Best Life Insurance for Veterans (2026)

We researched top life 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 veteran life insurance providers for different categories.

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 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.

*Coverage availability and features may vary by state. Contact the insurers directly to confirm availability in your location.

Veterans can tap into two main VA life insurance programs, each built for different needs and timelines after service.

• Servicemembers' Group Life Insurance (SGLI): SGLI provides automatic coverage up to $500,000 while you're on active duty, in the Ready Reserve or National Guard. The program charges low monthly premiums (just $0.07 per $1,000 of coverage) deducted from your military pay. Your spouse and dependent children can also get coverage through Family SGLI. Coverage continues for 120 days after separation at no cost, giving you time to arrange other insurance.
• Veterans’ Group Life Insurance (VGLI): VGLI picks up where your military coverage (SGLI) left off. It's term life insurance that renews every five years, with premiums that go up as you get older. You don't need a medical exam to sign up, which makes it a good fit if you want flexible coverage for the near to mid-term. You can convert your SGLI to VGLI within one year and 120 days after separation. VGLI then converts to a private policy within five years of your VGLI coverage start date.
• Veterans Affairs Life Insurance (VALife): VALife works like whole life insurance. It covers you for your entire lifetime and builds cash value along the way. It's made for veterans with service-connected disabilities, and there's no medical exam or health screening required. Your premiums stay the same, so it's easier to plan long-term. VALife includes a two-year waiting period for non-accidental deaths. If you die from illness or natural causes during the first two years, your beneficiaries receive only premiums paid plus interest, not the full death benefit. Accidental deaths receive the complete benefit amount immediately.

VA life insurance and private coverage each offer distinct advantages depending on your health, budget and coverage goals.

VA programs work best when you have service-connected disabilities or health issues that make private coverage expensive. You don't need a medical exam for VGLI or VALife, and service-connected conditions won't increase your rates. SGLI offers unbeatable rates at $0.07 per $1,000 of coverage during active duty.

Private insurers often beat VA rates if you're young and healthy. A healthy 30-year-old veteran usually pays 30% to 50% less through private coverage compared to VGLI. Private policies also offer more flexibility with term lengths and riders for critical illness or long-term care.

Life insurance companies look at several things when they set your premiums. Your costs depend on your health, lifestyle, age, how much coverage you need, and what type of policy you choose.

The table below shows the average cost of life insurance for veterans of different ages, coverage amounts and term lengths.

The rates above are based on average quotes for buyers with average weight and health ratings. Actual rates 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.

When you leave the military, SGLI ends, but you can convert that coverage into VGLI or replace it with a new private policy. Conversion lets you continue coverage without a lapse, often with no medical exam, but it comes with strict deadlines and higher long-term costs. Buying new insurance may require health screening, but it usually has lower premiums and more flexible options. The right choice depends on how soon you apply after separation, your health, and whether you need short-term or permanent coverage:

• Within 240 days of separation with health issues: Converting to Veterans’ Group Life Insurance (VGLI) guarantees coverage with no medical underwriting. Your rate is based on age, not current health conditions, making this the safest option if you have medical concerns.
• Within 240 days and in good health: Private life insurance is 30% to 50% cheaper than VGLI for healthy veterans. Shopping early lets you lock in lower rates before your 120-day free SGLI extension ends.
• After 240 days: Medical underwriting applies to both VGLI and private policies. Even then, private insurers offer lower premiums and more flexible term lengths than VGLI.
• Service-connected disabilities rated 50% or higher: VA-backed options provide better value. Private insurers charge higher premiums or decline coverage for service-related conditions. Consider private no-exam policies as an alternative, though rates are higher than policies with standard underwriting.
• Good health with no service-connected disabilities: Private life insurance usually delivers the lowest costs, plus optional riders like critical illness or long-term care that VA programs do not offer.
• Short-term coverage needs: VGLI can serve as a temporary solution while you improve your health or reassess long-term needs. You can switch to a private policy later.
• Permanent coverage with disabilities: VA Life Insurance (VALife) offers guaranteed acceptance, level premiums, and cash value growth without medical screening.
• Maximizing cash value growth: Private whole life insurance accumulates cash value faster and offers more customization than VALife, making it a stronger choice for long-term wealth building.

Which life insurance works best for you depends on your age, your health and what you want long-term. VA options like VALife and VGLI make sense if you have service-connected disabilities or want straightforward coverage. Private companies give you bigger death benefits, let you build savings and offer more ways to customize your policy. Review what you have every year or two to make sure it still fits where your family's finances are heading.

We answer common questions about veterans’ life insurance.

Veterans deal with things most people don't when they're buying life insurance. The best companies for vets are those that understand what military service does to your health and your options. We set up our ratings to reflect what veterans actually go through when they're trying to find coverage.

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 AM 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.