Beginning January 1, 2023, the Department of Veterans Affairs (VA) will offer a new guaranteed acceptance whole life insurance program called Veterans Affairs Life Insurance (VALife).

If you’re considering purchasing life insurance, make sure you understand the difference between whole life and term life insurance.

Term Life versus Whole Life programs

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


Term life provides protection for a limited amount of time, such as 10, 15, or 20 years. Whole Life provides protection that stays in force for an individual’s entire life.

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