7 Best Life Insurance Companies for Veterans in March 2025

The U.S. Department of Veterans Affairs offers life insurance benefits for veterans, as it does for active duty military. But VA life insurance policies aren't your only option. In some cases, buying coverage on your own may be your best bet.

To create our list of the best life insurance companies for veterans, we chose carriers that earned at least 4.5 out of 5 stars. We confirmed that they all extend coverage to veterans, though in many cases you’ll need to go through the typical life insurance application process. Some companies also offer additional programs to benefit veterans.

Company overview: Guardian can help you convert a VA group life insurance policy (such as VGLI or SGLI) into an individual whole life policy without having to reapply for coverage or take a medical exam. That means you won’t need to prove you’re in good health to get the new policy. You can get the same amount of coverage you currently have on your government term policy, or choose a lower death benefit.

Guardian also offers term and universal coverage. To get one of these policies, veterans will generally need to work with a financial professional and go through the company’s standard underwriting process.

Policies available: Term, whole, universal.

» Read the full review: Guardian Life insurance

Company overview: MassMutual is another company authorized to convert your VGLI, SGLI or FMGLI coverage into a whole life policy. By doing this, you can get lifelong coverage without having to answer health questions or book a medical exam.

If whole life isn’t the right fit for you, you may want to consider one of MassMutual’s other offerings, such as term and universal life insurance. They’re all available to veterans, but you’ll need to work with a financial professional to apply.

MassMutual has been recognized as a military-friendly employer and supports various organizations that help veterans.

Policies available: Term, whole, universal, variable universal.

» Read the full review: MassMutual life insurance

Company overview: Northwestern Mutual offers a range of term and permanent policies, all of which are available to veterans who go through the company’s standard underwriting process. The company draws the lowest volume of consumer complaints to state regulators of all the life insurance companies we review.

Depending on which policy you choose, you may be able to add useful life insurance riders to your coverage. For example, the waiver of premium rider pauses your premiums if you become disabled. You can also choose riders that let you access your death benefit early if you’re diagnosed with a terminal illness or you need long-term care.

Northwestern Mutual is another company that participates in the conversion program from VA policies to whole life insurance.

Policies available: Term, whole, universal, variable universal.

» Read the full review: Northwestern Mutual life insurance

Company overview: Thrivent is a fraternal benefit organization that offers life insurance policies only to its members, who must have a Christian affiliation. Other member benefits include volunteer opportunities, caregiving resources, health care discounts and estate planning tools.

Christian veterans have access to Thrivent’s full range of life insurance products, including term policies available for periods of 10 to 30 years. If you’re looking for permanent coverage, you can choose the level premiums and fixed death benefit of whole life insurance, or consider more flexible universal life insurance options.

Policies available: Term, whole, universal, variable universal.

» Read the full review: Thrivent life insurance

Company overview: Veterans are eligible to apply for all of New York Life’s policies, and the company’s lineup is diverse. For example, you can choose a level term policy, which keeps your premiums the same over the 10 to 20 years the policy is in effect, or opt for a yearly renewable term policy. The latter can be renewed annually as needed or converted to a permanent policy.

New York Life also offers a range of whole and universal insurance. With these options, you’ll build cash value and have coverage that can last your entire life. Depending on which permanent policy you choose, you might have access to dividend earnings, flexible premiums or the opportunity to invest your cash value.

New York Life participates in the VA's group life insurance conversion program.

Policies available: Term, whole, universal, variable universal.

» Read the full review: New York Life insurance

Company overview: Penn Mutual funds scholarships to help veterans and their spouses become financial professionals through its partnership with The American College of Financial Services. The company is also a supporter of the Travis Manion Foundation, which aids veterans and the families of fallen soldiers.

Penn Mutual’s life insurance policies are available to veterans, including various options for term, whole and universal coverage. If you’re not sure about your future coverage needs, you might want to consider a convertible term life insurance policy. This type of coverage is valid for a set number of years but can be upgraded to a permanent policy down the road.

Penn Mutual’s policy lineup also includes several joint life insurance options. These survivorship life insurance policies cover two people, such as you and a spouse, and pay a benefit after the second person dies.

Policies available: Term, whole, universal, variable universal, indexed universal.

» Read the full review: Penn Mutual life insurance

Company overview: While many of USAA’s financial products are exclusively for the military community, its life insurance policies are available to anyone. If you’re looking for quick coverage, consider USAA’s Eagle Express term policy. If you qualify, you could get same-day coverage without having to take a medical exam. This simplified issue policy is available to those between ages 18 and 60.

Those who have a USAA term policy to supplement their SGLI coverage while serving can add extra coverage from USAA after leaving the military. You can get coverage up to the face value of your SGLI policy without answering health questions or taking a medical exam.

This option for post-SGLI coverage differs from the ones described above in two key ways. While the conversion programs from VA partners let you transition from SGLI to a whole life policy, this option from USAA is for term coverage only. Additionally, you must already have a USAA policy in place during your active service period to be eligible for this extra coverage.

Policies available: Term, whole. Universal and final expense policies are available through third parties.

» Read the full review: USAA life insurance

Life insurance through the VA

When you join the military, you typically receive Servicemembers' Group Life Insurance, or SGLI. Veterans generally can convert that coverage to Veterans' Group Life Insurance within one year and 120 days of leaving active service. VGLI is a type of term life policy that stays in force as long as you pay the premiums.

The amount of coverage you can get is based on the amount of SGLI coverage you have. But you can increase the death benefit by $25,000 after your first year of coverage and again every five years after that until you reach age 60, up to a maximum of $500,000.

If you convert your SGLI policy to VGLI coverage within 240 days of leaving service, you’re not required to provide proof of your health to qualify for coverage. However, if you apply after 240 days and before the end of the one-year-and-120-day window, you’ll likely have to provide evidence of good health as part of the application process.

VGLI is more expensive than SGLI, and unlike SGLI or private, level term plans, the monthly cost increases as you age. VGLI rate tables show that a 40-year-old veteran would pay $480 per year for $250,000 of coverage, and the premium would increase to $630 a year at 45. The rates have been steady since 2021 but are expected to decrease by an average of 11% by spring 2025. ^[0]

To compare, a 40-year-old applicant in excellent health can buy a level 30-year term life policy with the same amount of coverage for about $329 per year on the open market, according to Covr Financial Technologies, a life insurance brokerage.

» MORE: How much life insurance do you need?

Life insurance for veterans with disabilities

The VA offers Veterans Affairs Life Insurance, or VALife, policies to former military personnel with disabilities connected to their service. Rates are based on your age, and coverage amounts are low — the maximum amount is $40,000.

VALife is guaranteed-issue life insurance, which means you don’t need to take a medical exam or answer questions about your health to get coverage. It’s a whole life policy that lasts until your death as long as you keep paying your premiums. VALife’s rates are based on your age at the time you apply and won’t change as you get older.

The policy has a two-year waiting period. If you die during this time, your beneficiaries will receive the premiums you’ve paid to date, plus interest, rather than your full death benefit. At the end of the two years, the policy’s cash value will start to accumulate, and your beneficiaries will receive your full death benefit when you die.

Life insurance for veterans with medical issues

VGLI coverage may be a good option if you have a medical issue. You can qualify for VGLI coverage regardless of your health if you apply quickly after leaving the military. This means you may be able to get up to $500,000 of coverage without your medical history influencing the cost of your policy. Plus, VGLI coverage can be less expensive than some private options that skip the medical exam, such as guaranteed issue life insurance. These policies don’t require any information on your health, but typically offer lower coverage amounts at a higher cost.

For example, a $25,000 guaranteed issue policy for a 50-year-old man costs $982 per year on average, according to Covr Financial Technologies. The same applicant can get $100,000 of coverage for $396 per year with a VGLI policy.

However, guaranteed issue premiums typically stay the same throughout your entire life, while premiums for VGLI coverage increase over time. So it’s a good idea to get quotes from a range of private insurers before you make a decision.

» MORE: How to get life insurance with pre-existing conditions

Private life insurance policies for veterans

Whether you can find cheaper coverage elsewhere, want a policy that can build cash value or need more than VA life insurance offers, you may decide to buy your own individual policy after you leave the military.

VGLI doesn’t offer extended coverage for spouses and children like the VA does for active military members with full SGLI coverage. So if you want additional coverage for your family, you’ll need to buy it on the open market. Military spouses who have coverage through Family Servicemembers’ Group Life Insurance, or FSGLI, may be able to convert this coverage to an individual policy.

Buy an individual policy

Although there are a variety of companies to choose from, including the ones listed above, you might want to check out insurers that cater to veterans, like the American Armed Forces Mutual Aid Association or USAA. These companies offer term and permanent coverage specifically geared to active and former military members and their families.

To find the best rates for a policy on the open market, you can compare life insurance quotes online or talk with a local independent life insurance agent.

» MORE: Best life insurance companies

Convert your VGLI policy to an individual one

If you want to convert your existing SGLI or VGLI coverage to an individual policy, you can do so through a participating company. VGLI policies can be converted at any time, while SGLI coverage must be converted within 120 days of leaving the military. You aren't required to provide medical information to insurers when converting your SGLI or VGLI coverage to an individual policy. However, an insurer may ask you questions about your health to see if you qualify for a lower rate.

Here's a list of participating companies:

• American Fidelity Life Insurance.

• EMC National Life.

• Guardian Life.

• Life Insurance Company of Alabama.

• MassMutual.

• Metropolitan Life Insurance

• New York Life.

• Northwestern Mutual.

• Prudential.

• Trans World Assurance.