As a veteran or service member retired from active duty, especially vets with a service-connected disability, it can be challenging to find the best US Department of Veteran’s Affairs (VA) life insurance policy. With so many plans and providers currently available, the myriad of choices can seem overwhelming. Luckily, our experts can help you sift through the options, and find a provider that works best for you.
While there are numerous providers that have plans specifically catering to veterans, not all of them offer the same plans, prices, and support. Many military insurance providers are specifically designed with veteran families in mind and have no sales fees or commissions, which means lower prices for better coverage.
Here are five of our favorite insurance providers and some of the benefits that they offer veterans looking for better life insurance coverage:
1. United Services Automobile Association (USAA)
As a veteran, nothing is better than a company that’s focused on you and your unique needs and experiences. The United Services Automobile Association (USAA) is a company that’s focused on both on active duty and off-duty military members and families, as well as those who have suffered from a service-connected disability—so you know right away that you’re a priority.
Along with life insurance policies, the USAA offers a diverse range of financial services, from retirement savings to banking assistance. From opening a checking account to refinancing your home to investing in mutual funds, the USAA can address every one of your financial needs. As the name suggests, USAA also offers auto coverage, as well as assistance for any concerns you may have while buying a vehicle.
If you’ve ever tried to insure your home or car before, you know how many administrative hurdles you could face before being granted coverage. Fortunately, USAA coverage requires significantly less red tape than a lot of other providers, as they only require one single medical examination, rather than separate ones before, during and after your service.
2. Navy Mutual
Navy Mutual is another provider that is focused on providing real, tangible support to veterans and their families.
Although there are many benefits to choosing a provider that offers a broad range of products and services, there’s a key advantage to Navy Mutual’s simplicity. Navy Mutual primarily focuses on life insurance so they know life insurance better than almost anyone else. It’s a perfect choice for anyone looking for a straightforward, affordable plan without bells, whistles, or adjacent services to distract them.
On their website, Navy Mutual boasts about their superior reputation—and they have good reason. Fitch Ratings, a global credit ratings leader, has given Navy Mutual an A+ IFS rating and indicated a stable outlook for the company. As a bonus, the company, which allows you to purchase up to $1 million in life insurance, has no war clauses or service restrictions. This means you won’t be charged extra depending on where you served or if you were involved in aviation, anti-terrorism, or other forms of high-risk service.
3. American Armed Forces Mutual Aid Association
The American Armed Forces Mutual Aid Association (AAFMAA) is yet another provider offering services catered to needs of active-duty military members and their spouses.
On top of life insurance, AAFMAA offers mortgage loans and financial education services that can help veterans maximize their wealth and save for their futures. Mortgages are available across the board for active-duty military families, ROTC and Academy cadets, but only in certain regions for honorably discharged veterans.
Many veterans would benefit from AAFMAA’s quality life insurance plans, but a nice additional feature is the organization’s plans that welcome cadets.
AAFMAA’s survivor assistance program and low-interest education loans through the Career Assistance Program (CAP) are just a few services that demonstrate the company’s commitment to their motto: compassion, trust, protection.
4. Armed Forces Benefit Association
The Armed Forces Benefit Association (AFBA) is a truly comprehensive program offering a wide range of services for veterans and military families. Through AFBA, veterans and service members can find multiple forms of insurance, including affordable and extensive healthcare plans.
AFBA takes a personalized, compassionate approach to financial management by providing individualized advice on savings, retirement, life planning and other fiscal concerns that military families face. Unlike many other military insurance providers, AFBA also provides services for other heroes, including paramedics, police,and firefighters. Without any terrorism, combat, or war clauses, veterans from every background have access to affordable insurance plans. Additionally, while only under certain circumstances, children of fallen service members have received scholarships and other education-related financial aid.
5. Veteran Group Life Insurance
Veterans Group Life Insurance (VGLI) is a program that’s directly provided by the Department of Veterans Affairs. VGLI offers several affordable and flexible plans that are designed to work for you. The only requirement is that veterans must enroll within one year and 120 days of separation. Additionally, VGLI premiums are based solely on the veteran’s age, helping ease the burden many disabled veterans face when trying to purchase insurance.
If you ever feel it is a better choice for you, then VGLI also offers the chance to convert to a private provider at any time. If you’re paying premiums, you’re covered for life. Once enrolled, you can increase your coverage by $25,000 every five years until hitting $400,000. In terms of ease, accessibility and availability to those with disabilities, VGLI is a great option for any veteran.
If you’re still looking for comprehensive coverage at a great price, you should check out each provider’s website. There, you can find out more information about every service provided, learn more about rates, and see if you’re eligible for coverage.
The best choice anyone can make when looking for insurance is to shop around and consider your individual needs. If you’re looking for a more comprehensive coverage plan, consider Navy Mutual’s coverage of up to a million dollars. If certain combat clauses have left you struggling to find affordable premiums, consider providers such as AFBA.
We are confident that, with a little research and a great provider on your side, you can find the coverage that will protect your family and secure their future in the years ahead.