Significant changes are coming to VA life insurance programs. Veterans Life Insurance (VALife) launches January 1, 2023 as a new guaranteed acceptance whole life insurance program for service-bound veterans. VA’s current offering for service-connected veterans – Service-Disabled Veterans Life Insurance (S-DVI) – closes to new enrollments after December 31, 2022. Veterans currently enrolled in S-DVI may retain coverage or switch at VALife.
Although VALife and S-DVI both cover veterans with any level of service-related disability (0-100%), there are key program differences to consider before deciding which program is right for you. the best.
So what is the difference between VA life insurance and service disabled veteran life insurance?
- VALife offers up to $40,000 of coverage, available in $10,000 increments.
- S-DVI offers up to $10,000 in basic coverage. Up to $30,000 of additional coverage is only available if you are totally disabled, unable to work and qualify for a waiver of premium.
- VALife does not offer a premium waiver option.
- S-DVI offers a premium waiver if you are totally disabled and unable to work.
- VALife premium rates are based on age and amount of coverage. Once your VALife policy is issued, premium rates do not increase.
- S-DVI premium rates are based on age, coverage amount and coverage plan.
Medical requirements and waiting period
- VALife does not require you to answer health questions for registration. For this reason, there is a two-year waiting period for full coverage to begin, a common feature of guaranteed acceptance whole life policies.
- S-DVI requires proof of good health, other than your service login requirement(s), prior to registration. Once enrolled, there is no waiting period for coverage to begin.
- VALife has no time limit to apply if you are 80 and under. Veterans aged 81 and over may be eligible if they meet certain criteria.
- S-DVI requires application within two years of receiving notification of a new service-related disability classification, or by December 31, 2022, whichever comes first.
You can learn more about VALife and S-DVI by visiting the websites below: