Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Sep 29, 2021

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The Brief

  • USAA is one of the best insurance companies for veterans
  • S-DVI rates are as low as 19 cents per month for every $1,000 on death benefits
  • Veterans should get private life insurance to take advantage of investment opportunities.

Are you searching for life insurance companies that focus on the military? Life insurance for military families and life insurance for veterans with PTSD are available in the government and private sectors.

But what about life insurance companies that don’t focus on the military? Our guide answers frequently asked questions about life insurance rates for veterans and military life insurance after retirement.

Also, we’ll explain why buying term life insurance is much cheaper than permanent life insurance.

After learning about life insurance companies that focus on the military, use our free online quote tool to compare multiple insurance companies near you.

What are the best life insurance companies that focus on the military?

Veterans have more life insurance options than the average person. Life insurance for military families can be cheaper and more accessible.

But military life insurance death benefits depend on the company or program.

Let’s start by looking at a list of the best life insurance companies for veterans.

  • Navy Mutual Life Insurance
  • Armed Forces Insurance
  • Prudential Veterans’ Group Life Insurance
  • American Armed Forces Mutual Aid Association (AAFMAA)
  • United Services Automobile Association (USAA)
  • Uniformed Services Benefit Association (USBA)
  • Military Benefit Association (MBA)
  • VA Service-Disabled Veterans Insurance (S-DVI)

S-DVI isn’t an insurance company, but it’s a U.S. Department of Veteran Affairs program for veterans who need life insurance.

It provides affordable life insurance for veterans, which costs at least 19 cents a month for every $1,000 of death benefits (also called coverage limit or policy amount).

Senior-aged veterans, higher coverage limits, and policy types can generate more expensive S-DVI life insurance rates.

But when you shop at companies like USAA, MBA, and AAFMAA, you can get cheaper rates for retired veterans over 60.

How much are life insurance rates for veterans at the best companies?

Before you buy life insurance for veterans, you should compare multiple companies.

Examine the table below to see how much life insurance costs for veterans at some of the best companies:

Comparing the Best Life Insurance Companies by A.M. Best Ratings, Death Benefits, Monthly Rates, and Policies
CompanyBest ForA.M. Best RatingCoverage CapacityIssue AgesMonthly RatesPolicies Offered
AAFMAABest for Senior VeteransNot rated$10,000–$1,000,000Up to 84$8.65+/monthTerm and whole
MBABest Children's RiderAVariesUp to 90$9.30+/monthTerm
Prudential Veterans' Group Life InsuranceBest OverallA+Up to $10,000,000Doesn't specify$19.50+/monthTerm and various universal life
USAABest for Disabled VeteransA++VariesDoesn't specify$12+/monthTerm, whole, and universal
USBABest for FamiliesA++VariesDoesn't specify$18+/monthTerm and whole
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Military-focused life insurance companies provide term life insurance and permanent life insurance policies.

AAFMAA is the cheapest company on the list, but it doesn’t have an A.M. Best rating. That’s because AAFMAA is a member-owned life insurance company.

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Which life insurance companies don’t focus on the military?

Life insurance quotes for veterans are also available at companies that don’t focus on military veterans. Here’s a list of the top life insurance companies in the United States:

  • New York Life
  • MassMutual
  • Northwestern Mutual
  • Mutual of Omaha
  • Transamerica
  • State Farm

Each life insurance company on the list isn’t exclusive to military veterans, but they provide competitive rates.

Keep an eye out for military veteran discounts. You may also be able to bundle life insurance with other insurance types.

Are there other life insurance options through Veteran Affairs (VA)?

The answer is yes. Servicemembers Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI) are two life insurance options that the VA provides for veterans.

SGLI is designed for active military veterans, but VGLI targets retired and disabled veterans. SGLI rates are cheaper than VGLI rates.

How much is life insurance coverage through SGLI?

SGLI is a group life insurance program. Active military veterans who agree to SGLI will see their monthly rates deducted from basic pay.

And your monthly payments depend on your death benefits. Let’s look at how much veterans usually pay for SGLI:

SGLI Rates by Coverage Amount
SGLI Coverage AmountMonthly RatesTSGLI RatesTotal Monthly Rates Deducted from Basic Pay
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Veterans can ask for higher coverage amounts, but they’ll pay more per month. However, you won’t have whole life insurance options.

How much are life insurance rates through VGLI?

VGLI is for retired and disabled veterans (including veterans with PTSD). Also, part-time service members of the National Guard and Reserves are eligible for VGLI.

But how much is VGLI a month? Let’s review the VGLI costs for various age groups:

VGLI Rates by Coverage Amount and Age Group
Coverage AmountsAge 29 & BelowAge 30-34Age 35-39Age 40-44Age 45-49Age 50-54Age 55-59Age 60-64Age 65-69Age 70-74Age 75-79Age 80 & Over
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VGLI rates increase as you get older. Also, you can expect your VGLI monthly payments to go up when you add more to your coverage amount.

What is included in veteran life insurance?

Life insurance for veterans usually includes coverage for the policyholder and immediate families members, such as a spouse. SGLI works as long as you’re an active service member in the U.S. Armed Forces.

Private military life insurance (life insurance from companies) has a few perks, such as riders.

Riders are add-ons that provide coverage for specific situations that standard term life insurance won’t cover.

But riders for term life insurance only go so far. Exclusions on life insurance policies for veterans may impact your choice of providers.

For example, some of the VA programs don’t have accumulated cash accounts or investment opportunities.

However, companies like USAA, USBA, and AAFMAA have permanent life insurance, like whole life insurance and universal life insurance, that provide more investment opportunities.

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What You Need to Know About Life Insurance Companies That Focus on the Military

Military veterans have more options than the average person when it comes to shopping for life insurance. Younger veterans can set their sights on VA life insurance programs to minimize spending and shopping.

For more investment opportunities, shop around at various life insurance companies until you find the permanent life insurance policy you need.

Now that you know more about life insurance companies that focus on the military, enter your ZIP code in the free comparison tool below to compare life insurance quotes from multiple insurance companies near you.