Getting a term life insurance for veterans is not only selecting an insurance policy, but it is more than that. It provides financial security and peace of mind to those serving us. Whether you are a newly joined or have served for decades, you must always take a term life insurance policy to secure the future of your family members.
Exploring life insurance options as a veteran can be difficult, but one can easily select a best-fit term life insurance with accurate knowledge and a clear vision. So, let’s move forward in this article.
Best Term Life Insurance For Veterans
In general, veterans obtain term life insurance coverage from the Department of Veterans Affairs (VA). The VA offers several plans, including :-
- Servicemembers’ Group Life Insurane (SGLI) : This government insurance policy is available for active service members.
- Veterans’ Group Life Insurance (VGLI) : After retirement, the serviceman can convert the SGLI into VGLI.
- Service-Disabled Veterans Insurance (SDVI) : When a serviceman encounters a disability during service, this insurance policy comes into play.
- Veterans Affairs Life Insurance (VA Life) : This is a new option for disabled veterans with special benefits launched in 2023.
However, buying a term life insurance for veterans from a private source can be an option. Private insurers provide flexibility and other coverage benefits that the government policies lack. Also, private companies can provide the most affordable term life insurance plan.
Private Insurers
| Insurance Provider | Coverage Amount | Medical Exam Required | Term Length Options | Notable Features for Veterans |
|---|---|---|---|---|
| USAA | Up to $1 million+ | No (for some policies) | 10, 15, 20, 30 years | Military-friendly, veteran-specific benefits, conversion options |
| Navy Mutual | Up to $1.5 million | No for policies under $1M | 10–30 years | No war exclusions, affordable premiums, and veteran-focused |
| AARP/New York Life | Up to $500,000 | No | Up to age 80 | Ideal for senior veterans, guaranteed acceptance |
| Mutual of Omaha | Up to $1 million+ | Depends on policy | 10, 15, 20, 30 years | Flexible underwriting, competitive rates |
| Globe Life | Up to $100,000 | No | 5–30 years | Simplified issue, fast online application, no exam required |
| Haven Life (MassMutual) | Up to $3 million | Yes (for most policies) | 10, 15, 20, 30 years | High coverage, tech-friendly, competitive pricing |
| Banner Life | Up to $2 million+ | Yes | 10–40 years | Excellent for healthy veterans, customizable terms |
Note: This data is taken from various sources and can be inaccurate. Please go through the respective insurer’s guide before taking any action.
Term Life Insurance For Disabled Veterans
The service of veterans often includes risk factors that can lead to unexpected disability. These factors make it difficult to find the right private insurance provider.
The S-DVI and VALife programs are specially designed to resolve this concern. VALife offers veterans coverage for any level of service-connected disability, offers guaranteed coverage with no medical exam requirement. This policy provides fixed premiums based on age, not health.
Private insurers also offer term life insurance for veterans based on disability. Also, there are some companies present in the market that specialize in these policies. And private companies may provide more coverage. What needs to be done is to compare government and private insurance policy plans to get the most cost-effective one.
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Free Insurance For Veterans
In this mesh, it is important to understand that free life insurance for 100 percent disabled veterans is available.
Veterans with 100% service-connected disability can get free life insurance under the S-DVI policy. With serving for a lifetime and getting a long-term disability, it becomes crucial to provide insurance coverage to such veterans.
Additionally, the veterans with special monthly compensation can receive extra benefits in the cash of severe disabilities.
Receiving Life Insurance
Life Insurance can be taken out only if you own one. So, the answer to the question “Do veterans automatically receive life insurance?” is no.
However, active service veterans are automatically covered under SGLI, which is a government policy. This is a policy only available for active members, which is only available for 120 days after separation from the service.
After service, the veteran is eligible for VLGI, but in the 1 year and 120 days period, an individual should apply; after that, they are not eligible to apply for VLGI.
Term Life Insurance Rates For Veterans
The cost of term life insurance for veterans depends on several factors :-
- Age
- Health status
- Smoking history
- Military service history
- Term length and coverage amount
A healthy and young veteran tends to get the lowest monthly premiums and long-term insurance policy. The cost based on age and health is :-
| Age Group | Healthy Veteran (Per Month) | Disabled Veteran (Per Month) |
|---|---|---|
| 30–39 | $15–$25 | $25–$40 |
| 40–49 | $20–$35 | $35–$60 |
| 50–59 | $35–$60 | $50–$85 |
| 60–69 | $60–$100 | $85–$150 |
The cost mentioned is based on various sources and can vary from the original rate. Get connected with an insurance expert or company to get accurate data.
Term Life Insurance For Senior Veterans
After the age of 60, it becomes difficult to find the best term life insurance for senior veterans, but it is not impossible. Likewise, with an increase in age, the premiums also increase, but you can get a good life insurance policy.
From private insurers to government insurance programs like VALife, which are open for life or till age 75. It’s never too late, be aware now, and get a term life insurance plan that leaves a modest inheritance.
Death Benefits And Insurance
Death can impact benefits and provide other support to the beneficiary. Here, a concern arises: When a veteran dies, is there a death benefit?
There are three types of death benefits available for the veterans, including :-
- Insurance Payout : The policy coverage amount will be given to the beneficiary if a policy like VALife, VGLI, etc.
- Burial And Funeral Cost : The VA provides up to $2,000 for funeral costs and a burial plot allowance.
- Dependency And Indemnity Compensation (DIC) : This compensation program provides monthly financial support to those veterans who are disabled due to service-related issues.
How To Apply For Veterans’ Life Insurance?
- Understand Your Needs : First, determine how much coverage you need as a veteran.
- Check Options : Visit the va.gov site to review eligibility for VGLI, VALife, or S-DVI.
- Compare With Private Insurers : Take plan details from private insurers also to get the best term life insurance for veterans.
- Review Health Requirement : If you want a medical exam or not.
- Apply Online Or Through VA : You can easily apply online or digitally for both VA and private insurers.
Conclusion :-
We are safe now because our soldiers and military servicemen are safeguarding us. Term life insurance for veterans is not just an insurance policy; it is an effective way to secure the risky working individual’s family’s future. Choosing between government insurance and private term life insurance is based on various factors that include health conditions, service needs, and other aspects. Decide on the best policy and secure the future of your loved ones.
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Frequently Asked Questions
Do veterans get free life insurance?
This depends on some special circumstances. Usually, veterans cannot get free life insurance, but in the case of 100% disability, it is possible to get an insurance policy for free.
Do retired Veterans automatically have life insurance?
For an active service man, SGLI is automatically connected till retirement, or you resign. After separation, you need to apply for VGLI within 1 year and 120 days.
Term life insurance for USA veterans?
There are multiple insurance programs available in the USA for veterans, including SGLI, VGLI, VALife, etc.
What is the best insurance for veterans?
For veterans, both private and government options are available to get the best-fit term life insurance.
