Best Life Insurance Companies for Veterans
Veterans have numerous life insurance options available from both government and private insurers. Our analysis focused on term life insurance from private insurers as it typically provides the lowest cost coverage. We evaluated 20 life insurance companies based on cost, conversion options, and renewability.
Top Picks
- Pacific Life: Offers low rates and flexible coverage features, with coverage amounts up to $10 million.
- Protective: Provides superior level term lengths, including 35 and 40 years, with guaranteed renewability until age 95.
- Symetra: Features the lowest average term life insurance rates in our analysis, with instant approval available for young and healthy applicants.
- Legal & General America: Offers high coverage amounts up to $65 million and long level term lengths.
- Midland National: Includes robust living benefit options, such as critical illness and chronic illness accelerated death benefits.
- Penn Mutual: Offers competitive term life insurance rates for older buyers seeking 30-year level term policies.
- SBLI: Features a low level of consumer complaints and superior financial strength.
- Nationwide: Offers high coverage amounts with no maximum death benefit limit.
Types of Life Insurance for Veterans
- Veterans’ Group Life Insurance (VGLI): Allows veterans to continue coverage after leaving the military.
- Veterans Affairs Life Insurance (VALife): Guaranteed acceptance whole life insurance for veterans with a VA service-connected disability rating.
- Veterans’ Mortgage Life Insurance (VMLI): Provides mortgage protection for veterans with service-connected disabilities.
- Private Life Insurance: Term life, whole life, and universal life insurance options available from top companies.
Cost Comparison
Life Insurance for Veterans by Age
- At 40: Rates range from $162 to $1,175 per year for males, and $148 to $927 per year for females.
- At 50: Rates range from $303 to $3,074 per year for males, and $259 to $2,243 per year for females.
- At 60: Rates range from $672 to $8,328 per year for males, and $468 to $8,328 per year for females.
Methodology
Our analysis used data from AccuQuote and evaluated companies based on cost (80%), guaranteed renewability (10%), and term life conversion (10%).
Frequently Asked Questions
- Do United States veterans get free life insurance?: No, unless provided by an employer.
- Can I get life insurance if I was dishonorably discharged?: Possibly, through a private insurer if VA benefits are not available.
- Is life insurance for veterans worth it?: Yes, especially for those with dependents or significant debts.
