Life Insurance for Veterans (Discounts & Rates)
Life insurance for veterans is available through both the Department of Veterans Affairs and private insurers. VA life insurance has a top coverage limit of $400,000 but coverage is permanent and if you sign up within 240 days of leaving service you won't have to take a medical exam. VA life insurance rates increase as you age and private term life insurance rates can be much cheaper.
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UPDATED: May 19, 2021
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- Life insurance for veterans is offered through the Department of Veteran Affairs
- VA life insurance is permanent but rates increase as you age
- You can find cheaper term life insurance rates from private companies
Veterans looking for life insurance have many different options available to them. Not only does the U.S. Department of Veterans Affairs offer life insurance for veterans, but private insurers also offer similar policies with competitive rates.
You may be wondering if it’s best to stick with your VA life insurance policy or to switch to a private life insurance company after leaving service. We’ll help you navigate this complex terrain.
Read below to learn about VA life insurance, how it compares to private life insurance, and how you can save. Before you do, enter your ZIP code into our free tool above to find affordable life insurance for veterans near you.
What is VA life insurance?
When you serve in the armed forces, you automatically qualify for Servicemembers’ Group Life Insurance (SGLI) coverage up to a top limit of $400,000.
When you retire from the military, you’re no longer eligible for SGLI coverage. However, as a veteran, you can carry over your SGLI coverage by switching to Veterans’ Group Life Insurance (VGLI).
In order to get VGLI benefits, you’ll have to apply within one year and 240 days of leaving service. Your coverage amount will be based on the amount of SGLI coverage you had previously, but you can increase your coverage by $25,000 every five years until you turn 60.
The top coverage amount with VGLI is $400,000 and VGLI rates increase with age. However, VGLI rates are affordable and if you sign up within 240 days of leaving the military you won’t have to prove you’re in good health.
Check out the full list of VGLI rates on the U.S. Department of Veterans Affairs website.
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What about private life insurance for veterans?
Now that you know you can get VA life insurance benefits, you may be wondering how private life insurance compares to VA life insurance.
One difference is that VA life insurance coverage caps out at $400,000. With a private life insurance company, you can far exceed that $400,000 coverage limit.
Another difference is that VA life insurance is a permanent policy that never expires. As long you pay your premiums, you’ll have VA life insurance benefits for as long as you live.
Private life insurance policies are broken into whole and term life insurance policies. A whole life insurance policy will last forever, but the rates will probably be higher than your VA life insurance rates.
With a private term life insurance policy, you could be paying much less over the length of the term than you would with a VA life insurance policy.
However, if you are in bad health and have a history of medical problems, you could see higher rates.
Always compare life insurance quotes for veterans in order to find the best rate.
How can I save on life insurance for veterans?
Maintaining good health and avoiding dangerous habits such as smoking and excessive drinking are some of the best ways to save on life insurance.
But if you’re shopping the marketplace for a life insurance company for veterans, you’ll be happy to know there are a few private insurers that cater specifically to veterans and the military.
USAA and AAFMAA are two such examples. Both USAA and AAFMAA are designed specifically for veterans and military members and they offer both term and whole life policies at competitive rates.
However, with USAA And AAFMAA you will still have to undergo a medical exam to determine your rates. If you are in poor health, this could lead to higher rates. In this case, it may be best to stick with VA life insurance.
Of course, the best way to find cheap life insurance rates for veterans is to compare quotes from multiple companies to find the best rate. Enter your ZIP code into our free tool below to buy cheap life insurance for veterans today.