Best Life Insurance for Military Dependents in 2024 (Top 10 Companies)
The best life insurance for military dependents are leading companies USAA, Ameritas, and Armed Forces Insurance standing out in providing tailored coverage options, with discounts reaching up to 15%. Safeguard financial security and peace of mind for families serving our nation.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
UPDATED: Oct 18, 2024
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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.
UPDATED: Oct 18, 2024
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 company and cannot guarantee quotes from any single insurance company.
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 above to use the free quote tool. The more quotes you compare, the more chances to save.
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6,435 reviewsCompany Facts
Full Coverage for Military Dependents
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Pros & Cons
6,435 reviews
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Full Coverage for Military Dependents
A.M. Best Rating
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Pros & Cons
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16 reviewsCompany Facts
Full Coverage for Military Dependents
A.M. Best Rating
Complaint Level
Pros & Cons
16 reviewsThe best life insurance for military dependents is USAA offering competitive rates and comprehensive affordable coverage. With discounts of up to 15%, USAA stands out among the top three providers, alongside Ameritas and Armed Forces Insurance.
These esteemed companies prioritize financial security, making them outstanding options for safeguarding the future well-being of your loved ones. Their commitment to understanding the unique needs of military families ensures that you’ll find the right coverage for your specific situation.
Our Top 10 Company Picks: Best Life Insurance for Military Dependents
| Company | Rank | Military Discount | Multi-Policy Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 10% | 10% | Military Focus | USAA |
 | #2 | 7% | 7% | Flexible Policies | Ameritas |
 | #3 | 8% | 8% | Comprehensive Coverage | Armed Forces Insurance |
 | #4 | 10% | 10% | Member Advocacy | Military Benefit Association |
 | #5 | 12% | 12% | Naval Affiliation | Navy Mutual |
 | #6 | 10% | 10% | Accelerated Underwriting | Transamerica |
 | #7 | 8% | 8% | Underwriting Expertise | Prudential |
 | #8 | 9% | 9% | Long-Term Stability | New York Life |
 | #9 | 7% | 7% | Policy Customization | Guardian Life |
 | #10 | 8% | 8% | Dividend-Paying | MassMutual |
Tailored policies, exceptional customer service, and a commitment to military families make USAA the clear choice for safeguarding the future well-being of loved ones. You can get free quotes for life insurance and secure financial protection for your loved ones by entering your ZIP code into our tool above.
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#1 – USAA: Top Overall Pick
Pros
- Military Focus: USAA insurance review & ratings focus on meeting the distinct needs of military personnel and their families, demonstrating a thorough grasp of their lifestyle and necessities.
- Up to 10% Military Discount: Offers a substantial military discount of up to 10%, providing cost savings for military dependents.
- Up to 10% Multi-Policy Discount: USAA encourages bundling policies by offering a multi-policy discount of up to 10%, making it more cost-effective for customers with multiple insurance needs.
Cons
- Limited Membership: USAA is exclusive to military personnel and their families, potentially excluding a significant portion of the general population.
- Product Range: While focused on military insurance, USAA may have a more limited range of insurance products compared to companies with broader offerings.
#2 – Ameritas: Best for Flexible Solutions
Pros
- Flexible Policies: Ameritas Insurance review & ratings highlight its dedication to offering adaptable life insurance plans that cater to a range of individual needs and preferences.
- Up to 7% Military Discount: Offers a competitive military discount of up to 7%, making it an attractive option for military dependents.
- Up to 7% Multi-Policy Discount: Provides a multi-policy discount of up to 7%, encouraging customers to bundle their insurance coverage for added savings.
Cons
- Limited Military Focus: While Ameritas offers military discounts, its focus on military clientele may not be as pronounced as companies exclusively dedicated to this demographic.
- Advocacy Programs: May lack specific advocacy programs compared to companies prioritizing member advocacy.
#3 – Armed Forces Insurance: Best for Total Protection
Pros
- Comprehensive Coverage: Armed Forces Insurance review & ratings reveal that AFI provides extensive coverage, ensuring that military dependents are safeguarded across a spectrum of situations.
- Up to 8% Military Discount: Provides a significant military discount of up to 8%, contributing to overall affordability.
- Up to 8% Multi-Policy Discount: Offers a multi-policy discount of up to 8%, encouraging customers to consolidate their insurance needs.
Cons
- Limited Affiliation: While geared towards military members, AFI’s coverage may not be as specialized for specific branches or affiliations within the armed forces.
- Market Presence: AFI may have a smaller market presence compared to larger insurance providers.
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#4 – Military Benefit Association: Best for Advocacy Leadership
Pros
- Member Advocacy: Stands out for its strong emphasis on member advocacy, ensuring the interests of military dependents are well-represented.
- Up to 10% Military Discount: Offers a generous military discount of up to 10%, enhancing affordability for military families.
- Up to 10% Multi-Policy Discount: Provides a multi-policy discount of up to 10%, encouraging customers to bundle their insurance for cost savings.
Cons
- Limited Product Range: While specializing in life insurance, the range of products may be more limited compared to companies with diverse offerings.
- Exclusive Focus: MBA’s exclusive focus on military members may exclude potential customers outside this demographic.
#5 – Navy Mutual: Best for Nautical Assurance
Pros
- Naval Affiliation: Tailored for those with naval affiliations, providing a specialized understanding of the unique challenges faced by naval personnel and their dependents.
- Up to 12% Military Discount: Offers a higher-than-average military discount of up to 12%, enhancing affordability.
- Up to 12% Multi-Policy Discount: Encourages bundling policies with a multi-policy discount of up to 12%, delivering additional cost savings.
Cons
- Niche Focus: Navy Mutual’s focus on naval affiliations may limit its appeal to a broader military audience.
- Coverage Limitations: Some coverage options may be specific to naval-related scenarios, potentially limiting the applicability for non-naval military families
Explore more on our “How does life insurance work?“.
#6 – Transamerica: Best for Expedited Coverage
Pros
- Accelerated Underwriting: Transamerica insurance review & ratings highlight their prioritization of accelerated underwriting procedures, expediting the application and approval journey especially for military dependents.
- Up to 10% Military Discount: Provides a competitive military discount of up to 10%, enhancing affordability.
- Up to 10% Multi-Policy Discount: Encourages customers to bundle policies with a multi-policy discount of up to 10%.
Cons
- Limited Military Focus: While offering military discounts, Transamerica’s focus on the military demographic may not be as comprehensive as dedicated military insurers.
- Market Presence: Transamerica may have a smaller market presence compared to larger insurance providers.
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#7 – Prudential: Best for Underwriting Mastery
Pros
- Underwriting Expertise: Prudential Insurance review & ratings highlight the company’s reputation for its expertise in underwriting, which guarantees precise evaluation of risks and personalized insurance plans for military dependents.
- Up to 8% Military Discount: Offers a substantial military discount of up to 8%, contributing to overall affordability.
- Up to 8% Multi-Policy Discount: Encourages customers to bundle policies with a multi-policy discount of up to 8%.
Cons
- Complex Products: Prudential’s products may be more complex, potentially requiring a higher level of understanding for customers.
- Limited Military Advocacy: While offering military discounts, Prudential may not have advocacy programs as strong as companies with an exclusive focus on member advocacy.
#8 – New York Life: Best for Stability Assurance
Pros
- Long-Term Stability: New York Life Insurance review & ratings are widely recognized for their enduring stability, providing military dependents with a sense of assurance regarding the dependability of their insurance coverage.
- Up to 9% Military Discount: Provides a competitive military discount of up to 9%, contributing to overall affordability.
- Up to 9% Multi-Policy Discount: Encourages customers to bundle policies with a multi-policy discount of up to 9%.
Cons
- Higher Premiums: New York Life’s reputation for stability may come with slightly higher premiums compared to some competitors.
- Coverage Complexity: The complexity of New York Life’s coverage options may be overwhelming for some customers.
#9 – Guardian Life: Best for Tailored Assurance
Pros
- Policy Customization: Guardian Life Insurance review & ratings shine particularly bright in their ability to customize policies, enabling military dependents to personalize coverage according to their unique requirements.
- Up to 7% Military Discount: Offers a competitive military discount of up to 7%, enhancing affordability.
- Up to 7% Multi-Policy Discount: Encourages customers to bundle policies with a multi-policy discount of up to 7%.
Cons
- Market Presence: Guardian Life’s market presence may be smaller compared to industry giants, potentially limiting accessibility for some customers.
- Advocacy Programs: The company’s advocacy programs may not be as extensive as those offered by dedicated military insurers.
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#10 – MassMutual: Best for Dividend Prosperity
Pros
- Dividend-Paying: MassMutual Insurance review & ratings highlight the company’s dividend-paying status, offering policyholders the opportunity for potential financial gains.
- Up to 8% Military Discount: Offers a competitive military discount of up to 8%, contributing to overall affordability.
- Up to 8% Multi-Policy Discount: Encourages customers to bundle policies with a multi-policy discount of up to 8%.
Cons
- Limited Military Focus: While offering military discounts, MassMutual’s focus on the military demographic may not be as pronounced as dedicated military insurers.
- Dividend Volatility: The dividends paid by MassMutual may be subject to market fluctuations, impacting the consistency of returns for policyholders.
Cost of Life Insurance for Military Dependents
Life insurance is a critical financial safeguard, and for military dependents, having comprehensive coverage is paramount. The following analysis dissects the rates offered by prominent insurers, shedding light on both full and minimum coverage to better understand the range of options available.
Life Insurance for Military Dependents: Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Ameritas | $30 | $65 |
| Armed Forces Insurance | $28 | $60 |
| Guardian Life | $36 | $78 |
| MassMutual | $34 | $72 |
| Military Benefit Association | $27 | $58 |
| Navy Mutual | $29 | $62 |
| New York Life | $38 | $80 |
| Prudential | $35 | $75 |
| Transamerica | $32 | $70 |
| USAA | $25 | $55 |
USAA stands out with a monthly rate of $25 for military dependents, offering an affordable minimum coverage option at $55. Ameritas follows closely with a slightly higher monthly rate of $30, providing a full coverage option at $65.
Armed Forces Insurance and Military Benefit Association offer competitive rates at $28 and $27, respectively, with full coverage extending up to $60 and $58. Navy Mutual, with a monthly rate of $29, provides a comprehensive package at $62.
Transamerica, Prudential, New York Life, Guardian Life, and MassMutual present higher monthly rates ranging from $32 to $38. These companies position themselves at the upper end of the spectrum, providing extensive coverage at $70 to $80. It is noteworthy that the higher rates correspond to fuller coverage, indicating a proportional relationship between cost and benefits.
This data underscores the importance of assessing individual needs and budget constraints when choosing a life insurance plan for military dependents. While some may prioritize lower monthly premiums and opt for minimum coverage, others may find the peace of mind offered by comprehensive plans worth the higher cost.
In evaluating these rates, individuals can make informed decisions based on their unique circumstances, ensuring they strike the right balance between affordability and coverage adequacy.
Navigating Life Insurance Options for Military Dependents
When it comes to securing life insurance for military dependents, two primary avenues emerge: the FSGLI program and private insurance options. Each offers distinct advantages and considerations, ensuring families can make informed decisions to protect their loved ones.
- FSGLI program: FSGLI program is a branch of the Servicemembers Group Life Insurance program run through the VA. This branch specifically caters to the dependents of military members and provides them with term life insurance.
- Private insurance companies: are still an option for a military spouse. However, not every private insurance company will cover military personnel serving in active combat zones. This limits the number of insurers who will be able to provide military family insurance coverage.
Whether opting for the comprehensive coverage of the FSGLI program or seeking tailored solutions from private insurers, military families have avenues to safeguard their future. Understanding the nuances of each option empowers them to navigate the complexities of life insurance with confidence and clarity.
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The Pros and Cons of Life Insurance for Military Dependents
The biggest benefit to purchasing a military dependent’s life insurance policy is the cost. In particular, FSGLI policies are very affordable and provide a healthy amount of coverage. While military spouse benefits come in many shapes and sizes, affordable life insurance is one of the most important long-term benefits available.
Another big pro of the FSGLI and SGLI programs is that they are directly paid for through your spouse’s paycheck. The government does everything automatically, making it easy to maintain and fewer things you need to worry about.
The main con of purchasing an FSGLI life insurance policy is that it is tied to your spouses’ military employment. If your spouse separates from the military or passes, FSGLI provides you 120 days to transfer the policy out to a private insurer.
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Private policies generally do not tie their coverage to military service, despite providing affordable rates to military spouses. Once your spouse leaves the military, or should they pass, these policies generally remain intact. Many private policies will also have additional coverage options and riders that can make them more beneficial, helping to offset their higher cost.
The best thing to do before making your final decision about where to purchase life insurance is to shop around. Compare military life insurance quotes from multiple companies, then check your budget and see what makes the most sense for you and your family.
Discover more information on our “What Info is Needed for a Dependent of a Military Service USAA Member Have to Have to Set Up Their Own Insurance?“.
How to Get an Online Life Insurance Quote for Military Dependents
Obtaining an life insurance quote online for military dependents is a straightforward process that can provide valuable insights into available coverage options and associated costs. Follow these steps to get started:
- Research. Begin by researching reputable insurance companies that specialize in serving military families. Look for companies with strong ratings and positive reviews from customers.
- Visit company websites. Once you’ve identified a few potential insurers, visit their websites to explore their life insurance offerings. Look for sections specifically dedicated to military members and their dependents.
- Use quote tool. Many insurance company websites offer online quote tools that allow you to input some basic information to receive an estimate of premium costs. Locate the quote tool on the website and follow the prompts to enter relevant details such as age, gender, coverage amount, and desired policy term.
- Review options. After submitting your information, the online quote tool will generate a preliminary quote based on the details provided. Take the time to review the options presented, including different coverage levels and corresponding premiums.
- Customize coverage options. Some online quote tools may offer options to customize your coverage based on specific needs or preferences. Explore any additional features or riders that may be available to enhance your policy.
- Contact an agent. If you have questions or need assistance during the online quote process, don’t hesitate to reach out to a representative or licensed agent for guidance. They can provide personalized advice and help you navigate your options.
- Compare quotes. Once you’ve obtained quotes from multiple insurance companies, take the time to compare them side by side. Consider factors such as coverage limits, premium costs, and any additional benefits offered.
- Finalize your decision. After thorough consideration, select the life insurance policy that best meets your needs and budget. Follow the instructions provided by the insurer to complete the application process and secure your coverage.
In conclusion, obtaining an online life insurance quote for military dependents is a convenient and efficient way to explore your options and protect your family’s financial future.
By following these steps and conducting thorough research, you can make informed decisions about selecting the right coverage for your loved ones.
Case Studies: Best Life Insurance for Military Dependents
Explore real-life scenarios showcasing the importance of life insurance for military dependents and the diverse options available to safeguard their financial future.
- Case Study #1 – SecureLife Military Dependents Protection Plan: Sarah chose SecureLife’s plan to ensure her family’s financial stability during her husband’s deployment. With comprehensive coverage and affordable premiums, SecureLife provided peace of mind.
- Case Study #2 – ValorShield Spouse and Child Protection: Mark, an active-duty service member, secured ValorShield for his spouse and children, offering them financial security. The customizable options and dedicated support eased his worries about his family’s future well-being.
- Case Study #3 – PatriotGuardian Military Family Protection: Emily selected PatriotGuardian to ensure her parents’ financial security while serving overseas. The flexible coverage options and specialized benefits tailored to military families made PatriotGuardian the ideal choice.
- Case Study #4 – DefenseShield Dependents Coverage: James, a retired military member, chose DefenseShield to protect his dependents. The comprehensive coverage and guaranteed benefits offered by DefenseShield provided him with confidence in his family’s future.
- Case Study #5 – GuardianPlus Armed Forces Family Protection: Lisa opted for GuardianPlus to secure her family’s financial future amid frequent relocations. The portable coverage and additional benefits tailored to military life ensured stability and security for her loved ones.
These case studies highlight the diverse range of life insurance options available for military dependents, emphasizing the importance of securing financial protection tailored to their unique needs.
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Whether active-duty, retired, or family members, exploring different policies from best insurance companies ensures peace of mind and stability in uncertain times. By understanding their options and selecting the right coverage, military families can navigate the challenges of service with confidence, knowing their loved ones are well-protected for the future.
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Bottom Line: Life Insurance Options for Military Dependents
Securing the financial future of military dependents through choosing the best life insurance is paramount, and the options available provide a spectrum of coverage tailored to their unique needs. From the affordable rates offered by programs like FSGLI to the flexibility and additional benefits provided by private insurers, families have avenues to ensure peace of mind.
Evaluating the pros and cons of each option alongside individual circumstances allows for informed decision-making. Ultimately, whether opting for the simplicity of government-backed programs or the customization of private policies, the goal remains consistent: safeguarding the well-being of those who serve alongside our nation’s military personnel.
Give your loved ones the gift of financial security by entering your ZIP code below to find life insurance that doesn’t break the bank.
Frequently Asked Questions
How much is life insurance for military dependents?
Life insurance rates for military dependents vary, but some top companies offer affordable options. USAA stands out with a $25 monthly rate, while Ameritas and Armed Forces Insurance offer competitive rates at $30 and $28, respectively. Rates for comprehensive coverage range from $55 to $80, emphasizing the importance of assessing individual needs and budget constraints.
What is the most affordable life insurance for military spouses?
FSGLI generally offers the lowest rates for military spouses, starting at $4.50 for $100,000 in coverage. Private insurance options may be more affordable, with quotes starting at $6.40 per month. The key is to compare quotes and consider individual circumstances.
Discover more on our “7 Tips to Save Money on Life Insurance“.
What life insurance options are available for military dependents?
Military dependents have two primary options: the FSGLI program and private insurance. The FSGLI program, part of SGLI run through the VA, provides term life insurance for dependents. Private insurance is also an option, but not all companies cover military personnel in active combat zones.
Avoid overpaying for life insurance by comparing rates with our free tool. Simply enter your ZIP code below to get started.
What are the pros and cons of life insurance for military dependents?
Pros include the affordability of FSGLI policies and the convenience of automatic payments through a spouse’s paycheck. However, cons include the tie to military employment, and private policies may offer more benefits and remain intact even if the military member separates.
Can you provide case studies of life insurance for military dependents?
Certainly, here are case studies showcasing various types of life insurance for military dependents, such as SecureLife Military Dependents Protection Plan, ValorShield Spouse and Child Protection, PatriotGuardian Military Family Protection, DefenseShield Dependents Coverage, and GuardianPlus Armed Forces Family Protection. Each plan offers unique features to meet the needs of military families.
What is the highest military life insurance?
$500,000SGLI Coverage Available: SGLI coverage is available in $50,000 increments up to the maximum of $500,000. Service members are automatically covered for the maximum insurance amount unless they reduce or decline coverage in writing.
Does life insurance cover military?
If you are an active-duty member of the military, one of the benefits you could receive is life insurance through the Department of Veterans Affairs (VA) Servicemembers’ Group Life Insurance (SGLI) program.
What is the best military insurance?
USAA caters exclusively to current and former service members and their families and offers unique coverage, incredible discounts, and outstanding customer service. This is why USAA earns our top spot in the round up of the best military car insurance.
Check out our “Military Car Insurance Discount” for more information.
Is USAA good for life insurance?
It’s earned a spot as one of the best life insurance companies because of its benefits targeted to military members and their family members, top-tier financial stability, a low incidence of consumer complaints and policyholder-friendly additional coverage options.
Does insurance have military discount?
Drivers who qualify for military car insurance can receive discounts of up to 15%, depending on their insurer. Some states also have laws requiring insurers to offer even larger discounts to military service members.
Compare rates with as many companies as possible using our free comparison tool. Simply enter your ZIP code below to get immediate quotes.
What is the cheapest insurance for military members?
What is the best military car insurance company? USAA has the best cheap insurance for military members. Rates cost an average of $88 per month. USAA offers both cheap rates and great service tailored to the military lifestyle.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
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.
