Veterans Life Insurance

In this article...
  • Veterans have access to products designed specifically for them. That includes life insurance; find out more about the best life insurance for veterans.

The best life insurance for veterans is not necessarily the least expensive policy or the one that pays out the most. Rather, it is the one that delivers on a record of excellent customer service, easy payout processes, affordable premiums and maximum financial benefit over the life of the policy. 

Veterans have multiple options when it comes to purchasing a life insurance policy. They can continue their policies with the U.S. Department of Veteran's affairs or convert to private insurance entirely.

Many opt to supplement their VA plan with private insurance to ensure a wide berth of coverage. Here are four options to consider if you're looking for the best life insurance for veterans.  

Veterans Group Life Insurance

This is often one of the easiest life insurance companies to obtain a policy through for veterans. It's a U.S. Department of Veteran's Affairs program, and veterans can change their Servicemembers' Group Life Insurance (SGLI) policy into a Veterans' Group Life Insurance (VGLI) option. 

Veterans have one year and 120 days to change from SGLI to VGLI. The policy offers increasing amounts of coverage by $25,000 every five years until the veteran turns 60 years old or reaches $400,000 (whichever happens first). 

Veterans who convert their SGLI policy to a VGLI within 240 days of separation won't need to provide proof of good health. However, those that do so after the 240-day period will need to submit evidence from a physician attesting to the state of their health. 

Part of what qualifies this policy for inclusion in a rundown of best life insurance for veterans is the premium affordability. Premiums are based on age and policy amounts and were lowered in April 2021 to make the policies more affordable and accessible for veterans. 

A VGLI policy can be converted into a civilian one at any time. The policy offers a wide array of payment options, ranging from monthly payments to quarterly or even annual options. This creates some flexibility for veterans on a budget. Payments can be automatically deducted from military retirement payments or VA compensation. 

Army & Air Force Mutual Aid Association (AAFMAA)

This life insurance option is ideal for older veterans because it's an affordable alternative to the VGLI plan. Another reason that older veterans benefit from AAFMAA is because none of the policies found through this company require a medical exam.

The only drawback appears to be that the policy is not available in all states. Exclusions include New York, Utah, Mississippi, New Jersey, Washington state, Washington D.C. and Wisconsin. 

AAFMAA provides term and whole life insurance policies for veterans. The Senior Survivor Plan is an option for veterans with spouses to consider. For added convenience, the company offers online quotes. 


This is one of the most well-known finance and insurance brands for service members. The breadth of coverage, which offers options for those on active duty as well as veterans, is among its benefits. However, it should be noted that the company only extends coverage to those veterans who have been honorably discharged. Another benefit of life insurance coverage through USAA is that veterans' spouses, widows and children can purchase a policy. 

The company offers term life insurance up to 30 years and offers the benefit of locking in premium rates regardless of changes in health. Note that this company does require a short medical exam when signing up for coverage. The company dispatches a medical professional to conduct the exam from the comfort of home to make the process more convenient. 

Navy Mutual

One of the reasons this company might be among the best life insurance providers for veterans is because it is one of the oldest among the veterans service organizations. It has been around since 1879, which exemplifies the kind of longevity underscored by quality plans and customer service. 

The company has three life insurance options, and all provide a choice between level and convertible premium rates. The only drawback of this option is that policies are only issued up to age 55. The company does offer accelerated death benefits, which is a plus, as is the fact that policies are available to all current and former members of the military who have retired or separated within the industry-standard 120-day period.

Read More
Woman expresses relief while speaking with comforting doctor
What is Medicare Part B, and how does it work? Find out how to enroll in Medicare's outpatient health ...
Pharmacist helps her patient in the pharmacy
Medicare Part D helps beneficiaries manage the costs of prescription drugs. Find out information about ...
Man uses laptop computer at home in his kitchen is an important resource for Medicare enrollees. Learn about some of the features the ...