Best Life Insurance for Veterans in 2024 (Top 10 Companies Ranked)
Allstate, USAA, and State Farm lead the market as the top picks for the best life insurance for veterans, providing comprehensive policies starting at just $43 monthly. These companies excel by combining tailored benefits with competitive rates, specifically designed to meet the unique needs of veterans.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
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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USAA stands out with its competitive rates, taking into account various factors like coverage options and affordability. Discover how these companies address veterans’ distinct needs.
Our Top 10 Company Picks: Best Life Insurance for Veterans
| Company | Rank | Multi-Policy Discount | Low-Mileage Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 25% | 20% | Add-on Coverages | Allstate |
 | #2 | 10% | 10% | Military Savings | USAA |
 | #3 | 17% | 30% | Many Discounts | State Farm |
 | #4 | 25% | 20% | Cheap Rates | Geico |
 | #5 | 5% | 15% | Local Agents | Farmers |
 | #6 | 5% | 30% | Online Convenience | Progressive |
 | #7 | 20% | 10% | Usage Discount | Nationwide |
 | #8 | 5% | 30% | Customizable Polices | Liberty Mutual |
 | #9 | 13% | 10% | Accident Forgiveness | Travelers |
 | #10 | 5% | 20% | Deductible Reduction | The Hartford |
By the end of this, you will have a clear understanding of the various life insurance choices available to veterans, enabling you to make an informed decision that aligns with your specific needs.
To ensure you receive the best rates from top insurance providers in your area, we invite you to enter your ZIP code below and compare the available options. Secure your future today with the right life insurance coverage for veterans.
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#1 – Allstate: Top Overall Pick
Pros
- High Multi-Policy Discount: Allstate offers up to a 25% discount for bundling multiple policies. Discover insights in our Allstate insurance review & ratings.
- Substantial Low-Mileage Discount: Offers a significant 20% discount for drivers with low mileage.
- Excellent Add-on Coverages: Known for providing a wide range of optional coverages that enhance policy benefits.
Cons
- Higher Premiums: Even with discounts, premiums can be high compared to other providers.
- Complex Policy Options: The wide array of add-ons can make policy selection overwhelming for some customers.
#2 – USAA: Best for Military Savings
Pros
- Tailored for Military Personnel: Specializes in services and discounts for military members and their families.
- Competitive Discounts: Offers a 10% discount for both multi-policy and low-mileage usage. Unlock details in our USAA insurance review & ratings.
- Strong Customer Loyalty: High rates of customer retention due to specialized services for veterans and active military.
Cons
- Limited Availability: Services restricted to military personnel and their families, not available to the general public.
- Less Competitive in Non-Military Benefits: While excellent for military-related benefits, may lack in areas beneficial to non-military families.
#3 – State Farm: Best for Many Discounts
Pros
- Extensive Discount Options: Offers a variety of discounts including a high 30% low-mileage discount.
- Bundling Opportunities: Provides up to a 17% discount for bundling different insurance policies. Delve into our evaluation of State Farm insurance review & ratings.
- Wide Range of Products: Known for a diverse range of insurance products suitable for different needs.
Cons
- Premium Costs: Despite discounts, some policies may have higher premiums.
- Varied Customer Service: Experience can vary significantly based on local agents and offices.
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#4 – Geico: Best for Cheap Rates
Pros
- Competitive Multi-Policy Discount: Offers a strong 25% discount for bundling multiple policies.
- Significant Low-Mileage Discount: Provides a 20% discount for drivers who don’t use their vehicles extensively.
- Affordable Pricing: Known for offering some of the most competitive rates in the industry.
Cons
- Basic Coverage Options: While affordable, some may find the coverage options less comprehensive.
- Customer Service Variability: Reports of inconsistent customer service experiences.
#5 – Farmers: Best for Local Agents
Pros
- Personalized Service: Offers dedicated local agents to provide personalized customer service.
- Decent Low-Mileage Discount: Provides up to a 15% discount for low-mileage users. Access comprehensive insights in our Farmers insurance review & ratings.
- Community Involvement: Strong presence in local communities which may enhance customer trust.
Cons
- Lower Multi-Policy Discount: Offers a relatively low 5% discount for bundling policies.
- Higher Cost: Can be more expensive due to the personalized service and local agency model.
#6 – Progressive: Best for Online Convenience
Pros
- Strong Online Tools: Progressive is known for its user-friendly online services and mobile app.
- High Low-Mileage Discount: Offers a significant 30% discount for customers who drive less.
- Flexible Policies: Provides a variety of options that can be tailored through online interfaces. Discover more about offerings in our Progressive insurance review & ratings.
Cons
- Limited Multi-Policy Discount: Only offers a 5% discount for bundling, which is lower than many competitors.
- Inconsistent In-Person Service: While online services are excellent, in-person customer support can vary.
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#7 – Nationwide: Best for Usage Discount
Pros
- Good Multi-Policy Discount: Provides a 20% discount for bundling different insurance policies.
- Innovative Usage Discounts: Offers discounts for drivers based on their actual vehicle usage. Check out insurance savings in our complete Nationwide insurance review & ratings.
- Broad Coverage Options: Known for offering a wide range of insurance products and coverage options.
Cons
- Limited Low-Mileage Discount: Offers a lower 10% discount for low mileage compared to others.
- Varied Customer Experience: Customer satisfaction can vary depending on the regional office.
#8 – Liberty Mutual: Best for Customizable Polices
Pros
- High Low-Mileage Discount: Offers a 30% discount for customers who drive fewer miles. More information is available about this provider in our Liberty Mutual insurance review & ratings.
- Customizable Policies: Known for offering highly customizable policies to fit individual needs.
- Good Coverage Diversity: Provides a wide array of options from standard to specialized insurance.
Cons
- Lower Multi-Policy Discount: Only a 5% discount on bundling policies.
- Premium Costs: Customizations can lead to higher premium costs compared to basic plans.
#9 – Travelers: Best for Accident Forgiveness
Pros
- Accident Forgiveness: Offers accident forgiveness programs, which can prevent premium increases after a first accident. See more details in our Travelers insurance review & ratings.
- Decent Multi-Policy Discount: Provides a 13% discount for bundling various insurance policies.
- Diverse Insurance Offerings: Known for its wide range of insurance products catering to different needs.
Cons
- Lower Low-Mileage Discount: Offers a 10% low-mileage discount, which is less competitive.
- Complex Claims Process: Some customers report a more complex claims process compared to peers.
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#10 – The Hartford: Best for Deductible Reduction
Pros
- Innovative Deductible Reduction: Offers deductible reduction options, which can decrease the deductible over time without a claim. Learn more in our The Hartford insurance review & ratings.
- Significant Low-Mileage Discount: Provides a 20% discount for drivers with low annual mileage.
- Strong Senior Focus: Particularly tailored services for older drivers, including exclusive benefits for AARP members.
Cons
- Lower Multi-Policy Discount: Only a 5% discount for bundling policies, which is on the lower end.
- Niche Market Focus: While excellent for seniors, might not offer the best terms for younger drivers or families.
Life Insurance for Veterans: Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $55 | $190 |
| Farmers | $50 | $180 |
| Geico | $47 | $93 |
| Liberty Mutual | $44 | $215 |
| Nationwide | $48 | $150 |
| Progressive | $52 | $146 |
| State Farm | $49 | $111 |
| The Hartford | $46 | $95 |
| Travelers | $51 | $116 |
| USAA | $43 | $85 |
For example, Allstate offers a minimum coverage rate of $55 and a full coverage rate of $190, while USAA provides rates of $43 and $85 for minimum and full coverage, respectively. These figures serve as a valuable resource for veterans to assess and compare costs, allowing them to align their life insurance choices with their budget and coverage requirements.
It’s essential to consider these rates in conjunction with the individual features and benefits offered by each insurer and be acquainted by professional insurance agent to make well-informed decisions about life insurance coverage. Delve into our evaluation of How much do insurance agents make?
Why Not Use Your Va-Issued Life Insurance for Veterans
Affordable life insurance for veterans is provided through Veterans’ Group Life Insurance. While acceptance is guaranteed, VGLI coverage is tied to your previously-held SGLI coverage. You can increase your coverage but only by $25,000 every five years. Another issue with VGLI coverage is that they only consider the amount of coverage and your age.
Discounts for living healthy or reducing risks won’t help you. This means that your VGLI rates can increase significantly as you age. VGLI only offers term life insurance, which lasts for a specified period. If you’re looking for coverage that will last the remainder of your life or carry a cash value, you’ll need a life insurance company for veterans that offers permanent life insurance (For more information, read our “Best Permanent Life Insurance: A Complete Guide”).
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What Are the Monthly Rates for Life Insurance for Veterans
Before you consider exchanging your VGLI insurance for private life insurance, you’ll want to compare the rates to ensure they’re cheaper. The following chart shows the average monthly rates for a healthy male obtaining a $400,000, 20-year term life policy based on age.
Life Insurance for Veterans: Monthly Rates for $400,000 in Coverage for Private vs. VGLI Term Life
| Age & Gender | VGLI Rates | Private Rates |
|---|---|---|
| 30-Year-Old Male | $40 | $26 |
| 40-Year-Old Male | $68 | $46 |
| 50-Year-Old Male | $144 | $114 |
| 60-Year-Old Male | $432 | $291 |
As you can see, monthly rates for a private term life insurance plan are cheaper than a VGLI plan.
Can You Convert Life Insurance for Veterans to an Individual Policy
VGLI might not offer enough coverage or rates might end up being too high. In this case, you can convert your VA life insurance to an individual policy through a private life insurance company. This will allow you to choose from a variety of policies.
While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time. If the conversion is with a participating life insurance company, you can receive standard rates without proof of good health. See more details in our “Best Life Insurance: A Complete Guide.”
How Do You Get the Best Rates for Life Insurance for Veterans
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association. The AAFMAA offers term life and whole life options to veterans, but there are other options.
If you’re happy with your VGLI coverage but are looking for lower rates, you can keep your current coverage until the rates get too high. Then you can convert your plan to a private life insurance company. This is best when you’re relatively young and healthy as you can lock in low rates with the new provider.
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Both of these options allow you to purchase permanent life insurance, which builds up a cash value. Depending on the company, you can also purchase final expense or burial insurance to pay for your funeral and burial costs, taking the burden off your loved ones. The Insurance Information Institute provides additional tips on finding the companies with the best life insurance rates for veterans.
Learn more: Types of Life Insurance
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Case Studies: Best Life Insurance for Veterans
Exploring life insurance options is a crucial step for veterans who wish to ensure the financial security of their families. This series of case studies highlights how different veterans have navigated the complexities of selecting the right life insurance to meet their specific needs.
- Case Study #1 – John’s Journey to Financial Security: John, a retired veteran, was concerned about the financial well-being of his family in the event of his untimely demise. He sought out the best life insurance options specifically designed for veterans. After thorough research, he decided to go with Veteran’s Shield Insurance, which offered comprehensive coverage (read our “What is comprehensive coverage?” for more information) at competitive rates.
- Case Study #2 – Sarah’s Safety Net for Dependents: Sarah, an active-duty service member and single parent, recognized the importance of securing her children’s future. She needed life insurance that would provide a safety net for her dependents if anything were to happen to her. After careful consideration, Sarah chose Liberty Veterans Life Insurance. This policy offered flexible coverage options and additional benefits tailored to military personnel.
- Case Study #3 – Robert’s Reinvention in Retirement: Robert, a retired veteran, found himself in a unique position after leaving the military. He decided to pursue a new career path and become an entrepreneur. However, he understood the risks involved in starting a business and wanted to protect his family’s financial security. After extensive research, Robert opted for New Horizons Veterans Insurance, a provider known for its customizable policies.
- Case Study #4 – Maria’s Mortgage Protection Plan: Maria, a veteran and homeowner, wanted to ensure that her family would be able to keep their home in the event of her passing. She decided to explore life insurance options specifically designed to protect mortgages. After thorough evaluation, Maria selected United Veterans Mortgage Protection Insurance. The policy provided her with the assurance that her mortgage would be paid off if she were no longer around.
- Case Study #5 – Michael’s Comprehensive Coverage for the Future: Michael, a retired veteran, wanted to ensure that his loved ones would be financially secure even after he was gone. He sought out comprehensive life insurance coverage that would address his family’s immediate needs while also providing for their long-term future. After careful consideration, Michael chose Patriot Family Life Insurance.
These case studies demonstrate that whether a veteran is looking to protect their family, secure a mortgage, or cover future entrepreneurial endeavors, there are tailored insurance options available. Each individual’s careful selection ensures peace of mind and financial security for themselves and their dependents.
Life Insurance for Veterans: The Bottom Line
Veterans are provided life insurance but only term life and rates don’t consider your health. This might convince some to switch to an individual plan from a private life insurance company. Knowing why and how to switch coverage will ensure you find the best life insurance tailored for veterans. Discover more about offerings in our How to get free insurance quotes online.
To find life insurance rates for veterans, enter your ZIP code for the top life insurance quotes in your area.
Frequently Asked Questions
What is VGLI?
Veterans’ Group Life Insurance (VGLI) is a type of life insurance that is available to veterans after they leave the service. It provides term life insurance coverage for a specified period, and you can increase your coverage by $25,000 every five years.
For additional details, explore our comprehensive resource titled “How does term life insurance work?“
Why not use your VA-issued life insurance for veterans?
While VGLI offers guaranteed acceptance and may be a good option for some veterans, it may not provide enough coverage and premiums increase significantly with age. Additionally, VGLI only offers term life insurance, so if you’re looking for coverage that lasts for your entire life or has a cash value, you’ll need to look elsewhere.
What are the monthly rates for life insurance for veterans?
The monthly rates for life insurance for veterans vary depending on your age, coverage amount, and the type of policy you choose. On average, however, a healthy male obtaining a $400,000, 20-year term life policy can expect to pay less for private insurance than for VGLI.
Can you convert life insurance for veterans to an individual policy?
Yes, you can convert your VA life insurance to an individual policy through a private life insurance company. While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time.
How do you get the best rates for life insurance for veterans?
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association (AAFMAA). The AAFMAA offers term life and whole life options to veterans, but there are also other options. To get the best rates, it’s important to shop around and compare quotes from multiple insurance providers.
To find out more, explore our guide titled “Armed Forces Insurance Review & Ratings.”
What is a VGLI alternative?
An alternative to Veterans’ Group Life Insurance (VGLI) includes other private life insurance policies designed specifically for veterans, such as whole life, term life, and universal life insurance options offered by various insurers.
What are some VGLI alternatives?
Some alternatives to VGLI include policies from private insurers like USAA, Prudential, and MetLife, which may offer competitive rates and additional benefits not covered under VGLI.
Where can I find a VGLI cost chart?
A VGLI cost chart can be found on the U.S. Department of Veterans Affairs official website or by contacting their office directly. This chart outlines the premium rates based on age and coverage amount.
How do I access a VGLI rate chart?
The VGLI rate chart is available on the Veterans Affairs website and provides detailed information on monthly premiums based on the insured’s age and the amount of coverage selected.
To learn more, explore our comprehensive resource on “Insurance Quotes Online.”
What is the simplest life insurance?
Simplified issue term life insurance is a term life insurance policy. It is easier to apply for and quicker to get because it requires less information than a standard term life insurance policy.
What are the benefits of being a veteran?
VA benefits include disability compensation, pension, education and training, health care, home loans, insurance, Veteran Readiness and Employment, and burial.
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What age is a veteran?
A veteran can be of any gender, sexuality, ethnicity and nationality, with an age of 16 or above. They will have had a variety of experiences. If you engage with veterans, you should consider asking about previous military service alongside other data.
What is the difference between a veteran and a retiree?
Veterans are military personnel who served during a time of war. Retired military are people who served in one of the branches of the military (Army, Navy, Air Force, Coast Guard, Marines) during a time of peace and who have since retired from active service.
Learn more by reading our guide on “Best Life Insurance Policies for Military Personnel.”
Does life insurance expire?
As long as the policyholder continues to pay their premiums, Term Life Insurance provides coverage through a set “Term length,” a predetermined period that typically ranges from 10 to 30 years. After the end date, the policy expires.
What happens if your life insurance expires?
If your term life policy expires while you’re still alive, your insurance company will notify you that your coverage has ended, and you no longer need to pay your premium. If you still need coverage, it may be possible to renew your policy for a set period of time.
What is the most popular type of life insurance?
The two most common types of life insurance are term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period of time, such as 30 years.
What type of life insurance has the highest premium?
Whole life insurance tends to have the highest premiums of all policy types because of its guaranteed death benefit and fixed cash value growth.
Which life insurance is better term or whole life?
Term life insurance is simpler and more affordable but has an expiration date and doesn’t include a cash value feature. Whole life insurance is more expensive and complex, but it provides lifelong coverage and builds cash value over time.
What is the longest term life insurance?
A 40-year term life insurance policy is the longest term length available. Protective Life Insurance and Legal & General (also known as Banner Life) are the only companies that offer 40-year term insurance policies.
You can get free quotes for life insurance and secure financial protection for your loved ones by entering your ZIP code into our tool below.
What is the best life insurance for veterans?
The best life insurance for veterans depends on individual needs and circumstances but often includes options like VGLI, policies from military-associated providers like USAA, or specialized plans from other insurance companies that cater to veterans’ specific needs.
Access comprehensive insights in our “Best Life Insurance for Military Dependents.”
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
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.
