The U.S. Department of Veterans Affairs provides life insurance benefits for veterans and active-duty military personnel. However, VA life insurance isn’t the only option. In fact, purchasing independent coverage might be a veteran’s best move. To help veterans find the right coverage, the following list of life insurance companies earned high ratings.
Top Life Insurance Companies for Veterans
Here’s a glance at some of the leading life insurance companies valued by veterans:
- Guardian Life
- MassMutual
- Northwestern Mutual
- Thrivent
- New York Life
- Penn Mutual
- USAA
When choosing the best life insurance companies for veterans, we looked at carriers that earned at least 4.5 out of 5 stars. We confirmed that they all offer coverage to veterans, often requiring the standard life insurance application process. Some companies also provide further programs for veterans.
Guardian Life
With Guardian, veterans can switch their VA group insurance into a whole life policy.
- NerdWallet rating: 5.*
- Financial Strength Rating: Exceptional
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Few consumer complaints.
- Offers unique coverage options.
Cons
- Minimal policy details on the site.
- Can’t buy a policy online.
Guardian allows you toconvert a VA group life insurance policy, such as VGLI or SGLI, into an individual whole life policy without reapplication or a medical exam. This means veterans don’t need to prove their good health. Coverage amounts can match the government term policy or can offer a lower death benefit. Guardian also offers term and universal coverage. To get one of these policies, vets will engage with a financial professional and go through the company’s standard underwriting process.
MassMutual
Another great option is MassMutual, which assists veterans with their military insurance conversion program and backs veterans’ causes.
- NerdWallet rating: 5.0
- Financial Strength Rating: Exceptional
- Online Purchase: Yes
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Wide range of life insurance policies.
- Supports online claims.
- Low number of complaints.
Cons
- Most policies involve a medical exam.
MassMutual can convert VGLI, SGLI, or FMGLI coverage into a whole life policy. This provides lifelong coverage without requiring health questions or a medical exam. MassMutual offers term and universal life insurance, among other options. To apply for one of these, veterans will collaborate with a financial professional. The company has earned recognition as a military-friendly employer and supports various veteran-focused organizations.
Northwestern Mutual
Northwestern Mutual has a strong reputation and offers veterans a range of policies.
- NerdWallet rating: 5.0
- Financial Strength Rating: Exceptional
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Lower complaint ratio.
- High customer satisfaction ratings.
- Consistently pays dividends to eligible customers.
Cons
- Website lacks specifics about coverage amounts.
- Limited riders are available.
Northwestern Mutual offers various term and permanent policies suited for veterans who undergo the standard underwriting process. The company receives the fewest consumer complaints compared to other life insurance companies.
Thrivent
Thrivent operates as a fraternal benefit organization providing insurance options for Christian consumers, including veterans.
- NerdWallet rating: 5.0
- Financial Strength Rating: Exceptional
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Fewer complaints to state regulators.
- May pay dividends.
- Offers disability and long-term care insurance.
Cons
- Website offers little detail about coverage or riders.
- Life insurance is contingent on Christian affiliation.
Thrivent supplies life insurance to members with a Christian affiliation. Aside from life insurance, other member benefits include volunteer opportunities and estate planning tools. Christian veterans are able to access the full range of term and permanent life insurance products.
New York Life
New York Life has a diverse selection of policies available to veterans.
- NerdWallet rating: 4.5
- Financial Strength Rating: Exceptional
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Low number of complaints.
- Some policies are eligible for dividends.
Cons
- Quotes aren’t available online.
New York Life policies can be used by veterans and include term, whole, and universal insurance options. They participate in the VA’s group life insurance conversion program.
Penn Mutual
Penn Mutual supports veterans and provides a wide range of life insurance options.
- NerdWallet rating: 4.5
- Financial Strength Rating: Exceptional
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Term lengths up to 30 years.
- Extensive universal life insurance lineup.
- Low volume of complaints.
Cons
- No online quotes.
- Limited policy information on the site.
Penn Mutual offers financial help to veterans and their spouses through partnerships. Their life insurance policies are accessible to veterans. They also have joint life insurance options.
USAA
USAA offers a simplified term policy that offers same-day coverage based on qualification.
- NerdWallet rating: 4.5
- Financial Strength Rating: Strong
- Online Purchase: No
- NAIC Complaints: Fewer than expected
- Policies Offered: Term & permanent
Pros
- Low number of complaints.
- Some policies include perks for military personnel.
- Option to add coverage after a major life event.
Cons
- Some policy types are issued by partner companies.
- No live chat or email for customer service.
USAA provides financial products exclusively for the military community. Its life insurance policies are available to anyone. They also offer an Eagle Express term policy for quicker insurance.
Life Insurance Through the VA
Upon joining the military, members typically receive Servicemembers’ Group Life Insurance, or S GLI. Veterans can convert this coverage to Veterans’ Group Life Insurance (VGLI) within a specific timeframe after leaving active service. VGLI is a term life policy that remains in force as long as premiums are paid. The coverage amount depends on the existing SGLI coverage, but veterans can increase their death benefit over time. If converting within a certain period, a health assessment might not be required.
VGLI costs more than SGLI and increases with age. However, the rates are expected to decrease by spring 2025. Private life insurance brokers can help estimate quotes.
Life Insurance for Veterans with Disabilities
The VA offers Veterans Affairs Life Insurance, or VALife, to veterans with service-related disabilities. Coverage amounts are kept low, but it is guaranteed-issue life insurance, so medical exams and health questions are skipped. It is a whole life policy.
Life Insurance for Veterans with Medical Issues
VGLI coverage is a good option for those with health issues, and offers coverage up to $500,000 without medical history playing a part in the policy’s cost. Private options may require medical assessments, but guaranteed issue policies may have lower coverage.
Private Life Insurance Policies for Veterans
Veterans can procure policies through a multitude of companies, including those listed above. American Armed Forces Mutual Aid Association and USAA are examples of insurers that focus on military members and their families. Independent agents and online tools can assist in finding the right rates. Veterans can convert SGLI and VGLI coverage to individual policies through participating companies. Medical information isn’t required during the conversion process, but insurers might ask questions to determine the best rate.
Finding the Right Plan
Make sure that you and your loved ones are covered – consider comparing custom life insurance quotes from different companies to find the right policy that best suits your needs.
