We looked at the top insurance companies to find which ones actually work best for veterans, from affordable term policies to permanent coverage that builds cash value. Below are the best insurers for different categories.
Best Life Insurance for Veterans (2025)
Protective Insurance, Legal & General, SBLI, Pacific Life, Nationwide, Lincoln Financial and Ethos top our list of insurers offering the best life insurance for veterans.
Find out if you're overpaying for life insurance below.
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Updated: October 23, 2025
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Key Takeaways
Based on MoneyGeek's 2025 analysis, Protective Insurance offers the best whole and universal life insurance for veterans, while Legal & General has the best term life insurance for veterans.
SBLI leads for senior veterans seeking life insurance coverage. Nationwide is the best choice for living benefits, offering riders that you can access while you're alive.
Lincoln Financial offers the cheapest life insurance for veterans, while Pacific Life and Ethos have the best coverage options and customer experience, respectively.
Veterans can choose from both government and private life insurance options, each offering distinct benefits. Programs like VALife and VGLI offer government-backed coverage, while private insurers provide larger coverage options and flexible features.
What Is the Best Life Insurance for Veterans?
Whole and Universal | Protective Insurance | 5 | Whole: $580 (women) $637 (men) Universal: $244 (women) $281 (men) | Whole: $6,954 (women) $7,641 (men) Universal: $2,922 (women) $3,366 (men) |
Term | Legal & General | 4.7 | $38 (women) $47 (men) | $457 (women) $566 (men) |
Seniors | SBLI | 4.7 | $304 (women) $429 (men) | $3,647 (women) $5,134 (men) |
Coverage Options | Pacific Life | 4.7 | $39 (women) $47 (men) | $464 (women) $566 (men) |
Living Benefits | Nationwide | 4.5 | $45 (women) $56 (men) | $541 (women) $677 (men) |
Affordability | Lincoln Financial | 4.5 | $31 (women) $38 (men) | $376 (women) $452 (men) |
Customer Experience | Ethos | 4.4 | $54 (women) $72 (men) | $649 (women) $861 (men) |
The rates above are based on average quotes for 40-year-old nonsmokers with average weight and health ratings. Term policies have a 20-year term length, except for the averages for seniors (10-year term for 70-year-olds). All average costs are for a $500,000 coverage amount.
Actual rates may vary based on age, health, lifestyle and other underwriting factors. These are sample rates for illustration only and don't constitute guarantees. Veterans should consult a licensed insurance professional for personalized advice and current rates.
Best Whole and Universal Life: Protective Insurance
Protective
MoneyGeek Rating
5/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Options
Average Monthly Cost
Whole: $580 (women); $637 (men) Universal: $244 (women); $281 (men)Based on a policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
Whole: $6,954 (women); $7,641 (men) Universal: $2,922 (women); $3,366 (men)Based on a policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
Best Term Life: Legal & General
Legal & General
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.7/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost
$38 (women); $47 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$457 (women); $566 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
Best for Senior Veterans: SBLI
SBLI
MoneyGeek Rating
4.7/ 5
5/5Affordability
4.8/5Customer Experience
3.7/5Coverage Options
Average Monthly Cost
$304 (women); $429 (men)Based on a 10-year term policy with $500,000 coverage amount for 70-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$3,647 (women); $5,134 (men)Based on a 10-year term policy with $500,000 coverage amount for 70-year-old nonsmokers with average weight and health ratings.
Best Coverage Options: Pacific Life
Pacific Life
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.6/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost
$39 (women); $47 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$464 (women); $566 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
Best Living Benefits: Nationwide
Nationwide
MoneyGeek Rating
4.5/ 5
4.4/5Affordability
4.9/5Customer Experience
4.3/5Coverage Options
Average Monthly Cost
$45 (women); $56 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$541 (women); $677 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
Most Affordable: Lincoln Financial
Lincoln Financial
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.6/5Customer Experience
4.5/5Coverage Options
Average Monthly Cost
$31 (women); $38 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$376 (women); $452 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
Best Customer Experience: Ethos
Ethos
MoneyGeek Rating
4.4/ 5
4/5Affordability
5/5Customer Experience
5/5Coverage Options
Average Monthly Cost
$54 (women); $72 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.Average Annual Cost
$649 (women); $861 (men)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with average weight and health ratings.
*Coverage availability and features may vary by state. Contact the insurers directly to confirm availability in your location
Best Life Insurance Policy for Veterans: Buying Guide
Choosing the right life insurance policy after military service can feel complex, but understanding your options helps you make confident decisions. Veterans can select from government-backed or private life insurance programs, each with distinct benefits.
Types of Life Insurance for Veterans
Life insurance falls into a few core categories, each serving a different need. Term life insurance provides financial protection for a specified period (typically 10-30 years) at lower initial premiums, with no cash value component. Permanent policies, such as whole and universal life, are designed to last for life and build cash value, but require higher premiums.
Term Life Insurance
This provides coverage for a set period, usually 10 to 30 years. It focuses on larger death benefits at a lower cost. Term life insurance works well when you want financial protection during peak expense years, like a mortgage or while raising children.
Whole Life Insurance
This policy lasts for your lifetime, with fixed premiums and a guaranteed death benefit. It also builds cash value at a steady rate. Whole life insurance suits buyers who want lifelong coverage, predictable costs and a savings component.
Universal Life Insurance
Universal life offers permanent coverage with flexible premiums and adjustable death benefits within policy guidelines. The cash value component earns interest based on current rates set by the insurer, which can fluctuate over time. This flexibility allows you to adjust coverage as your financial situation changes, but requires active management to ensure the policy remains in force.
Common Life Insurance Riders
Riders are optional policy add-ons that let you customize your life insurance coverage. They can provide financial protection during unexpected events or extend benefits to family members. Common riders include:
Rider | Description |
|---|---|
Accelerated Death Benefit Rider | Lets you access a portion of the death benefit if you’re diagnosed with a terminal or chronic illness. |
Waiver of Premium Rider | Pauses premium payments if you become totally disabled and can’t work. |
Accidental Death Benefit Rider | Provides an additional payout if death results from a covered accident. |
Children’s Term Rider | Offers temporary coverage for dependent children, often convertible to permanent insurance later. |
Guaranteed Insurability Rider | Allows you to purchase additional coverage at specific milestones, such as marriage or the birth of a child, without another medical exam. |
These riders can be especially valuable for veterans seeking flexibility and additional financial safeguards for their families.
Veteran-Specific Life Insurance Programs
Veterans can access two main VA-administered life insurance programs, each corresponding to a different policy type and stage of post-service life.
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Veterans’ Group Life Insurance (VGLI): VGLI is a renewable term life insurance program that extends the coverage veterans had under the Servicemembers’ Group Life Insurance (SGLI) program. It uses a term policy structure, offering coverage in renewable five-year increments with premiums that increase as you age. This makes it ideal for veterans seeking flexible, short- to mid-term life insurance coverage without undergoing a medical exam.
You have 240 days to apply for VGLI without a health review. After that window, you can still apply within one year and 120 days, but you must provide medical evidence of good health.
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Veterans Affairs Life Insurance (VALife): VALife functions as a whole life insurance policy, providing permanent lifetime coverage and a cash value component that grows steadily over time. It’s specifically designed for veterans with service-connected disabilities, offering guaranteed acceptance with no medical exams or health questions. Because it’s a permanent policy, premiums remain fixed for life, making it well-suited for long-term planning.
Eligibility requirements apply. Visit va.gov/life-insurance/ or consult with a VA representative to confirm your specific eligibility status."
VA PROGRAMS VS. PRIVATE INSURERS
Both VA life insurance programs and private insurers serve valuable but different purposes. VA programs emphasize access and continuity, offering guaranteed acceptance (VALife) and easy SGLI rollover (VGLI), although these programs cap coverage amounts and costs can increase with age.
Private insurers emphasize choice and customization, offering higher coverage limits, broader rider menus and level-premium term or permanent policies that can be more cost-effective for healthy applicants. Choose VA for guaranteed eligibility. Pick private life insurance for flexibility, higher limits and long-term planning options.
How Much Does Life Insurance Cost for Veterans?
Insurance companies consider several factors when determining life insurance premiums. How much you'll pay depends on your health, lifestyle, age, coverage amount and policy type.
The table below shows the average cost of life insurance for veterans of different ages, coverage amounts and term lengths.
Data filtered by:
20 years
Select
Male
No
| $100,000 | $12 | $148 |
| $500,000 | $36 | $428 |
| $750,000 | $51 | $612 |
| $1,000,000 | $65 | $779 |
| $1,500,000 | $96 | $1,150 |
| $2,000,000 | $122 | $1,466 |
| $2,500,000 | $157 | $1,873 |
| $3,000,000 | $180 | $2,156 |
The rates above are based on average quotes for buyers with average weight and health ratings. Actual rates may vary based on age, health, lifestyle and other underwriting factors. These are sample rates for illustration only and don't constitute guarantees. Veterans should consult a licensed insurance professional for personalized advice and current rates.
How to Buy Life Insurance as a Veteran
Buying life insurance after military service involves understanding both VA and private market options. Start by assessing your financial goals, including how much income your family would need if you were to pass away. Determine whether your existing benefits, such as SGLI or military survivor benefits, provide sufficient coverage.
- 1Set a coverage target
Add income replacement, debts, childcare and final expenses. Pick a term length or decide on permanent coverage.
- 2Inventory current benefits
Note any SGLI coverage and survivor benefits. Decide how much additional life insurance coverage you need beyond existing programs.
- 3Check VA programs
If you recently separated, consider VGLI for a renewable term coverage. If you have a service-connected disability, review VALife for guaranteed-acceptance whole life. Apply at va.gov/life-insurance/.
- 4Get private quotes
Request quotes for level-term and, if relevant, universal or whole life policies. Ask about riders like accelerated benefits and waiver of premium coverage.
- 5Compare features, not just price
Look at coverage limits, premium guarantees, conversion options, riders and long-term flexibility when evaluating policies.
- 6Choose beneficiaries and contingent backups
List names, relationships and percentages. Review after life events like marriage, divorce or the birth of children.
- 7Apply and finalize
Complete the application, schedule any required exam or choose no-exam if offered. Confirm your first premium payment and policy delivery.
- 8Review annually
Recheck coverage after changes in health, income, disability rating, marriage or retirement to ensure it meets current needs.
Special Life Insurance Considerations for Veterans
Veterans often face different circumstances that influence life insurance eligibility, pricing and coverage value.
Service-connected disabilities
Veterans with service-related health conditions benefit most from VALife, which guarantees approval and doesn’t require medical underwriting. Even severe disabilities won’t disqualify applicants, though coverage is capped compared to private policies.
Recently separated veterans
Within 240 days of separation, you can apply for VGLI without a health exam. This grace period offers affordable continuation of coverage, particularly if your health has changed since active duty.
Older veterans
Permanent life insurance is often the better choice for those over 60 who want lifelong coverage without renewal risks. These policies also accumulate cash value that can supplement retirement income or pay final expenses.
Veterans with PTSD or TBI
Applicants with post-traumatic stress disorder (PTSD) or traumatic brain injury (TBI) may struggle to qualify with private insurers that require medical exams. VA-backed programs remain accessible in these cases, ensuring continued coverage.
Family considerations
If you’re married or supporting dependents, prioritize policies with flexible beneficiary options and riders that extend coverage to spouses or children. Reviewing your coverage annually ensures your policy keeps pace with evolving family and health needs.
Best Veterans Life Insurance: Bottom Line
The best life insurance for veterans depends on your age, health, and long-term goals. VA programs like VALife and VGLI offer dependable access and stability, especially for veterans with disabilities, while private insurers deliver higher coverage, investment potential, and customizable features. Regularly reviewing your policy helps ensure it continues to align with your family’s changing financial priorities.
Life Insurance for Veterans: FAQ
Below are answers to some commonly asked questions about veterans’ life insurance.
Can a veteran get life insurance?
Yes. Veterans can get life insurance through both VA-administered programs and private insurers. The Department of Veterans Affairs offers Veterans Affairs Life Insurance (VALife) for those with service-connected disabilities and Veterans’ Group Life Insurance (VGLI) for recently separated service members. Veterans can also apply for private policies, including term, whole, or universal life insurance, if they meet the insurer’s health and underwriting requirements.
Can a veteran have life insurance from both private insurers and VA programs?
Yes. Veterans can have multiple life insurance policies, including both VA programs and private coverage. For example, a veteran might keep VGLI or VALife for guaranteed financial protection while adding a private term or whole life policy for extra coverage or investment growth. Having both can increase total benefits and provide flexibility as financial needs change.
What happens to VA life insurance when a veteran dies?
When a veteran with VALife or VGLI dies, the policy’s death benefit is paid to the named beneficiary. The beneficiary must file a claim with the Department of Veterans Affairs and provide a certified death certificate. The VA then processes and issues payment, typically within a few weeks once documentation is complete.
Do veterans with disabilities automatically qualify for life insurance?
It depends. Veterans with disabilities automatically qualify for VALife as it offers guaranteed acceptance with no medical exam or health questions. For VGLI, eligibility isn’t automatic but depends on timing. Veterans must apply within 240 days of separation from service to skip the health review.
Private life insurance isn’t automatic. Companies still review health history, medications and disability details during underwriting. Some insurers offer no-exam or simplified-issue policies, but approval and rates depend on overall health and disability severity.
Our Ratings Methodology
Veterans often encounter distinct considerations when shopping for life insurance that standard consumer research doesn't address. Finding the best life insurance companies for veterans involves identifying insurers that offer competitive rates and understand the specific needs associated with a military service background. That's why we designed our methodology specifically around the circumstances veterans may encounter when shopping for life insurance.
Our Rating System
We evaluated each company across three categories weighted by what veterans consistently tell us matters most:
- Affordability: 55%
- Customer Experience: 30%
- Coverage Options: 15%
What We Analyzed
Our evaluation incorporates multiple data sources to capture what matters most when you've served in the military:
- Cost analysis from 248,399 life insurance quotes across multiple coverage amounts and term lengths
- Financial strength ratings from A.M. Best and years in business
- Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) complaint index, J.D. Power and online customer reviews
- Application efficiency and buying process tools, including online resources and underwriting processes
- Product variety and coverage feature,s including term lengths, coverage amounts and policy options
Sample Veteran Profile
We used this standard profile to gather consistent pricing data:
- 40-year-old male
- Nonsmoker
- 5 feet 9 inches tall, 160 pounds
- Average health rating
We modified the profile by age, gender, health status and lifestyle to understand how different backgrounds affect rates.
Best Life Insurance Companies for Veterans: Related Pages
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
sources
- U.S. Department of Veterans Affairs. "VA Life Insurance Programs." Accessed October 22, 2025.
- U.S. Department of Veterans Affairs. "Veterans Affairs Life Insurance (VALife) Program." Accessed October 22, 2025.
- U.S. Department of Veterans Affairs. "Veterans Group Life Insurance (VGLI) Program." Accessed October 22, 2025.