Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Dec 15, 2020

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Veteran Life Insurance Facts

  • Life insurance for veterans is targeted for veterans, service members, retired veterans.
  • Immediate families of veterans are the only people eligible to receive veteran life insurance benefits.
  • One of the best life insurance companies is USAA.

Life insurance for veterans is considered the best insurance service in the United States. The only people eligible for VA insurance other than veterans, active duty and retired, are people in veterans’ immediate family.

Some of the best life insurance companies deal specifically with veterans, but which companies are the best? Read through this guide to learn about the best companies for veteran life insurance. Also, we’ll explain the difference between term life and permanent life insurance.

Compare life insurance for veterans in your local area by entering your ZIP code in the FREE comparison tool above.

How do you get life insurance for veterans?

Unlike standard life insurance, veterans can get life insurance through the government or private sector. According to the U.S. Department of Veteran Affairs, there are several government options for active and retired service members. Here’s a list of those programs.

  • Servicemembers’ Group Life Insurance (SGLI)
  • Family Servicemembers’ Group Life Insurance (FSGLI)
  • Traumatic Injury Protection (TSGLI)
  • Veterans’ Group Life Insurance (VGLI)
  • Service-Disabled Veterans Insurance (S-DVI)
  • Veterans’ Mortgage Life Insurance (VMLI)

Veterans are allowed to sign up for government life insurance programs through the VA. Because of the COVID-19 pandemic, VGLI application deadlines have been extended.

These programs help veterans who may have financial challenges or veterans who have difficulty getting personal life insurance.

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Life Insurance for Veterans Over 60 and 70

In the private life insurance sector, life insurance premiums for people over 60 and 70. Senior veterans, however, may catch a break when searching for a life insurance policy, but they’ll pay more for life insurance rates even with their military status. Check out the VGLI life insurance rates.

Veterans’ Group Life Insurance (VGLI) Life Insurance Rates by Age
Life Insurance Coverage ValueAverage Monthly VGLI Life Insurance Rates for 60 to 64-Year-Old VeteransAverage Monthly VGLI Life Insurance Rates for 65 to 69-Year-Old VeteransAverage Monthly VGLI Life Insurance Rates for 70 to 74-Year-Old VeteransAverage Monthly VGLI Life Insurance Rates for 75 and Over Veterans
$400,000$432$600$920$1,840
$390,000$421$585$897$1,794
$380,000$410$570$874$1,748
$370,000$400$555$851$1,702
$360,000$389$540$828$1,656
$350,000$378$525$805$1,610
$340,000$367$510$782$1,564
$330,000$356$495$759$1,518
$320,000$346$480$736$1,472
$310,000$335$465$713$1,426
$300,000$324$450$690$1,380
$290,000$313$435$667$1,334
$280,000$302$420$644$1,288
$270,000$292$405$621$1,242
$260,000$281$390$598$1,196
$250,000$270$375$575$1,150
$240,000$259$360$552$1,104
$230,000$248$345$529$1,058
$220,000$238$330$506$1,012
$210,000$227$315$483$966
$200,000$216$300$460$920
$190,000$205$285$437$874
$180,000$194$270$414$828
$170,000$184$255$391$782
$160,000$173$240$368$736
$150,000$162$225$345$690
$140,000$151$210$322$644
$130,000$140$195$299$598
$120,000$130$180$276$552
$110,000$119$165$253$506
$100,000$108$150$230$460
$90,000$97$135$207$414
$80,000$86$120$184$368
$70,000$76$105$161$322
$60,000$65$90$138$276
$50,000$54$75$115$230
$40,000$43$60$92$184
$30,000$32$45$69$138
$20,000$22$30$46$92
$10,000$11$15$23$46
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Veterans can increase the VGLI life insurance coverage limit every five years. However, higher coverage limits mean more expensive rates, even under government programs.

Continue reading to learn more about life insurance for disabled veterans and how it varies from retired military life insurance.

Disabled Veteran Life Insurance

We mentioned Service-Disabled Veterans Insurance (S-DVI), but this service helps out disabled veterans by issuing low-cost insurance rates. The standard coverage limit for S-DVI recipients is $10,000 to $30,000. Insurance rates depend on age, coverage amount, and the plan you requested.

If an S-DVI policyholder can’t pay for premiums, they can apply for a waiver to cover the cost of insurance rates.

Life Insurance for Retired Military

Retired military life insurance is the most flexible. Military veterans who retire can set up sizable life insurance savings while monitoring their life insurance.

It’s a good idea for any military veteran to get a term life insurance or whole life insurance policy while active.

A term life insurance policy would reassure your loved ones during your military service if something happened. A whole life policy generates wealth while you’re in the military.

When term life insurance policies expire, you will lose the value of the policy. However, a “return of premium” rider will refund a portion or all of the premiums you paid on the term life policy.

The Top 5 Life Insurance Companies for Veterans

Life insurance for retired and disabled veterans is much easier than the average person, so we’ve included five companies that are ideal for veterans.

Before we move on to what each company is best for, check out each company’s average life insurance rates.

Average Monthly Rates of $150,00 Non-Smoker Life Insurance for Veterans
Life Insurance CompaniesAverage Monthly Rates for 35-Year-Old VeteransAverage Monthly Rates for 55-Year-Old Veterans
Prudential Veterans' Group Life Insurance$20$101
Army & Air Force Mutual Aid Association$9$87
United Services Automobile Association (USAA)N/AN/A
Uniformed Services Benefit Association (USBA)$18 to $24$39 to $51
Military Benefit Association (MBA)$9$47
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USAA has an average monthly rate of $12 for nonsmokers. Prudential has the most expensive life insurance rates for 35-year-olds and 55-year-olds.

Prudential Veterans’ Group Life Insurance

Although Prudential is the most expensive, it’s known as the best overall life insurance company for veterans. Your life insurance rates could be cheaper. Once you go through the review process, you’ll have life insurance rates based on your personal information.

Army & Air Force Mutual Aid Association (AAFMAA)

The life insurance company best for senior veterans is AAFMAA. It’s a cheap life insurance company for 35-year-old veterans. However, it’s the second most expensive life insurance company on our list for 55-year-old veterans.

United Services Automobile Association (USAA)

USAA insurance for veterans has been voted as the best insurance for disabled veterans. Also, USAA is one of the best insurance companies in the United States, which rivals other companies like State Farm and Geico.

Uniformed Services Benefit Association (USBA)

IF you’re looking for veteran life insurance that’s excellent for families, go with USBA. This life insurance company has flexible life insurance rates. They vary based on personal information and coverage amount more so than other companies.

Military Benefit Association (MBA)

MBA is known for having the best child add-on. In life insurance, add-ons are called riders. They are perks that add more benefits to a life insurance policy. MBA appears to have a better child rider program than its competitors.

Life Insurance for Veterans: The Bottom Line

The average disabled person can get life insurance, but if that disabled person is a veteran, retired or honorably discharged, they can receive life insurance much easier. There are so many different programs for veterans to get life insurance.

Veterans have a better chance of receiving cheaper life insurance rates for government life insurance and life insurance from the voluntary market. Life insurance rates will ultimately depend on personal information, health, and the coverage amount.

Term life insurance quotes are cheaper overall, but you should explore different life insurance types to find the best coverage.

Enter your ZIP code to find the most affordable life insurance for veterans in your area.