#Middlebury #LifeInsurance #VALife
VETERANS POST
By Freddy Groves
The Department of Veterans Affairs has started a new life insurance program for the first time in 50 years, and the details are worth noting. Called VALife, it’s different from (and much better than) the previous insurance program. In fact, within the first year, over 30,000 veterans have signed up.
With the old program, S-DVI, veterans with service-connected disabilities only had two years to sign up from the time of receiving a disability rating. VALife has no such limitation.
With the old program, you had to be in good health (except for the disability) before you could apply. The new program has no limit, and no medical exam is required.
The old program limited veterans to $10,000 in coverage. The new program, VALife, offers up to $40,000 in whole life insurance.
The policy starts to build cash value after two years. If there’s a death in the first two years, the payment to the beneficiary would be the premiums that had been paid plus interest. (If you currently have a policy under the old program, you can keep that coverage while you wait for the two-year benefit of the new policy to kick in – that’s if you apply before Dec. 31, 2025.)
You can apply online and get an immediate response. Additionally, you can make payments and changes to beneficiaries online.
Premiums will never change and depend on your age. If you’re a veteran age 80 or under, and if you have any level of service-connected disability (that means 0-100%), your acceptance is guaranteed. If you’re over the age of 80, there are eligibility points that still might allow you to buy coverage. See the URL below for those eligibility requirements.
To read the details about VALife, go online to www.va.gov/life-insurance/options-eligibility/valife to see if you’re eligible and how to sign up. The cost of the policy is noted in the drop-down chart of premium rates by age. (There is a discount if you pay yearly.) If you have questions, call the VA Life Insurance Center at 800-669-8477.
© 2024 King Features Synd., Inc.
