Top Life Insurance Options for Military Veterans
Explore the five best life insurance companies that cater to the unique needs of military veterans, offering specialized coverage.
Military veterans have access to specific life insurance options tailored to their needs and circumstances. These options often consider the unique risks associated with military service and offer financial protection for veterans and their families. Here are some of the top life insurance options for military veterans:
Servicemembers' Group Life Insurance (SGLI):
- Overview: SGLI is a program offered to active-duty service members and members of the Reserve and National Guard. It provides low-cost term life insurance coverage, with coverage amounts up to $400,000.
- Why It's Suitable: SGLI is a cost-effective option for military personnel, and it can be extended to veterans who have been granted a waiver for injuries or disabilities incurred during their service.
Veterans' Group Life Insurance (VGLI):
- Overview: VGLI is a program available to veterans who have separated from the military. It allows them to convert their SGLI coverage into a renewable term policy with coverage amounts up to the amount they had under SGLI.
- Why It's Suitable: VGLI provides a seamless transition for veterans who want to maintain life insurance coverage after leaving the military. It doesn't require a medical exam and offers competitive rates.
USAA Life Insurance:
- Overview: USAA offers a range of life insurance products, including term life, whole life, and universal life insurance. USAA is known for serving military personnel and their families, offering competitive rates and comprehensive coverage options.
- Why It's Suitable: USAA is an excellent choice for military veterans and their families because of its commitment to serving the military community.
Armed Forces Benefit Association (AFBA):
- Overview: AFBA provides a variety of life insurance products designed for military members, veterans, and their families. They offer term life, whole life, and universal life insurance policies.
- Why It's Suitable: AFBA specializes in serving the military community, offering customizable policies and benefits tailored to veterans' needs.
Navy Mutual:
- Overview: Navy Mutual is a nonprofit mutual benefit association that provides whole life insurance and term life insurance options for military service members, veterans, and their families.
- Why It's Suitable: Navy Mutual is focused on the Navy, Marine Corps, and Coast Guard communities, offering affordable, reliable life insurance coverage.
Ameritas Life Insurance Corp.:
- Overview: Ameritas offers life insurance options for military personnel and veterans. They provide term life, whole life, and universal life insurance policies.
- Why It's Suitable: Ameritas offers a range of life insurance products and has experience working with military clients.
Federal Employees' Group Life Insurance (FEGLI):
- Overview: While not specific to veterans, FEGLI is available to federal employees, which includes military personnel who transition to civilian federal jobs. FEGLI provides term life insurance coverage with multiple options.
- Why It's Suitable: Veterans who transition to federal civilian employment can continue their life insurance coverage through FEGLI.
When considering life insurance options as a military veteran, it's important to assess your specific needs, including the amount of coverage required, the type of policy, and any additional riders or benefits. Consult with a licensed insurance agent or advisor who specializes in serving military personnel and veterans to find the best coverage for your situation.
5 Best Life Insurance Companies for Veterans.
Here are 5 of the best life insurance companies for veterans:
- USAA
- New York Life
- AAFMAA
- MBA
- USBA
These companies offer a variety of life insurance products for veterans, including term life insurance, whole life insurance, and universal life insurance. They also offer competitive rates and a variety of features and benefits.
USAA is a leading provider of financial and insurance services to the military community. They offer a variety of life insurance products for veterans, including term life insurance, whole life insurance, and universal life insurance. They also offer competitive rates and a variety of features and benefits, such as a guaranteed issue whole life insurance policy for veterans with a service-connected disability.
New York Life is another large insurance company that offers a variety of life insurance products for veterans. They are known for their strong financial strength and their focus on customer service.
AAFMAA (American Armed Forces Mutual Aid Association) is a non-profit mutual insurance company that provides financial and insurance services to the military community. They offer a variety of life insurance products for veterans, including term life insurance, whole life insurance, and universal life insurance. They also offer competitive rates and a variety of features and benefits, such as a waiver of premium rider for veterans with a service-connected disability.
MBA (Military Benefit Association) is a non-profit mutual insurance company that provides financial and insurance services to the military community. They offer a variety of life insurance products for veterans, including term life insurance, whole life insurance, and universal life insurance. They also offer competitive rates and a variety of features and benefits, such as a guaranteed issue whole life insurance policy for veterans with a service-connected disability.
USBA (Uniformed Services Benefit Association) is a non-profit mutual insurance company that provides financial and insurance services to the military community. They offer a variety of life insurance products for veterans, including term life insurance, whole life insurance, and universal life insurance. They also offer competitive rates and a variety of features and benefits, such as a waiver of premium rider for veterans with a service-connected disability.
It is important to compare quotes from multiple life insurance companies before choosing a policy. This will help you find the best policy for your needs and budget.
I recommend that you speak with a qualified financial advisor to discuss your individual needs and goals before choosing a life insurance company and policy.
Here are some additional things to consider when choosing a life insurance company as a veteran:
- Financial strength: Make sure the company is licensed and regulated in your state and has a good financial rating.
- Product offerings: Compare the different types of life insurance policies that the company offers to find the one that best meets your needs.
- Pricing: Compare the prices of similar life insurance policies from different companies to find the best deal.
- Customer service: Read reviews of the company's customer service to get an idea of how they treat their customers.
It is also important to remember that life insurance is a complex financial product, and there is no one-size-fits-all solution. The best way to choose a policy is to speak with a qualified financial advisor to discuss your individual needs and goals.