We are proud to have Veterans who selflessly serve and protect our nation’s people. We’re grateful for their valor, sacrifice, and service to preserve and protect our country’s values and freedoms.

At the close of military service, life insurance serves as a vehicle to protect our valued Veterans and their families just as the Veterans protected us.

When members of the military transition back to civilian life, they may choose to convert their active duty life insurance policies to a government-sponsored Veteran’s life insurance policy to protect their families against financial loss in the event of their untimely death. Alternatively, they can purchase a new life insurance policy through a private insurance company.

What types of life insurance are available to Veterans?

Veterans have to make important decisions when transitioning out of the military that may impact them and their families for the rest of their lives.

Choosing the best type of life insurance policy to guard and protect their loved ones should be a top priority.

Fortunately, the options for life insurance with the federal government and private insurance companies open up significantly for Veterans once they’ve left military service.

Veterans can help themselves and their families by understanding more about the top three options for life insurance for military Veterans – term life insurance, permanent life insurance, and group life insurance.

Term life insurance

Term life insurance extends coverage until the end of the policy term, with terms ranging between ten and thirty years. The full death benefit gets paid to the insured’s beneficiaries upon the insured’s death, as long as the term hasn’t expired.

Term life insurance policies are popular choices for Veterans because such policies are flexible and affordable. Veterans can choose their coverage amounts and add riders to customize their policies.

The VA offers term life insurance as part of a group life insurance policy. Alternatively, Veterans can purchase an affordable term life insurance policy through a private insurance company.

Permanent life insurance

Some Veterans may choose permanent life insurance policies over term life insurance. Permanent life insurance policies have coverage that lasts a lifetime, plus the ability to accumulate cash value over the life of the policy.

Permanent life insurance policies also provide great flexibility, as Veterans can borrow or withdraw from the cash value under certain circumstances.

The VA is now offering a new disabled Veteran’s whole life insurance policy called VALife. Veterans under the age of 80 with service-connected disabilities qualify for this policy. Veterans over the age of 80 may also qualify for a VALife policy if they meet certain criteria. VALife policies include up to $40,000 in coverage and cash value accumulation that begins two years after an application is approved.

Furthermore, Fidelity Life offers permanent life insurance options up to age 85, including senior whole life insurance and final expense coverage. The application process is simple and fast, and Veterans can anticipate their applications to be processed quickly, in days and not weeks.

Group life insurance

Group life insurance, which is also highly affordable, is another option for Veterans’ life insurance through the VA.

The VA offers two valuable types of group life insurance for Veterans, including:

• Servicemembers’ Group Life Insurance (SGLI): SGLI is a life insurance option offered at low-cost that allows Veterans who classify as disabled at the time of their separation from military service to extend the policy for as long as two additional years.
• Veterans’ Group Life Insurance (VGLI)V: VGLI is a program that enables Veterans to transform their SGLI policy to a non-military policy that offers renewable term life insurance coverage for the Veteran’s lifetime once they separate from military service.

Veterans can also purchase Family Servicemembers’ Group Life Insurance (FSGLI) to cover their spouses and children.

Why would Veterans consider private life insurance?

While Veteran’s life insurance plans through the VA provide a valuable benefit for Veterans and their loved ones, there are a couple of downsides to this option.

Higher coverage amounts

VA life insurance policies often cap death benefits at around $400,000. With Fidelity Life, Veterans may be able to get death benefit coverage in amounts as high as $2 million in some cases.

Steady premiums

Veteran life insurance policies through the VA often increase the premiums as Veterans age, making it difficult to pay the premiums at a time when Veterans need life insurance the most.

Policies through private insurers that have level premiums can make it easier for Veterans to budget for their life insurance needs throughout their lives.

What is the cost of life insurance for Veterans?

Regardless of whether a Veteran opts for a VA life insurance policy or a term or whole life insurance policy through a private insurer, insurers base the premiums on several factors that generally include:

• Age
• Gender
• Health
• Family health history
• Occupation
• Risk of hobbies
• Smoking status

Each insurer has its own criteria and underwriting process. That’s why getting a quote is the best way to understand the cost of Veterans’ life insurance policies. In most cases, Veterans can find a life insurance policy at a cost that works within their budgets.

Find the right life insurance as a Veteran

With so many options to choose from, it can be difficult and time-consuming to find the best policy for a Veteran’s situation, but Veterans don’t have to sort through the options alone.

A representative at the VA or a licensed life insurance agent is the best resource for reviewing life insurance options and getting quotes. Insurance professionals are happy to review the available options, provide guidance, and answer questions for Veterans.

Veterans have served our country well regardless of the branch they served in or the capacity in which they served. Now is the time to let their life insurance policy serve them in return. The right life insurance policy will do exactly that.

FAQs about Veteran life insurance

Do Veterans have life insurance through the VA

Veterans can purchase a life insurance policy through the VA if they choose. Veteran’s life insurance policies through the VA serve Veterans well enough. Nonetheless, Veterans also have additional coverage options by applying for a policy with a private insurer.

Do Veterans get free life insurance?

No, life insurance for Veterans is not free whether they apply for a policy through the VA or a private insurer. Either way, Veterans have options to purchase adequate coverage at an affordable premium with all the features they’re looking for in a life insurance policy.