Jan. 11 (UPI) — The Department of Veterans Affairs on Thursday said more than 31,000 veterans have benefited from its new life insurance program in its first year.
VALife, which first launched in January 2023, has to-date issued more than $950 million in coverage to 31,400 veterans, the VA said in a release.
The new program is the first revamped VA life insurance program in 50 years and expanded life insurance to millions of veterans. All veterans ages 80 or younger with any level of service-related disability have guaranteed acceptance into the program.
“All veterans deserve to know that their families will have financial support when they pass away,” Secretary of Veterans Affairs Denis McDonough said in a statement. “VALife helps make that happen, providing well-earned peace of mind to veterans and their families nationwide.”
VALife provides eligible veterans up to $40,000 in coverage. There is no time limit to apply, and there is no health requirement to apply.
Under the VA’s previous program, Service-Disabled Veterans Insurance, most veterans could only receive up to $10,000 in coverage. Veterans also had to be in good health, except for a service-related disability, and apply within two years of receiving their disability rating.
Veterans can switch from S-DVI to VALife at any time, but veterans who apply before Dec. 31, 2025 can retain S-DVI coverage during the two-year waiting period for the VALife death benefit to go into effect.
The VA in November said it set all-time records for care and benefits delivered to veterans. In the fiscal year 2023, the VA delivered more than 116 million health care appointments, provided $163 billion in earned benefits and provided $1.5 trillion in life insurance coverage to 5.6 million policyholders, including new coverage awarded through VALife.
The VA attributed most of these achievements to health care and benefits expansion under the PACT Act, which President Joe Biden signed into law in August 2022. That act expanded VA benefits for veterans who faced exposure to burn pits, Agent Orange or other toxic substances.
In FY2023, the VA’s workforce also grew at its fastest rate in 15 years with more than 400,000 Veterans Health Administration employees and more than 32,000 Veterans Benefits Administration employees, the largest workforce ever seen in VA history.
