Best Life Insurance Companies for Veterans
The U.S. Department of Veterans Affairs offers life insurance benefits for veterans, but these aren’t the only options available. In some cases, buying coverage independently may be the best choice. We’ve identified top life insurance companies that cater to veterans, offering various policies and benefits.
Top Life Insurance Companies for Veterans
- Guardian Life: Offers conversion of VA group insurance to whole life policies without medical exams. Provides term, whole, and universal coverage.
- MassMutual: Participates in the VA’s military insurance conversion program. Offers term, whole, universal, and variable universal policies.
- Northwestern Mutual: Has a low complaint ratio and offers term and permanent policies. Participates in the VA’s group life insurance conversion program.
- Thrivent: A fraternal benefit organization offering term and permanent life insurance to Christian consumers, including veterans.
- New York Life: Offers a wide variety of policies, including term, whole, universal, and variable universal life insurance.
- Penn Mutual: Supports the veteran community and offers various life insurance options, including term, whole, universal, and survivorship policies.
- USAA: Offers a simplified issue term policy with same-day coverage for eligible applicants. Provides term, whole, and universal life insurance policies.
Understanding VA Life Insurance Options
- VGLI (Veterans’ Group Life Insurance): Converts SGLI coverage to a term life policy that remains in force as long as premiums are paid. Coverage amounts can be increased by $25,000 annually up to a maximum of $500,000.
- VALife (Veterans Affairs Life Insurance): Offers guaranteed-issue whole life insurance to veterans with service-connected disabilities. Maximum coverage is $40,000, with rates based on age at application.
Private Life Insurance for Veterans
Veterans may choose private life insurance for various reasons, including potentially lower costs, cash value accumulation, or additional coverage for family members. Companies like USAA and American Armed Forces Mutual Aid Association offer policies tailored to military members and veterans.
Converting SGLI or VGLI to Individual Policies
Several insurers allow conversion of SGLI or VGLI coverage to individual policies without requiring medical information. Participating companies include Guardian Life, MassMutual, and New York Life.
