Life Insurance for Veterans: What You Need to Know

Life insurance veterans

Life insurance is an essential part of adult life across the board. For veterans, life insurance is perhaps even more important, and as people who served our country, they are entitled to special rates and packages. There is actually an entire branch of the government dedicated to helping veterans get the benefits they deserve, and that includes affordable life insurance premiums. The United States Department for Veteran Affairs (VA) provides support and resources for veterans who wish to get life insurance.

Of course, there are private organizations that specialize in veterans’ life insurance as well, including the AAFMAA, USAA, and more. As a veteran, it’s up to you to decide which one is best for you.

The ultimate goal of life insurance is to ensure that your loved ones are taken care of financially should you die early. Financial security can mean different things to different veterans. It can mean making sure your children can pay for college or weddings, that all of your debt is paid off so it doesn’t pass to your loved ones, or that your spouse has enough money to retire comfortably. Whatever your goal is in providing financial coverage to your loved ones, there are life insurance policies that can make it happen.

The Best Life Insurance for Veterans

There are several options for veterans’ life insurance, including through the VA and private companies. Read on to see what each of them offers and which is the best life insurance for veterans.

The best life insurance Options for veterans


The VA offers several types of life insurance programs for veterans and current servicemembers:

  • Servicemember’s Group Life Insurance (SGLI) – Low-cost group term life insurance
    • Servicemembers’ Group Life Insurance Traumatic Injury Protection (TSGLI) – A feature of SGLI that provides payments to active service members who incur traumatic injuries like amputation, blindness, paraplegia, and more
  • Veterans’ Group Life Insurance (VGLI) – Allows veterans to convert SGLI to a civilian program of lifetime renewable term coverage
  • Family Servicemembers’ Group Life Insurance (FSGLI) – Offers insurance to spouses and children of servicemembers with SGLI coverage
  • Service-Disabled Veterans’ Life Insurance (S-DVI) – Life insurance coverage to veterans with a VA rating for service-related disability in the last two years. Veterans who are totally disabled are eligible for free coverage
  • Veterans’ Mortgage Life Insurance (VMLI) – Mortgage life insurance protection to disabled veterans who have been approved for a VA housing grant

The VA is a great resource for veterans in general and has detailed information about each of its life insurance programs.


The AAFMAA (American Armed Forces Mutual Aid Association) is a membership-based non-profit association that exclusively serves the U.S. military community. For life insurance, it offers its members an alternative to VGLI, the VA life insurance program that follows SGLI for active service members. Once your active service is finished, you can convert your policy to VGLI or choose one of AAFMA’s options. These include:

  • Level term II – Short and long term veterans life insurance, the premium never increases, also available for military spouses, up to $800K in coverage
  • Simple term – No medical exam, coverage up to $100K, available for military spouses, ages 45-75
  • Wealthbuilder life insurance – No medical exam, up to $1 million in coverage, long-term care settlement option included, also available for military spouses
  • Veterans survivor planGuaranteed acceptance, lifetime coverage, up to $25K in coverage. Available for military spouses, widows and widowers


USAA (United Services Automobile Association) is another member-based military-serving organization that offers different life insurance options for veterans. Members can get quotes for term and permanent policies. The term option allows you to insure your children for $8 a month, with the option to convert it into their own lifetime policy. Permanent options include:

  • Universal life accumulator – Up to $10 million in coverage, flexible payments
  • Simplified whole life – Up to $10 million in coverage, fixed payments
  • Guaranteed whole life – Up to $25K in coverage, no exam required


USBA (Uniformed Services Benefit Association) is a non-profit organization that specializes in life and car insurance for servicemen and their families. It offers five types of term life insurance policies and three whole life insurance policies. It has an excellent children’s rider that allows you to pay $1.50 a month per child for extra coverage.

Bottom Line

As people who served their country, veterans have rights in many areas, and life insurance is one of them. The government has a special department with discounted rates for veterans, their spouses, and families, and there are private organizations that offer similar policies. As with any major purchase, it’s important to do your due diligence when deciding which option for veterans’ life insurance is best for you.


Still have questions? We have answers! Read on to learn more about life insurance for veterans.

Do veterans get free life insurance?

Most veterans don’t get free life insurance, but they do get discounted rates. The key to accessing these rates is to choose a life insurance policy from a company or organization that specializes in veterans. During your service, you get SGLI through the VA, but after, there are several choices. You can continue with the VA’s VGLI, or choose insurance through a member-based private company like AAFMAA, USAA, USBA, and others.

Do military spouses get life insurance?

Most insurance for veterans comes with the option to add their spouse, and some also include children. If life insurance for your spouse is important to you (understandably), then you should make sure to inquire about this when looking into different options.

Do veterans have life insurance through the VA?

The VA offers plans for active servicemen and veterans. As a veteran, you can get life insurance through it (VGLI, usually) but you also have the option to get life insurance through different organizations.

Does a wife get VA benefits if her husband dies?

The surviving spouse, children, or parents of a service member who died in the line of duty or from service-related injuries may be eligible for a tax-free monetary benefit called VA Dependency and Indemnity Compensation. You can find out more about it here.

How can I figure out which company offers the best life insurance for veterans?

When shopping for veterans’ life insurance, you have to decide what your priority is. Is it cost? Coverage amount? Coverage for your spouse? Riders? Once you understand your priorities, you can do some research — contact the various companies, learn what they offer, and get quotes. If the research aspect is difficult for you, you can contact Sproutt insurance advisors for unbiased guidance regarding the best online life insurance.

What’s the difference between term and permanent life insurance?

Term life insurance is life insurance that lasts for a specific period of time, called a term. It’s usually sold in increments of five years, like 5, 10, 15, and 20 years, etc. Once the term is over, coverage ends. Permanent life insurance, on the other hand, lasts your entire lifetime. As such, it’s significantly more expensive than term life insurance.

For veterans and for everyone, there’s no “better” or “worse” — there is only what’s right for you. Your health, family, and financial situation will help determine which type of life insurance is best for you.

Does Sproutt help veterans find the best life insurance?

Yes! Sproutt can help veterans find the best life insurance policy for them. You can contact a Sproutt insurance advisor free of charge and get guidance regarding the best policy for your specific situation. Sproutt insurance advisors are not affiliated with any insurance companies, and their sole goal is to help you find the best policy to suit your needs. While they can provide guidance, ultimately the decision will be yours.

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