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.

Are you looking for free insurance quotes?

secured lock Secured with SHA-256 Encryption

D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

Full Bio →

Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

Full Bio →

Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Mar 3, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

The Highlights

  • 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 for military families, 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. In some instances you can purchase more coverage, at an additional cost.

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.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

secured lock Secured with SHA-256 Encryption

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. Whether you are still in active duty military service or already a veteran, it’s important to consider all of your life insurance options.

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.

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. With AAFMAA, their Survivor Assistance Services are included with your membership and provide benefits such as VA claims support and AAFMAA death benefit payment. They will also provide an annual statement of spouse entitlements.

However, with both USAA And AAFMAA you will still have to undergo a medical exam to determine your rates. If you are in poor health and do not meet the medical requirements, 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.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

secured lock Secured with SHA-256 Encryption