10 Best Life Insurance Companies For Veterans Of 2024

To identify the best life insurance options for veterans, we analyzed options offered by the VA, military-specific or military-named companies, and the companies on Forbes Advisor’s best term life insurance list. Here are our picks for the best term life insurance companies for veterans based on cost and options for renewal and conversion:

• Corebridge Financial – Great for Choices of Term Lengths
• Pacific Life – Best Cost for $1 Million Term Life
• Protective – Great for Long Level Term Lengths
• Symetra – Best for Term Life Rates
• Banner Life/Legal & General America – Best for Highest Coverage Amount
• Midland National – Great for Living Benefits
• Penn Mutual – Great for Older Buyers of 30-Year-Term Life
• SBLI – Great for Low Level of Consumer Complaints
• Transamerica – Best for Buyers In Their 50s
• Nationwide – Great for Unlimited Coverage Amount

The best life insurance for veterans is the same life insurance that is best for nonveterans, based on our analysis. Though there are life insurance companies with a military focus, none of the companies we analyzed ranked near the top in our analysis due to high rates or lack of policy options.

Company	Company - Logo	Forbes Advisor Rating	Forbes Advisor Rating	Policy name	Minimum face amount	Learn More CTA text	Learn more CTA below text	LEARN MORE	AM Best financial strength rating
Corebridge Financial		5.0		Select-a-Term	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A (Excellent)
Pacific Life		5.0		PL Promise Term	$50,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)
Protective		5.0		Classic Choice Term	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)
Symetra		5.0		SwiftTerm	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A (Excellent)
Banner/Legal & General		4.5		OPTerm	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)
Midland National		4.5		Premier Term	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)
Penn Mutual		4.5		Term life	$250,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)
SBLI		4.5		SBLI Term Life	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A (Excellent)
Transamerica		4.5		Trendsetter Super	$25,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A (Excellent)
Nationwide		4.0		YourLife GLT	$100,000	Compare Quotes	Compare quotes from participating carriers via Policygenius.com		A+ (Superior)

How much you pay for term life insurance depends on your age, health, the coverage amount and length of term you choose, and other factors. Here’s a look at rates from the best term life insurance companies for veterans, along with rates from some of the most common military-focused insurance companies.

Military-focused insurers did not make our list of the best life insurance for veterans due to their high rates.

Company	Policy name	Cost per year: Female age 40, $250,000 for 20 years	Cost per year: Male age 40, $250,000 for 20 years
Haven Life	Haven Term	$172	$199
Banner/Legal & General	OPTerm	$178	$207
Symetra	SwiftTerm	$178	$203
Pacific Life	PL Promise Term	$178	$204
Protective	Classic Choice	$178	$203
Corebridge Financial	Select-a-Term	$180	$205
Transamerica	Trendsetter Super	$180	$208
Penn Mutual	Non-Convertible Term	$188	$219
Midland National	Premier Term	$188	$223
SBLI	Term Life	196	$224
*USAA	Level Term	197	$220
*American Armed Forces Mutual Aid Association	Level Term II	204	$237
Nationwide	YourLife GLT	230	$240
*Uniformed Services Benefit Association	20 Year Group Life	353	$447
*Military Benefit Association	Level Term	380	$448

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Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates. * Military-focused insurers added for comparison are indicated by an asterisk. However, USAA life insurance is available to all buyers.

Once you retire or are discharged from the military, you may qualify for Veterans’ Group Life Insurance, VALife or Veterans Mortgage Life Insurance. But if you don’t or you decide you want coverage beyond what those options offer, you may qualify for an individual life insurance policy through any life insurance company—just as any nonveteran would.

The cheapest life insurance option for veterans is often an individual term life policy through a private insurer. But for veterans who don’t want to explore alternatives outside of the VA, it offers some options that may meet your needs—though you can expect higher costs, especially if you’re healthy.

If your health would prevent you from buying your own policy from a private insurer, the group policies offered by some military-focused insurers can be an option. Work with an independent insurance agent to check prices for a private policy before you assume that you won’t qualify for competitive rates.

Veterans’ Group Life Insurance (VGLI)

Veterans’ Group Life Insurance (VGLI) allows former service members and veterans to continue to receive group life insurance coverage after leaving the military as long as they continue making premium payments. Service members must have had Servicemembers’ Group Life Insurance (SGLI) to continue coverage.

VGLI Coverage

• $10,000 to $500,000
• Can increase $25,000 every five years, up to $500,000 or until age 60

VGLI Eligibility Requirements

To be eligible for VGLI at least one of the following must be true:

• You received part-time SGLI as a National Guard or Reserve member, and experienced an injury or disability while on duty (including direct travel to and from duty), which disqualified you from standard premium insurance rates.
• You received SGLI while in the military and are within one year and 120 days of release from active duty of over 31 days.
• You are retiring or being released from the Ready Reserves of National Guard (within one year and 120 days.)
• You are receiving an assignment to the Individual Ready Reserves (IRR) (within one year and 120 days.)
• You are being put on the Temporary Disability Retirement List (TDRL) (within one year and 120 days.)

VGLI Conversion Options

• You can convert VGLI to an individual life insurance policy with a participating insurance company

See the rates for VGLI by age.

Is VGLI Worth It?

If you’re a veteran with health issues that make getting an affordable individual policy challenging or impossible, VGLI is worth considering because it does not require a life insurance medical exam if you apply within 240 days of separation of service. Even after the 240 days, you may need to answer some health-related questions but will not usually be required to have a medical exam.

If you are healthy, an individual term life policy through a private insurer can offer you higher coverage levels and more affordable rates.

Veterans Affairs Life Insurance (VALife)

Veterans Affairs Life Insurance (VALife) started on Jan. 1, 2023, and replaces Sevice-Disabled Veterans Life Insurance (S-DVI). VALife is guaranteed acceptance whole life insurance, meaning you can’t be turned down.

Coverage for VALife goes into effect two years after you enroll, as long as you’ve kept up with your payments. Your beneficiary receives only premiums paid plus interest if you die during the two-year waiting period. The full death benefit is paid to beneficiaries if you die more than two years after enrolling.

VALife Coverage

• Up to $40,000 death benefit after 2 years

VALife Eligibility Requirements

• If you’re age 80 or younger you must have a VA service-connected disability rating, even if it is 0%.

If you’re age 81 or older, all of these must be true:

• You applied for VA disability before you turned 81.
• You got your service-connected disability rating after turning 81.
• You applied for VALife within two years of getting your disability rating.

Related: Pros And Cons Of Guaranteed Issue Life Insurance

Veterans’ Mortgage Life Insurance (VMLI)

Veterans’ Mortgage Life Insurance (VMLI) provides mortgage protection insurance to the families of veterans and service members who have adapted their home due to a service-connected disability. This type of policy is “decreasing term life” coverage. In other words, as the mortgage balance is repaid, the coverage decreases along with the balance.

If the mortgage balance is completely paid off, coverage will come to an end.

VMLI Coverage

• Up to $200,000

VMLI Eligibility Requirements

• You must have a service-connected disability that was caused or made worse by being in the service.
• You have received a Specially Adapted Housing (SAH) grant to pay for changes to adapt your home for your disability, such as installing ramps or expanding doorways.
• You have the home’s title.
• You have a mortgage on the home.
• You are under age 70.

Veterans’ Options for Private Life Insurance

Insurance companies, like the companies ranking as top companies in our analysis, offer coverage for veterans who may not qualify for the life insurance options through the Department of Veterans Affairs, or who want to explore other life insurance alternatives. The types of life insurance available include term life insurance, whole life insurance and universal life insurance.

VGLI term life rates are significantly higher than the same term coverage through a private insurer.

Age	Private term life insurance monthly cost	VGLI monthly cost
40	$30	$163
50	$75	$424

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Private life insurance rates are based on an average of the three cheapest rates found online for 20-year term life insurance for a male in good health and of average height and weight.

See our ratings of the best life insurance companies.

If you become totally disabled or terminally ill and have VA coverage, you may qualify for additional benefit options with your veterans life insurance. Your spouse could also qualify if they have a terminal illness.

Accelerated death benefit: For policyholders who become terminally ill, an accelerated death benefit may be available. With an accelerated death benefit, you can receive up to 50% of your veterans life insurance coverage paid in $5,000 increments before death.

To qualify, you must meet all of these requirements:

• You must have a VGLI insurance policy.
• You or your spouse must have a written letter from your doctors stating you have less than nine months to live.

Waiver of premium rider: If you become totally disabled, a “waiver of premium” rider means you will no longer have to pay your life insurance premiums but you’ll keep the coverage. Typically, premium payments can only be waived for up to one year.

To qualify, applicants must meet all of the following requirements:

• You have Service-Disabled Veterans Life Insurance (S-DVI) coverage.
• Your disability prevents you from working.
• You became totally disabled before age 65.
• Your total disability lasts longer than six months.

There can be exceptions to these eligibility rules.

If you have an individual life insurance policy through a private insurance company, ask about the rider options available for your policy.

Related: Life Insurance Riders Explained

Veterans who want to buy life insurance above the VGLI coverage cap of $500,000 or who want cheaper rates than VGLI offers may decide to go through a private insurer. The younger and healthier you are when you buy life insurance through a private insurer, the better rates and policy options you’ll be offered. Life insurance for seniors is more expensive and more limited.

Below are rates for term life insurance through private insurance companies.

Life Insurance for Veterans Age 40

Life insurance rates for a male age 40 in excellent health range from $162 per year to $1,175 per year, depending on the term length and amount of coverage.

The same coverage for a female age 40 in excellent health ranges from $148 to $927 per year.

Term Life Insurance Rates per Year for a 40-Year-Old Male

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$162	$237	$370
20-year term	$225	$365	$638
30-year term	$362	$633	$1,175

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Term Life Insurance Rates per Year for a 40-Year-Old Female

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$148	$204	$320
20-year term	$196	$309	$526
30-year term	$298	$507	$927

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Life Insurance for Veterans Age 50

Life insurance rates for a male age 50 in excellent health range from $303 per year to $,3074 per year, depending on the term length and amount of coverage.

The same coverage for a female age 50 in excellent health ranges from $259 to $2,243 per year.

Term Life Insurance Rates per Year for a 50-Year-Old Male

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$303	$507	$906
20-year term	$487	$886	$1,677
30-year term	$865	$1,594	$3,074

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Term Life Insurance Rates per Year for a 50-Year-Old Female

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$259	$420	$734
20-year term	$387	$680	$1,240
30-year term	$659	$1,185	$2,243

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Life Insurance for Veterans Age 60

Life insurance rates for a male age 60 in excellent health range from $672 per year to $8,328 per year, depending on the term length and amount of coverage.

The same coverage for a female age 60 in excellent health ranges from $468 to $8,328 per year.

Term Life Insurance Rates per Year for a 60-Year-Old Male

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$672	$1,272	$2,436
20-year term	$1,260	$2,416	$4,548
30-year term	$8,328	Not available	Not available

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Term Life Insurance Rates per Year for a 60-Year-Old Female

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$468	$854	$1,625
20-year term	$888	$1,688	$3,188
30-year term	$8,328	Not available	Not available

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Life Insurance for Veterans Age 70

Life insurance rates for a male age 70 in excellent health range from $2,028 per year to $7,110 per year, depending on the term length and amount of coverage.

The same coverage, for a female age 70 in excellent health ranges from $1,284 to $4,424 per year.

Term Life Insurance Rates per Year for a 70-Year-Old Male

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$2,028	$3,769	$7,110
20-year term	Not available	Not available	Not available
30-year term	Not available	Not available	Not available

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Term Life Insurance Rates per Year for a 70-Year-Old Female

Term length	Yearly cost for $250,000 in coverage	Yearly cost for $500,000 in coverage	Yearly cost for $1 million in coverage
10-year term	$1,284	$2,379	$4,424
20-year term	Not available	Not available	Not available
30-year term	Not available	Not available	Not available

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To find the best life insurance for veterans, we used our own research and data provided by AccuQuote, a national online life insurance agency. AccuQuote has been in business for over 30 years and works only with insurance companies that have top financial strength ratings. We evaluated 20 companies on these measurements:

• Cost (80% of score): Because price is the primary concern of many term life insurance shoppers, we gave weight to this category. We scored costs based on each company’s rates for 30- and 40-year-old men and women for 10, 20 and 30 terms and for coverage amounts of $250,000, $500,000, $1 million and $2 million.
• Guaranteed renewability (10% of score): Companies earned points if their term life policies can be renewed at the end of the level term period.
• Term life conversion (10% of score): Companies earned points if their term life policies can be converted to permanent life insurance.