Veterans life insurance

National Insurance Awareness Day: Are you and your family covered?

National Insurance Awareness Day is a time for individuals and families to learn about the importance of insurance coverage and whether they have the right policies in place to protect themselves. 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 their financial needs at any stage of life.

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

Term life insurance programs versus whole life insurance programs

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


Term life provides protection for a limited time, such as 10, 15 or 20 years. Whole Life provides coverage that remains in effect for an individual’s lifetime.

Surrender value

Term life does not provide any monetary value. Whole life builds cash value over the term of the policy that is available for use. The cash value will generally increase every five years as you age.


Term life insurance premiums are generally less expensive than whole life insurance, are fixed for a fixed term, but will increase if the insured decides to renew for another term. Whole life insurance premiums are generally higher and fixed for the entire term of the policy.


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

Benefits of buying whole life insurance

Whole life insurance programs offer a variety of benefits, especially if you’re buying at a younger age. For example, if you buy insurance in your 20s or 30s, you can:

  • Lock in a price reduction that you will keep for the rest of your life.
  • Set aside money each month by putting money into a whole life insurance policy that creates cash value.
  • Growing wealth over time to help pay for living expenses.
  • Plan for your family’s future and know that your parents, spouse or other loved ones won’t have to struggle financially to pay for your funeral and other final expenses.

What whole life coverage does VA offer?

VALife offers guaranteed acceptance whole life insurance coverage to veterans age 80 and under with any level of service-related disability.

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

VALife meets the needs of service-related veterans who may not have previously qualified for life insurance with VA and provides the following benefits:

  • All service-related veterans age 80 and under with VA disability ratings of 0-100% are eligible.
  • Coverage in increments of $10,000, up to a maximum of $40,000, with premiums competitive with what is available in the private sector, after a two-year waiting period for full face value coverage .
  • No medical conditions required for registration.
  • Fully automated online registration with instant approvals.
  • Cash value that accumulates over the term of the policy after the first two years of membership.
  • Rates are better the sooner you sign up. Once locked in, bounties will never increase.

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

Learn more

VA Life Insurance Needs Calculator is a useful tool for determining an appropriate amount of coverage. VA provides quality life insurance coverage at competitive rates to veterans, military personnel and their families. Learn more about VA life insurance benefit offerings here.