September is Life Insurance Awareness Month, a time for you and your family to reflect on whether you have the right coverage to secure your financial future. If you are a service member or Veteran, VA has a wide array of life insurance programs tailored to fit your unique needs, no matter what stage of life you’re in.
VA life insurance programs have undergone some exciting changes recently that have resulted in more coverage for Veterans and service members than ever before. Now might be the perfect time to add life insurance to your estate plan or to increase your coverage if you’re eligible.
Whole Life Coverage: Veterans Affairs Life Insurance (VALife)
VALife offers guaranteed acceptance whole life insurance open to Veterans, age 80 and under, with service-connected disabilities. VALife provides coverage to more service-connected Veterans than ever before, and provides the following key features:
- Up to $40,000 in coverage, available in increments of $10,000 per Veteran.
- No medical exam or health questions required for enrollment.
- No time limit to apply.
- Locked in premiums that do not increase.
- Cash value that builds over the life of the policy.
VALife offers an easy and convenient online application. Veterans can apply, receive an instant decision and manage most aspects of their VALife policy completely online. You can learn more about VALife and how to apply online at https://www.va.gov/life-insurance/options-eligibility/valife/.
Term Life Insurance Coverage: Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI)
SGLI offers low-cost group term life insurance coverage up to $500,000, to eligible service members. Service members who meet the eligibility criteria are automatically enrolled in SGLI. Visit the SGLI website online, or go to https://www.va.gov/life-insurance/options-eligibility/sgli/ to learn more about SGLI.
VGLI allows separating service members to convert their SGLI coverage to renewable group term insurance. Veterans have one year and 120 days from their date of separation to apply for VGLI. It’s available in amounts ranging from $10,000 to $500,000, based on the amount of SGLI coverage at the time of separation from service. Visit the VGLI website online, or go to https://www.va.gov/life-insurance/options-eligibility/vgli/ for more information.
Affordable life insurance options help protect those who matter most. SGLI and VGLI can be used to cover end-of-life planning and provide income replacement. These two programs allow family members to focus on each other and worry less about finances when a service member or Veteran passes away.
Learn more
In addition to the life insurance programs mentioned above, there are several other insurance programs offered by VA to meet a diverse range of needs. You can learn more about these programs, eligibility requirements, and how to apply at VA’s life insurance options website online, or at https://www.va.gov/life-insurance/options-eligibility/.
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Good to no
Very informative article.
Are any of these coverages include cremation?
Hi Rodney. VA does not pay for cremation directly. Any item or service obtained from a funeral home will be at the families’ expense. Some Veterans’ families may be entitled to a burial allowance, which may cover some of these expenses.
If you’re interested, you can find out in advance if you can be buried in a VA national cemetery. This is called a pre-need determination of eligibility and it can help make the burial planning process easier for your family members. More information can be found by visiting: https://www.va.gov/burials-memorials/pre-need-eligibility/
Trying to save money for cremation and burial at VA cemetery near home.
Hi John, VA does not pay for cremation directly. Any item or service obtained from a funeral home will be at the families’ expense. Some Veterans’ families may be entitled to a burial allowance, which may cover some of these expenses.
If you’re interested, you can find out in advance if you can be buried in a VA national cemetery. This is called a pre-need determination of eligibility and it can help make the burial planning process easier for your family members. More information can be found by visiting: https://www.va.gov/burials-memorials/pre-need-eligibility/
Very informative.