Best Life Insurance for Veterans (2024)
Navigating life insurance options can be overwhelming, but as a veteran, you deserve the best protection. Discover the benefits, coverage options, and resources available to help you make an informed decision. Ensure your loved ones' financial security with the right life insurance plan.Explore the advantages of life insurance for veterans and gain peace of mind knowing your family is protected.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
UPDATED: Nov 28, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Nov 28, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Welcome to our comprehensive guide on life insurance for veterans, a topic of utmost importance for those who have served our nation selflessly. We will explore the key aspects related to life insurance options available specifically for veterans, including eligibility criteria, coverage options, benefits, and considerations. We understand the unique needs and challenges faced by veterans when it comes to securing their future.
By the end of this, you will have a clear understanding of the various life insurance choices available to veterans, enabling you to make an informed decision that aligns with your specific needs. To ensure you receive the best rates from top insurance providers in your area, we invite you to enter your zip code below and compare the available options. Secure your future today with the right life insurance coverage for veterans.
Why not use your VA-issued life insurance for veterans?
Affordable life insurance for veterans is provided through Veterans’ Group Life Insurance. While acceptance is guaranteed, VGLI coverage is tied to your previously-held SGLI coverage. You can increase your coverage but only by $25,000 every five years.
Another issue with VGLI coverage is that they only consider the amount of coverage and your age. Discounts for living healthy or reducing risks won’t help you. This means that your VGLI rates can increase significantly as you age.
VGLI only offers term life insurance, which lasts for a specified period. If you’re looking for coverage that will last the remainder of your life or carry a cash value, you’ll need a life insurance company for veterans that offers permanent life insurance.
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What are the monthly rates for life insurance for veterans?
Before you consider exchanging your VGLI insurance for private life insurance, you’ll want to compare the rates to ensure they’re cheaper. The following chart shows the average monthly rates for a healthy male obtaining a $400,000, 20-year term life policy based on age.
Age | Average Monthly VGLI Term Life Rates | Average Monthly Private Term Life Rates |
---|---|---|
30 | $40 | $25.58 |
40 | $68 | $45.92 |
50 | $144 | $113.58 |
60 | $432 | $290.92 |
As you can see, monthly rates for a private term life insurance plan are cheaper than a VGLI plan.
Can you convert life insurance for veterans to an individual policy?
VGLI might not offer enough coverage or rates might end up being too high. In this case, you can convert your VA life insurance to an individual policy through a private life insurance company. This will allow you to choose from a variety of policies.
While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time. If the conversion is with a participating life insurance company, you can receive standard rates without proof of good health.
How do you get the best rates for life insurance for veterans?
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association. The AAFMAA offers term life and whole life options to veterans, but there are other options.
If you’re happy with your VGLI coverage but are looking for lower rates, you can keep your current coverage until the rates get too high. Then you can convert your plan to a private life insurance company. This is best when you’re relatively young and healthy as you can lock in low rates with the new provider.
Both of these options allow you to purchase permanent life insurance, which builds up a cash value. Depending on the company, you can also purchase final expense or burial insurance to pay for your funeral and burial costs, taking the burden off your loved ones.
The Insurance Information Institute provides additional tips on finding the companies with the best life insurance rates for veterans.
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Case Studies: Best Life Insurance for Veterans
Case Study 1: John’s Journey to Financial Security
John, a retired veteran, was concerned about the financial well-being of his family in the event of his untimely demise. He sought out the best life insurance options specifically designed for veterans. After thorough research, he decided to go with Veteran’s Shield Insurance, which offered comprehensive coverage at competitive rates.
The policy provided John’s family with a lump-sum benefit that would support them financially, ensuring they could maintain their standard of living even without his income. With the peace of mind that his loved ones would be taken care of, John could enjoy his retirement without worrying about their future.
Case Study 2: Sarah’s Safety Net for Dependents
Sarah, an active-duty service member and single parent, recognized the importance of securing her children’s future. She needed life insurance that would provide a safety net for her dependents if anything were to happen to her. After careful consideration, Sarah chose Liberty Veterans Life Insurance. This policy offered flexible coverage options and additional benefits tailored to military personnel.
With Liberty Veterans, Sarah knew that her children would receive financial support in her absence, ensuring their education, well-being, and overall stability. The policy gave her peace of mind, allowing her to focus on her duties while prioritizing her family’s future.
Case Study 3: Robert’s Reinvention in Retirement
Robert, a retired veteran, found himself in a unique position after leaving the military. He decided to pursue a new career path and become an entrepreneur. However, he understood the risks involved in starting a business and wanted to protect his family’s financial security. After extensive research, Robert opted for New Horizons Veterans Insurance, a provider known for its customizable policies.
The coverage offered by New Horizons allowed Robert to secure his business interests and ensure his loved ones would be supported if his venture faced challenges. With this policy, Robert could pursue his entrepreneurial dreams while safeguarding his family’s future.
Case Study 4: Maria’s Mortgage Protection Plan
Maria, a veteran and homeowner, wanted to ensure that her family would be able to keep their home in the event of her passing. She decided to explore life insurance options specifically designed to protect mortgages. After thorough evaluation, Maria selected United Veterans Mortgage Protection Insurance. The policy provided her with the assurance that her mortgage would be paid off if she were no longer around.
This gave Maria the confidence that her family would not have to worry about losing their home during a difficult time. The peace of mind that the policy offered allowed Maria to enjoy her home and create lasting memories with her loved ones.
Case Study 5: Michael’s Comprehensive Coverage for the Future
Michael, a retired veteran, wanted to ensure that his loved ones would be financially secure even after he was gone. He sought out comprehensive life insurance coverage that would address his family’s immediate needs while also providing for their long-term future. After careful consideration, Michael chose Patriot Family Life Insurance.
This policy offered a combination of term and whole life coverage, giving Michael the flexibility to meet his family’s evolving needs. The plan provided a death benefit that would cover immediate expenses and also accumulate cash value over time, which could be used for future financial goals. Michael was able to relax, knowing that his family’s financial well-being was secure.
Life Insurance for Veterans: The Bottom Line
Veterans are provided life insurance but only term life and rates don’t consider your health. This might convince some to switch to an individual plan from a private life insurance company. Knowing why and how to switch coverage will ensure you find the best life insurance for veterans.
To find life insurance rates for veterans, enter your ZIP code for the top life insurance quotes in your area.
Frequently Asked Questions
What is VGLI?
Veterans’ Group Life Insurance (VGLI) is a type of life insurance that is available to veterans after they leave the service. It provides term life insurance coverage for a specified period, and you can increase your coverage by $25,000 every five years.
Why not use your VA-issued life insurance for veterans?
While VGLI offers guaranteed acceptance and may be a good option for some veterans, it may not provide enough coverage and premiums increase significantly with age. Additionally, VGLI only offers term life insurance, so if you’re looking for coverage that lasts for your entire life or has a cash value, you’ll need to look elsewhere.
What are the monthly rates for life insurance for veterans?
The monthly rates for life insurance for veterans vary depending on your age, coverage amount, and the type of policy you choose. On average, however, a healthy male obtaining a $400,000, 20-year term life policy can expect to pay less for private insurance than for VGLI.
Can you convert life insurance for veterans to an individual policy?
Yes, you can convert your VA life insurance to an individual policy through a private life insurance company. While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time.
How do you get the best rates for life insurance for veterans?
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association (AAFMAA). The AAFMAA offers term life and whole life options to veterans, but there are also other options. To get the best rates, it’s important to shop around and compare quotes from multiple insurance providers.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.