Retired military personnel have unique insurance needs that extend beyond their service years.
After dedicating their lives to protecting the nation, veterans deserve comprehensive life insurance coverage tailored to their specific circumstances.
The best life insurance for retired military offers affordable premiums, flexible coverage options, and takes into account the unique health risks associated with military service. These policies can provide financial security for veterans’ families, covering expenses like mortgage payments, children’s education, and daily living costs.
By exploring various insurance providers and plans, retired military members can find the optimal coverage to safeguard their loved ones’ futures.
1) USAA Life Insurance
USAA offers specialized life insurance options for retired military personnel.
As a company founded by veterans for veterans, USAA understands the unique needs of those who have served.
USAA Life Insurance Company provides various policies tailored to veterans’ circumstances.
Their offerings include term life, whole life, and universal life insurance plans.
When you transition out of the military, you lose your Servicemembers’ Group Life Insurance (SGLI).
USAA can help you convert your SGLI to Veterans’ Group Life Insurance (VGLI) or explore other options that may better suit your needs.
USAA’s Level Term V Life Insurance policy gives you flexibility in choosing coverage amounts and term lengths.
This can be particularly beneficial if you’re looking for coverage that extends beyond what VGLI offers.
As a USAA member, you can access personalized advice from their insurance professionals.
They can help you determine the right coverage based on your post-military life circumstances and financial goals.
USAA also offers riders and additional benefits that can enhance your policy.
These may include accelerated death benefits or coverage for your spouse and children.
Remember that USAA membership is generally limited to military members, veterans, and their families.
If you qualify, you can take advantage of their competitive rates and military-specific expertise in life insurance planning.
2) Navy Mutual Aid Association
Navy Mutual Aid Association, now known simply as Navy Mutual, has been providing life insurance to military servicemembers and veterans since 1879.
As the oldest Congressionally recognized Veterans Service Organization, it has a long history of serving the military community.
Navy Mutual offers affordable term and whole life insurance policies designed specifically for active duty servicemembers, veterans, and their families.
These policies can supplement or replace your SGLI or VGLI coverage.
You can choose from various policy options to fit your specific needs.
Whether you’re looking for coverage during your active duty years or planning for retirement, Navy Mutual has options for you.
One advantage of Navy Mutual is its focus on education.
Their team can help you understand and secure federal survivor benefits you may be entitled to as a veteran or military family member.
Navy Mutual’s representatives are available to answer your questions and assist you in finding the right coverage.
They can guide you through different life stages, including deployment, family planning, and transitioning out of service.
To get started, you can request a quote online or speak with a Navy Mutual representative.
They’ll help you assess your life insurance needs and find a policy that fits your budget and coverage requirements.
3) Armed Forces Benefit Association
The Armed Forces Benefit Association (AFBA) offers specialized life insurance options for retired military personnel. Founded in 1947, AFBA has a long history of supporting servicemembers and their families.
AFBA provides various life insurance products tailored to the unique needs of veterans.
You can choose from group term life insurance and individual term life insurance options.
The association’s coverage amounts are flexible, allowing you to select a policy that fits your specific requirements.
AFBA’s policies often come with additional benefits designed for military families.
You may appreciate AFBA’s understanding of military life and the challenges faced by veterans.
Their customer service representatives are often well-versed in military-specific concerns.
AFBA’s policies typically do not have war clauses or aviation exclusions, which can be particularly valuable for retired military members.
This means your beneficiaries are protected even in unique circumstances related to your service.
As a retired military member, you might qualify for special rates or discounts through AFBA.
It’s worth exploring their offerings to see how they compare to other insurance providers.
4) Veterans’ Group Life Insurance (VGLI)
Veterans’ Group Life Insurance (VGLI) is a term life insurance program designed specifically for veterans who had Servicemembers’ Group Life Insurance (SGLI) while on active duty.
VGLI allows you to continue your life insurance coverage after leaving military service.
You can apply for VGLI within 1 year and 120 days from your discharge date.
The coverage amount can be equal to or less than the SGLI coverage you had when you left the service, up to a maximum of $400,000.
One significant advantage of VGLI is that no health questions are asked if you apply within 240 days of separation.
This makes it an attractive option if you have health issues that might make obtaining private insurance difficult.
VGLI premiums are based on your age and increase every five years.
As you get older, the cost of coverage can become quite expensive compared to some private insurance options.
You have the flexibility to increase your coverage by $25,000 every five years, up to the maximum $400,000 limit.
This feature allows you to adjust your coverage as your life circumstances change.
It’s important to note that VGLI is a term life insurance policy, which means it doesn’t build cash value.
The coverage remains in effect as long as you continue to pay the premiums.
5) Army and Air Force Mutual Aid Association (AAFMAA)
AAFMAA is a non-profit organization exclusively serving the US military community.
If you’re a retired military member, this association offers tailored life insurance solutions to meet your specific needs.
Founded in 1879, AAFMAA has a long history of providing financial support to military families.
Their experience gives them unique insights into the challenges and requirements of service members and veterans.
AAFMAA offers various life insurance policy options designed for different stages of military life, including retirement.
You can choose from term life, whole life, and universal life policies.
One notable product for retirees is the Final Expense+ life insurance.
This policy is available to veterans aged 65-85 and requires no medical exam or questions, making it easily accessible.
As a member of AAFMAA, you gain access to additional benefits beyond life insurance.
These include wealth management services, mortgage solutions, and survivor assistance.
AAFMAA’s eligibility extends to Army and Air Force personnel, as well as their spouses and children.
This allows you to protect your entire family under one organization.
When considering AAFMAA for your life insurance needs, you can request a free quote online.
Their representatives are available to guide you through the application process and help you select the most suitable policy for your situation.
6) Military Benefit Association
The Military Benefit Association (MBA) offers specialized life insurance options for retired military personnel.
You can access term life insurance policies that are tailored to your needs as a veteran.
MBA provides 10-year and 20-year term life insurance plans underwritten by MetLife, Inc. These policies are designed to offer you comprehensive coverage at competitive rates.
One standout feature is the Term 90 Plus plan, which extends coverage until age 90.
This can provide you with long-term peace of mind about your family’s financial security.
If you have children, MBA offers generous riders.
You can get free coverage for your children up to $12,500, adding extra value to your policy.
MBA’s insurance options are often more cost-effective than VGLI.
This means you might be able to maintain robust coverage while reducing your expenses.
As a retired military member, you can take advantage of MBA’s expertise in serving the veteran community.
Their products are specifically crafted to address the unique needs and circumstances of those who have served.
7) MetLife Retired Military Insurance
MetLife offers specialized life insurance options for retired military personnel.
Their policies are designed to meet the unique needs of veterans and their families.
One of MetLife’s key offerings is their term life insurance plans.
These provide coverage for a specific period, typically ranging from 10 to 30 years.
You can choose the term length that best suits your needs and financial situation.
MetLife also provides permanent life insurance options.
These policies offer lifelong coverage and can accumulate cash value over time.
This feature can be particularly beneficial for long-term financial planning.
As a retired military member, you may be eligible for exclusive rates and benefits through MetLife.
The company recognizes your service and aims to provide competitive pricing for veterans.
MetLife’s policies often include features like convertibility options.
This allows you to convert your term policy to a permanent one without undergoing a new medical exam.
It’s a valuable option if your health or needs change over time.
When considering MetLife’s insurance, you’ll find flexible payment options.
You can choose monthly, quarterly, or annual premium payments based on your budget and preferences.
MetLife also offers riders that can be added to your policy.
These additional features can provide extra protection, such as accelerated death benefits or disability income protection.
8) New York Life Military Protection
New York Life offers tailored life insurance options for retired military personnel.
Their policies provide comprehensive coverage to protect you and your family’s financial future.
As a veteran, you can benefit from New York Life’s flexible policy options.
These include term life, whole life, and universal life insurance plans that cater to various needs and budgets.
New York Life stands out for its high customer satisfaction ratings among veterans.
The company’s strong financial stability, evidenced by an A++ rating from AM Best, ensures reliable long-term protection.
You can easily convert your SGLI or VGLI plans to a New York Life policy.
This seamless transition allows you to maintain continuous coverage after leaving military service.
New York Life offers a wide range of riders to enhance your policy.
These add-ons can provide extra coverage for chronic care or waive premium payments in certain circumstances, which may be particularly valuable for older veterans.
The company’s policies are available to veterans up to 90 years of age.
This extended age limit ensures you can obtain coverage even if you’ve been out of the military for many years.
With New York Life, you’ll have access to knowledgeable agents who understand the unique insurance needs of veterans.
They can help you navigate your options and choose the most suitable policy for your situation.
9) Prudential Group VGLI
Veterans’ Group Life Insurance (VGLI) is a life insurance program offered by Prudential for veterans who had Servicemembers’ Group Life Insurance (SGLI) while in the military. VGLI provides term life insurance coverage for eligible veterans after leaving service.
You can apply for VGLI within 1 year and 120 days from your discharge date.
The coverage amount can be up to the amount of SGLI you had when you left the military, with a maximum of $400,000.
VGLI premiums are based on your age and increase every 5 years.
Unlike SGLI, VGLI rates are not subsidized by the government, which may result in higher costs compared to private insurance options.
One advantage of VGLI is that it doesn’t require a medical exam if you apply within 240 days of leaving the service.
This can be beneficial if you have health issues that might make it difficult to obtain private insurance.
You can manage your VGLI policy online through Prudential’s website.
This includes viewing coverage details, enrolling in auto-pay, and making premium payments.
VGLI coverage is renewable as long as you continue to pay the premiums.
You also have the option to convert your VGLI to a permanent life insurance policy with participating insurance companies at any time.
When considering VGLI, it’s important to compare it with other life insurance options.
Private term life insurance may offer lower rates, especially if you’re in good health.
10) Transamerica Military and Family
Transamerica offers life insurance options tailored for military members and their families.
Their policies provide flexible coverage to meet your unique needs as a retired service member.
You can choose from various term lengths and coverage amounts with Transamerica.
This allows you to customize your policy based on your current financial situation and long-term goals.
Transamerica’s term life insurance plans offer competitive rates for veterans.
These policies can provide financial protection for your family for a specific period, typically 10, 20, or 30 years.
The company also offers permanent life insurance options.
These policies can provide lifelong coverage and may accumulate cash value over time, which you can access if needed.
Transamerica’s underwriting process takes into account your military service.
This means they understand the unique health risks associated with your service and may offer more favorable rates compared to some other insurers.
You can add riders to your Transamerica policy for additional benefits.
These may include accelerated death benefits or disability income riders, providing extra protection for your specific circumstances.
Transamerica’s customer service team is trained to assist military families.
They can help you navigate the application process and understand your policy options, ensuring you get the coverage that best fits your needs.
Understanding Life Insurance Policies
Life insurance policies provide financial protection for your loved ones.
These policies come in different types with varying terms and conditions.
Familiarizing yourself with key terminology will help you make informed decisions about your coverage.
Different Types of Life Insurance
Term life insurance offers coverage for a specific period, typically 10 to 30 years.
It’s often more affordable and straightforward compared to other options.
Whole life insurance provides lifelong coverage and includes a cash value component.
This type can be more expensive but offers additional benefits.
Universal life insurance combines lifelong coverage with flexible premiums and death benefits.
It also builds cash value over time.
Variable life insurance allows you to invest the cash value portion in various investment options.
This type carries more risk but potential for higher returns.
Key Terminology in Life Insurance
Premium: The amount you pay for your policy, which can be monthly or annually.
Death benefit: The amount paid to your beneficiaries when you pass away.
Cash value: A savings component in permanent life insurance policies that grows over time.
Beneficiary: The person or entity you designate to receive the death benefit.
Underwriting: The process insurers use to assess your risk and determine your premium.
Riders: Additional benefits you can add to your policy for an extra cost, such as accelerated death benefits or waiver of premium.
Why Life Insurance is Important for Retired Military Personnel
Life insurance provides crucial financial protection for retired military personnel and their families.
It offers peace of mind and helps secure your loved ones’ financial future.
Specific Needs of Retired Military
As a retired military member, you face unique circumstances that make life insurance essential.
Your service-connected disabilities may affect your health and life expectancy, potentially impacting your family’s financial stability.
Life insurance can help cover funeral expenses and outstanding debts, ensuring your family isn’t burdened with these costs.
It can also provide income replacement if you have a post-military career or pension that your family relies on.
If you have dependents with special needs, life insurance can fund their long-term care after you’re gone.
This is especially important if your military benefits don’t fully cover their expenses.
Financial Security Considerations
Your military pension may not be sufficient to maintain your family’s standard of living after your passing.
Life insurance can bridge this gap, providing additional financial support.
It can also help pay off mortgages, car loans, or other debts, preventing your family from facing financial hardship.
If you have children, life insurance can fund their education expenses, ensuring their future opportunities aren’t compromised.
Consider factors like inflation and rising healthcare costs when determining your coverage needs.
A well-chosen life insurance policy can help protect your family’s financial future against these economic uncertainties.
Remember, term life insurance is often more affordable and may be suitable if you need coverage for a specific period, such as until your mortgage is paid off or your children are financially independent.
Choosing the Right Life Insurance Plan
Selecting the optimal life insurance plan for retired military personnel requires careful consideration of personal circumstances and policy features.
Key factors include coverage needs, affordability, and specific benefits tailored to veterans.
Factors to Consider
When choosing a life insurance plan, evaluate your current financial situation and future needs.
Consider your age, health status, and any existing coverage. Term life insurance can be a cost-effective option for many retired military members.
Compare premiums and coverage amounts from different providers.
Look for policies that offer flexibility in terms of length and coverage.
Some companies provide specialized plans for veterans with service-connected disabilities.
Assess whether you need additional coverage beyond what’s offered by the Department of Veterans Affairs.
Your family size, debts, and long-term financial goals should guide your decision.
Evaluating Policy Benefits
Examine the specific benefits each policy offers.
Look for features like convertibility options.
These options allow you to change your term policy to permanent coverage without a medical exam.
Consider riders that enhance your coverage, such as accelerated death benefits or disability income riders.
These can provide extra protection in case of serious illness or inability to work.
Compare different term lengths to find one that aligns with your needs.
Some companies offer terms ranging from 5 to 30 years.
Check if the policy includes benefits for your spouse or dependents.
Some plans offer coverage extensions or conversion options for family members.
Review the company’s financial strength ratings to ensure they can meet future claims.
Look for insurers with a strong track record of serving veterans.
