Life insurance for veterans is an essential issue. Serving in the military carries obvious risks. Therefore, it can be difficult for veterans to find an affordable life insurance policy from traditional life insurance providers. Fortunately, veterans and active duty service members can find low-cost plans that are designed with military service members in mind. These plans have more affordable rates without sacrificing the quality of a policy.
While veterans can apply for life insurance policies through private insurers, most veterans choose to enroll in an insurance plan that’s provided by the Veterans Benefits Administration (VBA). The VBA has unique low cost life insurance for veterans policies. Additionally, some veterans can qualify for free life insurance from the VBA, such as service members who are injured while serving overseas.
Life insurance for veterans is available to military service members regardless of whether or not they become injured during service. Additionally, active-duty service members can receive up to $400,000 in coverage at an affordable rate. VBA insurance plans work differently compared to traditional life insurance policies.
Once you are no longer in active service, your policy will change. However, veterans can still receive generous veteran discounts, with many veterans receiving 10 to 15 percent off their monthly premiums.
When shopping around for a life insurance policy, it’s important to know that veteran policies have extensive coverage options. Additionally, you cannot be excluded from a life insurance policy due to your mental health. As an added military discount, some providers allow veterans to add family members under their coverage without any additional fee.
Another popular provider for life insurance for veterans is Prudential, which has multiple plans for retired and active military service members. Additionally, applicant do not generally need to complete a medical exam or physical and are not charged an additional fee or ineligible for a policy based on PTSD or a similar diagnosis. What’s more, Prudential provides a lifetime coverage guarantee.
To qualify for one of these policies, you must apply for benefits within a year and a half of being discharged from military service. Additionally, applicants who are under 35 can qualify for extra savings.
The American Armed Forces Mutual Aid Association (AAFMAA) is one of the oldest providers for life insurance for veterans. AAFMAA policies are exclusively available to veterans and feature multiple plans, unique benefits, and substantial military discounts. Veterans enrolled in AAFMAA life insurance policies enjoy some of the most affordable rates with plans costing as little as $15 each month.
If you are a disabled veteran, you may qualify for life insurance coverage through the VA Service-Disabled Veterans Insurance (S-DVI). S-DVI features significant discounts with some policies free to veterans, depending on their disability.