Empowering Madison Veterans: VALife Program Surpasses 31,000 Beneficiaries with $950 Million in Local Coverage

by John Reuter

In the past year, over 31,000 disabled veterans, including many in Madison, Wisconsin, took advantage of life insurance coverage offered through the VALife program, a new initiative introduced by the Department of Veterans Affairs (VA). This substantial uptake underscores the local interest in such offerings and emphasizes the need for increased awareness about the program's availability.

Launched in January 2023, VALife is tailored for veterans aged 80 and under, with no disqualifications for medical reasons. Remarkably, this marks the first introduction of a new life insurance offering by the department in over 50 years, aligning with Congress's 2022 mandate to establish this insurance program. Before its launch last year, VA officials estimated that more than 4 million individuals would be eligible for coverage of up to $40,000 through the new policies. The actual response exceeded expectations, with approximately 31,400 veterans signing up for a substantial coverage amounting to $950 million in the first year alone.

Daniel Keenaghan, Executive Director of VA’s Insurance Service, expressed satisfaction with the response, highlighting the vital role the program plays in addressing the needs of veterans. Keenaghan shared testimonials from veterans who view the coverage as a lifesaver, especially for those who faced challenges securing insurance in the private sector due to existing service-connected disabilities.

Looking ahead, Keenaghan's office is focused on localizing efforts to publicize the VALife program in Madison and across the United States, as there is a belief that many eligible veterans may still be unaware of this low-cost offering. Over the past year, the insurance policies have been included in outreach efforts, with officials noting that sign-ups tend to increase with each new round of distribution of information materials at Madison's large veterans' events.

Furthermore, the VA is exploring potential improvements for the future, considering higher coverage totals and potential financial aid tied to the policies specifically tailored for Madison veterans. Currently managing life insurance policies for around 5.6 million troops, veterans, and family members nationwide, totaling $1.5 trillion in coverage, the VA encourages Madison area residents to find more information about all available plans on its official website. VA Life Insurance