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Life insurance helps make sure your loved ones are protected and provided for after you’re gone, but finding the best life insurance as a veteran can be overwhelming. The VA offers low-cost term life coverage through Servicemembers’ Group Life Insurance (SGLI) when you are in the service. After your service is complete, you can convert the coverage to a term policy with VA Veterans Group Life Insurance (VGLI), but this might not always be the best option.
While the VGLI plan has its advantages, life insurance from a commercial provider may get you the best price long term and the longest-lasting coverage. The best life insurance companies feature flexible coverage options, affordable policies, and high customer satisfaction ratings. Here are our top recommendations for the best life insurance for veterans.
Best Overall: New York Life
Accelerated death benefits available
Few customer complaints
Highest financial stability
Eligible policyholders may receive dividends
Best for Financial Stability: MassMutual
Eligible policyholders may receive dividends
Access to living benefits riders
Highest financial strength rating
Best for Customer Satisfaction: Northwestern Mutual
Northwestern Mutual ranked third for customer satisfaction per J.D. Power, higher than any other life insurer in this list. It also earned an A++ from AM Best, the agency's highest financial strength rating, and is the largest life insurance company in the country. Over the past three years, the company received an extremely low number of complaints, especially given its size. Notably, the company has been paying dividends to eligible policyholders for the past 150 years.
Northwestern Mutual is one of 11 insurers listed by the VA that lets you convert your SGLI, VGLI, or FSGLI coverage to one of its products without requiring a medical exam or asking health questions. The company offers term, whole life, universal life, and variable universal life insurance policies.
Northwestern Mutual also offers several riders, including living benefits for terminal and chronic illnesses, and a guaranteed insurability rider. However, the company does not provide many details about its policies or riders on its website.
20 year level term life insurance quotes
You'll need to speak to a financial professional in order to convert your military coverage or get a quote.
Best for Living Benefits: Prudential
Prudential was established in 1875 and has an AM Best financial stability rating of A+. The company receives fewer complaints than expected, according to the NAIC, but doesn't do as well as the aforementioned companies on this list.
We chose Prudential as the best for living benefit because most policies include its Living Needs Benefit rider free of charge, which lets you access the death benefit if you’re diagnosed with a terminal illness, are confined to a nursing home, or require an organ transplant.
Prudential offers a range of policies, including universal life, indexed universal life, variable life, and term, as well as optional riders such as an accidental death benefit rider and a waiver of premium for disability. However, the company did not do well in the 2021 J.D. Power U.S. Individual Life Insurance Study—it ranked 15th out of 21 companies. And it's term policies are relatively expensive.
You can get a civilian Prudential quote online for term coverage or contact one of their agents to get the best rates for SGLI or VGLI conversion options.
Best for Active MilitaryUS: USAA
Highest financial strength rating
Few customer complaints
Free guaranteed insurability option
Benefits for injuries during active duty
USAA is a well-known name for military insurance, founded in 1922 by a group of army officers who pooled together to insure their own automobiles. USAA has an AM Best rating of A++, the highest available, and an excellent track record of very few complaints with the NAIC.
Active military members and their families will appreciate the unique benefits USAA offers. The company provides $25,000 for certain injuries sustained in the line of duty as well as guaranteed insurability at no cost on Level Term V. This benefit lets you increase coverage upon certain life events, such as marriage or having a baby, without having to take a medical exam or answer health questions.
The company also offers an "anytime conversion" rider which lets you convert your USAA term coverage to a permanent policy until the end of the level term period. However, you can't convert your existing SGLI, VGLI, or FSGLI policy to a USAA policy. And you won't find many policy options available either—USAA only offers term and simplified whole life policies directly.
While USAA offers quotes online, your military information, other qualification, or membership is required.
Best for Disabled Veterans: VA Service-Disabled Veterans Insurance (S-DVI)
Final Verdict
Life insurance for veterans can be complicated by a variety of factors, including service-related health conditions or disabilities. However, there are several different insurers that offer life insurance policies that are suitable for veterans, whether they focus exclusively on service members and their families or provide all-around value. Plus, most of the companies on this list let you convert your SGLI, FSGLI, or VGLI to an individual policy with that company without taking a medical exam or answering health questions.
New York Life is our top choice for life insurance for veterans. New York Life offers affordable, flexible life insurance policies for veterans up to 90 years of age. The company has a rating of A++ from AM Best and has high customer satisfaction ratings. They also offer veterans the ability to convert SGLI and VGLI plans.
Compare the Best Life Insurance Companies for Veterans
Fortunately, as a veteran, you have many choices for life insurance:
Continue your plan with the VA
Supplement your VA group insurance with private insurance
Convert your policy with private life insurers who participate in conversion programs
Same rates for smokers and non-smokers
Same rates regardless of health
No investigation of health history within 240 days of leaving the military
Same rates regardless of sex
No health questions if you apply within 240 days of separation
Assurance life
Term life insurance only, no cash values
Policy premiums increase every five years based on age
Maximum coverage is $400,000 or the same amount you had on your SGLI plan (if less than $400,000)
Rates based on smoker or non-smoker status
If converting SGLI with a participating conversion company, no medical exam or heath questions
More policy options available, including permanent policies
Possibility of dividends some policies
Possibility of terms up to 30 years
Coverage not limited to a maximum of $400,000, can go to several million, depending on the company
How We Chose the Best Life Insurance Companies for Veterans
To find the best life insurance companies for veterans, we researched more than two dozen life insurance companies for reputation, product selection, underwriting methods, and price, including those cited by the VA as options for converting SGLI coverage, along with other non-profit and member group plans. We reviewed pricing, customer satisfaction, complaints, and coverage options to come up with our overview of the best life insurance companies for veterans.
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