Best Life Insurance Companies for Veterans

Founded in 1875, Prudential has an A+ rating from AM Best. It provides coverage for millions of active service members and hundreds of thousands of military veterans with VGLI, a program established with the Veterans' Insurance Act of 1974.

Administered by Prudential on behalf of the Department of Veterans Affairs since the launch of the VGLI program, this product guarantees lifetime coverage for the rest of a veteran's life, no matter what happens to your health or employment status, as long as you pay your premiums. You have one year and 120 days after leaving active military service to enroll. If you apply within 240 days, no medical questions will be asked of you.

The monthly premium for $150,000 of coverage is $19.50 per month for a 35-year-old veteran and $100.50 per month for a 55-year-old veteran.

Online quotes are available on the websites for Prudential and Veterans Affairs. For assistance over the phone, you can call the company directly Monday through Friday between 8 a.m. and 5 p.m. EST.

Read the full Prudential Life Insurance review.

Founded in 1879 when the War Department realized there was a need to take care of soldiers after Custer's Last Stand, AAFMAA offers term-life insurance and whole life insurance, specifically for veterans, with coverage available nationwide (although only available to military retirees and their spouses in Washington, D.C., Mississippi, New Jersey, New York, Utah, Washington, and Wisconsin).

In addition, the company offers no medical exam life insurance policies, including ANNUITYLife, Wealth Builder Life, and the Senior Survivor Plan, all of which are designed for older veterans and their spouses.

Instant online quotes are available on AAFMAA's website, without having to speak with an agent. Otherwise, interested customers can speak to an insurance sales representative over the phone, Monday through Friday from 8:30 a.m. to 5:30 p.m. EST.

The company's Level Term I plan offers coverage up to age 49 and its Level Term II offers options ranging from five to 30 years of term life coverage.

An online quote for a nonsmoking 35-year-old male veteran for $150,000 in coverage costs $8.65 per month for Level Term I and $10.35 per month for Level Term II. Whole life monthly premiums range from $136.24 (for the pay for life option) to $357.30 for a seven-year premium duration. For a nonsmoking 55-year-old male veteran seeking up to $150,00 in coverage, insurance costs $45.45 per month for Level Term II. Whole life monthly premiums range from $295.41 (for the pay for life option) to $708.60 for the seven-year premium duration.

With the highest rating available from AM Best of A++ (Superior), USAA has been in business since 1922 and offers a variety of life insurance policies for active military and veterans, including term, whole, and universal life.

Online quotes are available but you must create an account first. Otherwise, interested customers can reach out to the company over the phone Monday through Friday, 8:30 a.m. to 11 p.m. EST, and Saturday, 9 a.m. to 6 p.m. EST.

You can also apply to get a policy in the company's mobile app, with the process taking about 20 minutes. At that point, a free medical exam is required and will be scheduled at a time that works for you. This appointment can be done at your home or wherever you choose. Within a couple of weeks, USAA will review your eligibility and determine your premium.

The company offers term life insurance policies for as little as $12 a month for military members that includes coverage during wartime and up to $25,000 in assistance to cover the cost of severe injuries. Policyholders can retain this coverage—guaranteed—after leaving active duty. These policies, available in increments of 10, 15, 20, 25, or 30 years, can be upgraded to whole life insurance and universal life insurance as well. USAA gives retiring military members the option to replace SGLI once they leave active duty with the ability to lock in premiums—even for retiring military members who are disabled.

Read the full USAA Life Insurance review.

Founded in 1959 to meet the needs of military personnel, USBA offers veterans term and whole life insurance to replace SGLI when they leave the military. Policies are underwritten by New York Life Insurance Company, which has received an A++ (Superior) rating from AM Best.

Instant online quotes are available. You can also call the company and speak with a sales agent Monday through Friday from 9 a.m. to 5:30 p.m. EST.

A nonsmoking 35-year-old male can expect to pay $18 per month for $150,000 of 20-year level term insurance and $163.50 per month for lifetime value whole life insurance. A nonsmoking 55-year-old male can expect to pay $38.50 per month for $150,000 10-year level term insurance and $433.50 per month for life-time value whole life insurance.

The company has a first to die policy called the USBA Double Value Two for One Family Group Level Term Life Plan. This offers equal coverage for married couples with one joint monthly premium and pays upon the death of the first spouse. This is an appealing choice for veterans and their families looking to maximize their budget. The monthly premium for $150,000 in coverage is $15.75 for nonsmoking couples ages 31 to 40 and $51 for nonsmoking couples ages 51 to 55. Dependent children can be added to the plan for just $1.50 more per child per month.

Founded in 1957, MBA offers 10- and 20-year term life insurance for veterans as an alternative to or supplement for existing VGLI coverage. The company's life insurance policies are underwritten by MetLife, Inc., which has received an A+ rating from AM Best. As an added benefit to senior veterans, MBA offers an additional term life insurance plan that provides coverage up to age 90.

Aside from the veteran, family members can obtain policies. Spouses are eligible for $1 million in coverage. All policies come with free coverage for each dependent child for up to $12,500 per dependent. And, as an optional add on, customers can apply for $10,000, $20,000, or $25,000 of additional term coverage for each unmarried child under 21 years old (or 25 years for full-time students who are unmarried and are dependents of the policyholder). Beyond that, eligible children can become MBA members starting at age 25.

Instant online quotes are available on the company's website. Interested customers can also call the company and speak with a sales agent Monday through Thursday, 8 a.m. to 7 p.m. EST, and Friday, 8 a.m. to 4 p.m. EST.

For $150,000 in coverage benefits, a nonsmoking 35-year-old male can expect to pay $9.30 per month for term life insurance, while a nonsmoking 55-year-old male can expect to pay $46.50 per month.