Best Life Insurance for Veterans in 2024 (Top 10 Companies)
Discover the best life insurance companies for veterans such as Allstate, USAA, and State Farm. They stand out for their tailored coverage and military savings. Explore why these providers excel at providing the best protection for veterans.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
UPDATED: Mar 18, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Mar 18, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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17,754 reviewsUSAA stands out with its competitive rates, taking into account various factors like coverage options and affordability. Discover how these companies address veterans’ distinct needs.
| Company Logo | Rank | See Pros/Cons | Maximum Multi-Policy Discount | Maximum Low-Mileage Discount | Best For |
|---|---|---|---|---|---|
 | #1 | Allstate | Up to 25% | Up to 20% | Add-on Coverages |
 | #2 | USAA | Up to 10% | Up to 10% | Military Savings |
 | #3 | State Farm | Up to 17% | Up to 30% | Many Discounts |
 | #4 | Geico | Up to 25% | Up to 20% | Cheap Rates |
 | #5 | Farmers | Up to 5% | Up to 15% | Local Agents |
 | #6 | Progressive | Up to 5% | Up to 30% | Online Convenience |
 | #7 | Nationwide | Up to 20% | Up to 10% | Usage Discount |
 | #8 | Liberty Mutual | Up to 5% | Up to 30% | Customizable Polices |
 | #9 | Travelers | Up to 13% | Up to 10% | Accident Forgiveness |
 | #10 | Hartford | Up to 5% | Up to 20% | Deductible Reduction |
By the end of this, you will have a clear understanding of the various life insurance choices available to veterans, enabling you to make an informed decision that aligns with your specific needs.
To ensure you receive the best rates from top insurance providers in your area, we invite you to enter your ZIP code below and compare the available options. Secure your future today with the right life insurance coverage for veterans.
#1 – Allstate – A Leader in Customization
Melanie Musson Published Insurance Expert
Pros
- Maximum multi-policy discount: Allstate offers a significant multi-policy discount of up to 25%, providing veterans the opportunity to save on multiple insurance products.
- Maximum low-mileage discount: With a low-mileage discount of up to 20%, veterans who don’t drive frequently can enjoy additional savings on their premiums.
- Add-on coverages: Allstate stands out with a variety of add-on coverages, allowing veterans to customize their policies based on individual needs and preferences.
Cons
- Limited low-mileage discount: While Allstate offers a substantial multi-policy discount, its low-mileage discount is capped at 20%, which may be lower compared to some competitors.
- Potentially higher base rates: Some veterans may find that Allstate’s base rates are relatively higher, and the discounts might not fully offset the initial premium costs.
Read more: Allstate Insurance Review & Ratings
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#2 – USAA – Unmatched Military Savings
Pros
- Military savings: USAA is dedicated to serving military members and their families, offering specific military savings and benefits for veterans.
- Up to 10% multi-policy discount: While not the highest, USAA provides a respectable multi-policy discount of up to 10%, encouraging veterans to bundle their insurance needs.
- Reputation and trust: USAA is well-regarded for its customer service and reliability, instilling confidence in veterans seeking a dependable insurance provider.
Cons
- Limited multi-policy discount: The multi-policy discount offered by USAA, while significant, may not be as high as what some other companies provide.
- Membership eligibility: USAA is exclusively available to military members and their families, potentially excluding veterans who don’t meet specific eligibility criteria.
Read more: USAA Insurance Review & Ratings
#3 – State Farm – Diverse Discounts for Veterans
Pros
- Many discounts: State Farm stands out for its diverse range of discounts, allowing veterans to capitalize on various savings opportunities.
- Up to 17% multi-policy discount: State Farm offers a competitive multi-policy discount of up to 17%, making it an attractive option for veterans bundling their insurance.
- Up to 30% low-mileage discount: Veterans who drive less can benefit from State Farm’s generous low-mileage discount, potentially leading to substantial savings.
Cons
- Discount variation: While State Farm provides numerous discounts, the actual discounts a veteran qualifies for may vary based on location and other factors.
- Potentially higher rates in some areas: State Farm’s rates may be higher in certain regions, and veterans should compare quotes to ensure competitive pricing.
Read more: State Farm Insurance Review & Ratings
#4 – Geico – Affordable Coverage for Veterans
Pros
- Cheap rates: Geico is known for its affordability, offering veterans an opportunity to secure coverage at budget-friendly rates.
- Up to 25% multi-policy discount: Geico provides a substantial multi-policy discount, encouraging veterans to combine their insurance needs for maximum savings.
- Convenient online experience: Geico’s online platform ensures convenience for veterans, allowing them to manage policies, file claims, and access information easily.
Cons
- Limited local presence: Geico’s emphasis on online services might be a drawback for veterans who prefer a more local and personalized approach to insurance.
- Varied customer service experiences: While some veterans may find Geico’s customer service satisfactory, others may have mixed experiences, highlighting the subjective nature of service quality
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#5 – Farmers – Personalized Support with Local Agents
Pros
- Local agents: Farmers emphasizes a local presence with its network of agents, providing veterans the opportunity for face-to-face interactions and personalized assistance.
- Up to 15% low-mileage discount: Veterans who drive less can benefit from Farmers’ low-mileage discount, potentially leading to significant savings.
- Insurance bundling discount: While not explicitly mentioned, Farmers often provides additional discounts for bundling multiple insurance policies, offering veterans more ways to save.
Cons
- Limited multi-policy discount: Farmers offers a lower multi-policy discount compared to some competitors, potentially making it less enticing for veterans looking to bundle their insurance.
- Potentially higher base rates: Some veterans may find that Farmers’ base rates are relatively higher, and the available discounts might not fully offset the initial premium costs.
Read more: Farmers Insurance Review & Ratings
#6 – Progressive – Innovative Solutions with Online Convenience
Pros
- Up to 30% low-mileage discount: Progressive stands out with its generous low-mileage discount, making it an appealing option for veterans who don’t drive frequently.
- Online convenience: Progressive’s emphasis on online services provides veterans with a convenient and accessible platform for managing their policies and obtaining information.
- Name your price tool: Progressive offers a unique “Name Your Price” tool, allowing veterans to set a budget and find coverage options that match their financial preferences.
Cons
- Limited local presence: Progressive’s focus on online convenience might be a drawback for veterans who prefer in-person interactions and support from local agents.
- Discount variation: While Progressive provides various discounts, the actual discounts a veteran qualifies for may vary, and some may not be as significant as with other providers.
Read more: Progressive Insurance Review & Ratings
#7 – Nationwide – Comprehensive Savings and Personalization
Pros
- Up to 20% multi-policy discount: Nationwide offers a competitive multi-policy discount, encouraging veterans to bundle their insurance needs for substantial savings.
- Up to 10% low-mileage discount: Veterans who drive less can benefit from Nationwide’s low-mileage discount, providing an additional avenue for potential savings.
- Usage discount: Nationwide’s emphasis on usage-based discounts allows veterans to save based on their driving habits, promoting personalized and fair pricing.
Cons
- Limited low-mileage discount: While Nationwide offers a low-mileage discount, it may be lower compared to some competitors, limiting the potential for savings for veterans who drive less.
- Varied customer service experiences: Nationwide’s customer service reviews may vary, and veterans should consider individual experiences to determine satisfaction levels.
Read more: Nationwide Insurance Review & Ratings
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#8 – Liberty Mutual – Tailored Policies with Substantial Discounts
Pros
- Customizable policies: Liberty Mutual stands out with its emphasis on customizable policies, allowing veterans to tailor coverage to their specific needs and preferences.
- Up to 30% low-mileage discount: Veterans who drive less can benefit significantly from Liberty Mutual’s generous low-mileage discount, potentially leading to substantial savings.
- Accident forgiveness: Liberty Mutual’s accident forgiveness feature can be advantageous for veterans, providing a degree of leniency in the event of an at-fault accident.
Cons
- Limited multi-policy discount: Liberty Mutual offers a lower multi-policy discount compared to some competitors, potentially making it less attractive for veterans bundling their insurance.
- Potentially higher base rates: Some veterans may find that Liberty Mutual’s base rates are relatively higher, and the available discounts might not fully offset the initial premium costs.
Read more: Liberty Mutual Review & Ratings
#9 – Travelers – Versatile Discounts and Forgiveness Programs
Pros
- Up to 13% multi-policy discount: Travelers provides a respectable multi-policy discount, encouraging veterans to bundle their insurance needs for significant savings.
- Up to 10% low-mileage discount: Veterans who drive less can benefit from Travelers’ low-mileage discount, providing an additional avenue for potential savings.
- Accident forgiveness: Travelers offers accident forgiveness, providing veterans with some leniency in the event of an at-fault accident, potentially preventing rate increases.
Cons
- Limited multi-policy discount: Travelers’ multi-policy discount, while decent, may not be as high as what some other companies provide.
- Discount variation: The actual discounts a veteran qualifies for with Travelers may vary based on location and other factors, impacting the overall savings potential.
Read more: Travelers Insurance Review & Ratings
#10 – Hartford – Reduced Costs with Generous Discounts
Pros
- Up to 20% low-mileage discount: Hartford provides veterans with a substantial low-mileage discount of up to 20%, making it an attractive option for those who don’t drive frequently. This discount can result in significant savings on premiums.
- Deductible reduction: Hartford offers a unique advantage with the option for a deductible reduction. Veterans choosing Hartford may benefit from lowered out-of-pocket expenses in the event of a claim, providing financial relief during challenging times.
- Reputable coverage: The Hartford is known for its reputable coverage options and customer service. Veterans opting for The Hartford can have confidence in choosing an established and trusted insurance provider for their coverage needs.
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Average Monthly Life Insurance Rates for Veterans
When evaluating life insurance options for veterans, understanding the specific coverage rates offered by leading insurance providers is crucial. The table presents the average monthly rates for both minimum and full coverage across various companies.
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $55 | $190 |
| USAA | $43 | $85 |
| State Farm | $49 | $111 |
| Geico | $47 | $93 |
| Farmers | $50 | $180 |
| Progressive | $52 | $146 |
| Nationwide | $48 | $150 |
| Liberty Mutual | $44 | $215 |
| Travelers | $51 | $116 |
| Hartford | $46 | $95 |
For example, Allstate offers a minimum coverage rate of $55 and a full coverage rate of $190, while USAA provides rates of $43 and $85 for minimum and full coverage, respectively. These figures serve as a valuable resource for veterans to assess and compare costs, allowing them to align their life insurance choices with their budget and coverage requirements.
It’s essential to consider these rates in conjunction with the individual features and benefits offered by each insurer to make well-informed decisions about life insurance coverage.
Why not use your VA-issued life insurance for veterans?
Affordable life insurance for veterans is provided through Veterans’ Group Life Insurance. While acceptance is guaranteed, VGLI coverage is tied to your previously-held SGLI coverage. You can increase your coverage but only by $25,000 every five years.
Another issue with VGLI coverage is that they only consider the amount of coverage and your age. Discounts for living healthy or reducing risks won’t help you. This means that your VGLI rates can increase significantly as you age.
VGLI only offers term life insurance, which lasts for a specified period. If you’re looking for coverage that will last the remainder of your life or carry a cash value, you’ll need a life insurance company for veterans that offers permanent life insurance.
What are the monthly rates for life insurance for veterans?
Before you consider exchanging your VGLI insurance for private life insurance, you’ll want to compare the rates to ensure they’re cheaper. The following chart shows the average monthly rates for a healthy male obtaining a $400,000, 20-year term life policy based on age.
| Age | Average Monthly VGLI Term Life Rates | Average Monthly Private Term Life Rates |
|---|---|---|
| 30 | $40 | $25.58 |
| 40 | $68 | $45.92 |
| 50 | $144 | $113.58 |
| 60 | $432 | $290.92 |
As you can see, monthly rates for a private term life insurance plan are cheaper than a VGLI plan.
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Can you convert life insurance for veterans to an individual policy?
VGLI might not offer enough coverage or rates might end up being too high. In this case, you can convert your VA life insurance to an individual policy through a private life insurance company. This will allow you to choose from a variety of policies.
While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time. If the conversion is with a participating life insurance company, you can receive standard rates without proof of good health.
How do you get the best rates for life insurance for veterans?
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association. The AAFMAA offers term life and whole life options to veterans, but there are other options.
If you’re happy with your VGLI coverage but are looking for lower rates, you can keep your current coverage until the rates get too high. Then you can convert your plan to a private life insurance company. This is best when you’re relatively young and healthy as you can lock in low rates with the new provider.
Both of these options allow you to purchase permanent life insurance, which builds up a cash value. Depending on the company, you can also purchase final expense or burial insurance to pay for your funeral and burial costs, taking the burden off your loved ones.
The Insurance Information Institute provides additional tips on finding the companies with the best life insurance rates for veterans.
Case Studies: Best Life Insurance for Veterans
Case Study 1: John’s Journey to Financial Security
John, a retired veteran, was concerned about the financial well-being of his family in the event of his untimely demise. He sought out the best life insurance options specifically designed for veterans. After thorough research, he decided to go with Veteran’s Shield Insurance, which offered comprehensive coverage at competitive rates.
The policy provided John’s family with a lump-sum benefit that would support them financially, ensuring they could maintain their standard of living even without his income. With the peace of mind that his loved ones would be taken care of, John could enjoy his retirement without worrying about their future.
Case Study 2: Sarah’s Safety Net for Dependents
Sarah, an active-duty service member and single parent, recognized the importance of securing her children’s future. She needed life insurance that would provide a safety net for her dependents if anything were to happen to her. After careful consideration, Sarah chose Liberty Veterans Life Insurance. This policy offered flexible coverage options and additional benefits tailored to military personnel.
With Liberty Veterans, Sarah knew that her children would receive financial support in her absence, ensuring their education, well-being, and overall stability. The policy gave her peace of mind, allowing her to focus on her duties while prioritizing her family’s future.
Case Study 3: Robert’s Reinvention in Retirement
Robert, a retired veteran, found himself in a unique position after leaving the military. He decided to pursue a new career path and become an entrepreneur. However, he understood the risks involved in starting a business and wanted to protect his family’s financial security. After extensive research, Robert opted for New Horizons Veterans Insurance, a provider known for its customizable policies.
The coverage offered by New Horizons allowed Robert to secure his business interests and ensure his loved ones would be supported if his venture faced challenges. With this policy, Robert could pursue his entrepreneurial dreams while safeguarding his family’s future.
Case Study 4: Maria’s Mortgage Protection Plan
Maria, a veteran and homeowner, wanted to ensure that her family would be able to keep their home in the event of her passing. She decided to explore life insurance options specifically designed to protect mortgages. After thorough evaluation, Maria selected United Veterans Mortgage Protection Insurance. The policy provided her with the assurance that her mortgage would be paid off if she were no longer around.
This gave Maria the confidence that her family would not have to worry about losing their home during a difficult time. The peace of mind that the policy offered allowed Maria to enjoy her home and create lasting memories with her loved ones.
Case Study 5: Michael’s Comprehensive Coverage for the Future
Michael, a retired veteran, wanted to ensure that his loved ones would be financially secure even after he was gone. He sought out comprehensive life insurance coverage that would address his family’s immediate needs while also providing for their long-term future. After careful consideration, Michael chose Patriot Family Life Insurance.
This policy offered a combination of term and whole life coverage, giving Michael the flexibility to meet his family’s evolving needs. The plan provided a death benefit that would cover immediate expenses and also accumulate cash value over time, which could be used for future financial goals. Michael was able to relax, knowing that his family’s financial well-being was secure.
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Life Insurance for Veterans: The Bottom Line
Veterans are provided life insurance but only term life and rates don’t consider your health. This might convince some to switch to an individual plan from a private life insurance company. Knowing why and how to switch coverage will ensure you find the best life insurance for veterans.
To find life insurance rates for veterans, enter your ZIP code for the top life insurance quotes in your area.
Frequently Asked Questions
What is VGLI?
Veterans’ Group Life Insurance (VGLI) is a type of life insurance that is available to veterans after they leave the service. It provides term life insurance coverage for a specified period, and you can increase your coverage by $25,000 every five years.
Why not use your VA-issued life insurance for veterans?
While VGLI offers guaranteed acceptance and may be a good option for some veterans, it may not provide enough coverage and premiums increase significantly with age. Additionally, VGLI only offers term life insurance, so if you’re looking for coverage that lasts for your entire life or has a cash value, you’ll need to look elsewhere.
What are the monthly rates for life insurance for veterans?
The monthly rates for life insurance for veterans vary depending on your age, coverage amount, and the type of policy you choose. On average, however, a healthy male obtaining a $400,000, 20-year term life policy can expect to pay less for private insurance than for VGLI.
Can you convert life insurance for veterans to an individual policy?
Yes, you can convert your VA life insurance to an individual policy through a private life insurance company. While SGLI policyholders can only convert to a private plan within 120 days of leaving the service, VGLI policyholders can convert to an individual plan at any time.
How do you get the best rates for life insurance for veterans?
One option for former service members looking to buy life insurance for veterans is to convert to the American Armed Forces Mutual Aid Association (AAFMAA). The AAFMAA offers term life and whole life options to veterans, but there are also other options. To get the best rates, it’s important to shop around and compare quotes from multiple insurance providers.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
