Affordable Life Insurance for Veterans
Current and former military members recieve a lot of perks from their service, many of them discounts. Fortunately, these discounts do extend to life insurance for veterans. With VGLI rates being very affordable, United States veterans have access to some of the best and most cost-efficient life insurance in the market. Keep reading for more information.
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Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
UPDATED: Nov 27, 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 life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page 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 life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Nov 27, 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 life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Veterans have a great selection of life insurance options, both from VGLI as well as improved rates from commercial companies.
- Service members can transfer their SGLI into a VGLI within one year and 120 days of leaving the military. Within 240 days of leaving, a health check-up is not mandatory.
- AAFMAA is another life insurance option that provides comprehensive coverage exclusive to military members.
- VGLI rates are quite affordable, offering former military under 30 a $400,000 policy for $28 a month.
For active-duty military members and veterans, life insurance is very accessible and affordable, with many options available. Many veterans prefer to get VGLI coverage once they have left the military instead of taking a private insurance policy. This can be a great option for many.
In the private sector, there are many life insurance companies for veterans such as from the United Services Benefit Association, the Military Benefit Association, and the AAFMAA.
Affordable life insurance for veterans can be pretty easy to get as long as you shop around and weigh your options. Both the private and public life insurance sectors can provide great life insurance rates for veterans.
To make sure you and your family have access to the best life insurance policy you can get it’s important to look at all of your options. Get started on making sure your family is taken care of by finding the best life insurance rates for veterans. Enter your ZIP code to get a free quote today.
Is VA life insurance right for me?
The VA offers a number of life insurance policies for wherever you find yourself during or after the military. The aforementioned VGLI is a common option for service members after leaving the military and the SGLI is active while still in military service.
VGLI rates are very affordable for veterans, starting at $28 for a $400,000 life insurance policy. If VGLI is taken within 240 days of leaving the military, the health check-up will be waived.
VA life insurance offers a variety of different policies to suit the needs of veterans such as the Service-Disabled Veterans Insurance (S-DVI) for those who have a service-connected disability.
Before you decide on a life insurance policy, make sure you understand the dos and don’ts of life insurance so that you know you are making the right decision.
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Is private life insurance better for veterans?
Veterans have many options if they decide not to get one of the standard military life insurance policies. One of the most popular for veterans is the non-profit American Armed Forced Mutual Aid Association also known as AAFMAA.
The AAFMAA offers many benefits for membership and covers many different services along with life insurance such as living services, mortgage services, and wealth management services.
AAFMAA rates are very affordable when compared to its competitors, offering a rate of $39 a month for a healthy 50-year-old male on a 10-year term. Get the best rates now and start saving.
Best life insurance for veterans
When it comes to life insurance for veterans, there are more options available so it’s important to check whether private insurance or VA life insurance is better for you. Many life insurance quotes for veterans will be more affordable depending on the company, so shop around.
For VA life insurance make sure to take a look at their veteran insurance information. The VGLI rates are hard to beat, but not impossible depending on where you look.
Before deciding on your coverage, make sure to do your research to know that when you buy life insurance for veterans you are getting the best deal. For more help, check out our smart term life buying guide and get peace of mind knowing your family is covered.
Case Studies: Affordable Life Insurance for Veterans
Case Study 1: Accessible VGLI Coverage
John, a former military member, recently left the service and was exploring life insurance options for veterans. He discovered the Veterans’ Group Life Insurance (VGLI) policy offered by the Department of Veterans Affairs (VA). VGLI rates were highly affordable, starting at $28 for a $400,000 policy.
John decided to opt for VGLI coverage within the 240-day grace period, which allowed him to skip the health check-up and secure cost-efficient protection for his family.
Case Study 2: AAFMAA Offering Competitive Rates
Michael, a retired veteran, was interested in exploring private life insurance options. He came across the American Armed Forces Mutual Aid Association (AAFMAA), a non-profit organization catering to veterans. After reviewing their offerings, Michael found their rates highly competitive.
He decided to purchase a 10-year term life insurance policy from AAFMAA, saving on premiums while ensuring his family’s financial security.
Case Study 3: Finding the Best Deal
Sarah, a veteran, wanted to ensure she had the best life insurance coverage. She understood the importance of comparing quotes from different providers. Sarah researched both VA life insurance and private insurance companies.
After carefully weighing her options and considering her specific needs, she found a private insurer offering favorable rates and comprehensive coverage. By doing her research, Sarah secured a policy that provided peace of mind for herself and her loved ones.
Frequently Asked Questions
Is there life insurance specifically designed for married couples?
Yes, there are life insurance policies specifically designed for married couples. Joint life insurance policies provide coverage for both spouses under a single policy. This can be a cost-effective option compared to individual policies. It’s advisable to evaluate the coverage amounts and terms offered by various insurers to determine the best life insurance solution for your married life.
Can veterans with pre-existing medical conditions get affordable life insurance?
Yes, veterans with pre-existing medical conditions can still obtain affordable life insurance. While some conditions may affect the rates or availability of certain policies, there are insurance companies that specialize in providing coverage for individuals with pre-existing conditions. Shopping around and working with an experienced insurance agent can help you find suitable options.
Can veterans customize their life insurance coverage based on their needs?
Yes, veterans can often customize their life insurance coverage based on their needs. Insurance policies may offer options to adjust the coverage amount, policy duration, and additional features or riders. It’s important to review the policy details and discuss your requirements with the insurance provider to ensure the coverage aligns with your specific needs.
Can veterans convert their VGLI policy to a private insurance policy?
Yes, veterans have the option to convert their VGLI policy to a private insurance policy in some cases. However, the conversion typically needs to occur within a specific time frame after leaving the military. It’s important to review the terms and conditions of the VGLI policy and consult with insurance professionals to understand the conversion options and any associated costs or requirements.
Can veterans increase or decrease their coverage amount after purchasing a policy?
In many cases, veterans have the option to increase or decrease their coverage amount after purchasing a life insurance policy. This may involve certain conditions and may be subject to underwriting approval. It’s advisable to review the policy terms and discuss any desired changes with the insurance provider to understand the process and potential effects on premiums.
Are there any specific life insurance options for veterans’ spouses and children?
Yes, there are life insurance options available specifically for veterans’ spouses and children. Some insurance companies offer dependent life insurance policies that provide coverage for spouses and children of veterans. These policies can help ensure financial protection for the entire family. It’s recommended to inquire with insurance providers about such options and their associated benefits.
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Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.