value that builds over the life of the policy after the first two years of enrollment.
  • Rates are best the earlier you sign up. Once locked in, premiums will never increase.

To learn more about VALife and whether it’s the right choice for you and your family, please visit the VALife webpage here.

Learn More

The VA Life Insurance Needs Calculator is a helpful tool for determining an appropriate amount of coverage. VA offers quality life insurance coverage at competitive rates to Veterans, service members and their families. Learn more about VA’s life insurance benefit offerings here.

By VAntage Point Contributor

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Published on Jun. 28, 2022

Estimated reading time is 3.2 min.

Views to date: 445


  1. Mort Triggs July 4, 2022 at 4:45 pm

    I could be interested, whole life makes no sense at age 75, i damned near bought the Farm this past fall. Allergic reaction to the blood thinner 10 weeks later, discharged, with a successful dual bypass and a new Aorta valve, percolating just fine! Residual side issues, a stage 4 bed sore 7 months later still remnants if external blistering- talk abiut a pain in the A**! Then 10 whs on a slab, all nerve receptors to my feet and ankles, placed me in braces, a wheel chair, and walker! So – that said, term would be my direction, but a two year waiting period before coverage! Not reasonable! If I do the kiver in 22 months, does the wife get the $$ i paid to wait, or is that just pissed away leaving her “SOL” ?

  2. Robert L Davis II July 1, 2022 at 8:43 pm

    Hey! Let me get an order of that Whole Life!

  3. LEWIS C MARTIN June 30, 2022 at 9:48 pm

    I want to sign up

  4. Morgan McDonald June 30, 2022 at 3:18 pm

    Max benefit is $40,000, so what’s the premium and what kind of increases are required per various health factors. With a lot of the policies out there they can cost around $10 per $1,000 coverage ( for $40,000 coverage, that would mean about $400 per month or $4,800 per year). It might be too expensive to be practical.

  5. GARY June 30, 2022 at 12:05 pm

    Interested in speaking with Agent

  6. Mike June 30, 2022 at 11:36 am

    The way things are going, Unless there is a provision for inflation, your beneficiaries could get the full $40K payout, only to find it only buys a sandwich.

  7. Edgar L Wales June 30, 2022 at 10:15 am

    Can I do a 10:35 exchange with an existing whole life insurance policy?

  8. Ken George June 30, 2022 at 10:13 am

    Sounds interesting. whole life for a 75yr old would be ? what about converting existing policies like CONSECO LIFE and AARP Life ? Conversion info would seem necessary for most older Vets

  9. Debra Womack June 30, 2022 at 4:04 am

    I want to sign up.

  10. Debra Womack June 30, 2022 at 4:03 am

    When can we sign up?

  11. Kenneth June 29, 2022 at 11:08 pm

    Yes, whole life sounds good. I will check it out when available in 2023

  12. Dan Cavalli June 29, 2022 at 10:27 pm

    So if we are over 80 we are not considered a Vet?

  13. Wayne Bailey June 29, 2022 at 10:17 pm

    Like the plan would like to know cost on whole life insurance for a 73 year male

  14. Wayne Bailey June 29, 2022 at 10:14 pm

    Would be interested when plan is available 2023 in whole life

  15. Paul S.Hernandez June 29, 2022 at 10:03 pm

    It’s about time someone talks like us normal people
    I had an experience one time with somebody cussed me out using nice words and I didn’t know it at the time
    Now with this life insurance it’s about time someone talks to us I guess in the street sense
    I may not speak grammatically correct but most Street people know exactly what I’m talking about

  16. James Keen 3 June 29, 2022 at 9:49 pm

    Please let us hear more about this program!

  17. Wayne Siebert June 29, 2022 at 9:46 pm

    Unreasonably overpriced. This seems like a ripoff. This is not a benefit – it’s a scam. I have a 20 year no health inspection check-up policy from USAA for $230/month; $ 500,000 dollars coverage. Over 10 times cheaper. I consider USAA expensive but I trust then compared to other even more cheaply priced, reputable insurance companies.

  18. Lance Whitney June 29, 2022 at 8:28 pm

    Looking at the cost tables, the cost for older veterans, such as Vietnam is prohibitive, particularly when 2 years must expire before it’s effective. I’m not willing to pay now and waiting two years for coverage.

  19. Danilo V. Cobarrubias June 29, 2022 at 8:27 pm

    I am interested about the life insurance. What is the Mn aximum of insurance available.

  20. Christopher de Ia Vega June 29, 2022 at 8:19 pm

    I’m interested

  21. Wayne Resha June 29, 2022 at 8:14 pm


  22. Fredrick Leuckel June 29, 2022 at 8:02 pm

    Very interested, want the new VA life insurance that will be offered Jan.2023.

  23. Joe Johnson June 29, 2022 at 7:46 pm

    A man that has limisurted heath issues can not afford life insurance
    I would love to buy 50k and be able to afford it

  24. Thomas Nixon June 29, 2022 at 7:26 pm

    I think this is a great idea for my family. My wife and I were just considering whole life insurance policies for us. Thanks to VA we now have a much easier choice.

  25. Eugene A Barry June 29, 2022 at 7:25 pm

    Thanks; Great info.

  26. CK June 29, 2022 at 6:31 pm

    Sounds like a scam to me. We know from past practice, the VA and the Federal government doesn’t do anything to benefit it’s veterans, service members or citizens unless there’s a catch unknown to us. – in some shape or way the VA is going to benefit more – this not about veterans and service members leaving their love one’s in a position of financial stability when the die. Yet another way of taking advantage of us. The sht has to stop!

  27. Pam Hayes June 29, 2022 at 6:31 pm

    Looking for whole life insurance cost.

  28. Gerard Maguire June 29, 2022 at 6:30 pm

    Interested in speaking to an agent.

Comments are closed.

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