Best Life Insurance for Veterans Over 70: Affordable Options and Comprehensive Coverage

Life insurance provides financial protection for your loved ones after you’re gone.

As a veteran over 70, you may have unique needs and considerations when selecting a policy.

It’s important to explore options tailored to your specific situation.

The best life insurance for veterans over 70 offers affordable premiums, flexible coverage amounts, and takes into account any service-related health conditions. Some insurers specialize in policies for older veterans, while others provide conversion options from military group plans.

By comparing different providers and policy types, you can find coverage that fits your budget and gives you peace of mind.

1) USAA Life Insurance

USAA offers life insurance options tailored for veterans, including those over 70.

The company specializes in serving military members, veterans, and their families.

USAA provides term and permanent life insurance policies.

For veterans over 70, whole life or guaranteed issue life insurance may be more suitable options.

Whole life insurance from USAA offers lifelong coverage with a cash value component.

This can provide financial security for your loved ones and potentially serve as an additional retirement asset.

Guaranteed issue life insurance is available without a medical exam, making it accessible for veterans with health concerns.

Coverage amounts are typically lower, but it ensures you can leave something behind for your beneficiaries.

USAA’s policies often include features like accelerated death benefits, which allow you to access part of your death benefit if diagnosed with a terminal illness.

You may appreciate USAA’s understanding of military life and veteran-specific needs.

Their customer service representatives are trained to assist with unique situations that veterans might face.

Keep in mind that USAA membership is required to purchase their life insurance products.

Eligibility is generally limited to those with military connections, including veterans and their families.

When considering USAA life insurance, compare their rates and coverage options with other providers to ensure you’re getting the best value for your specific situation.

2) Navy Mutual Life Insurance

Navy Mutual offers life insurance options tailored for veterans over 70.

Their Flagship Whole Life policy provides coverage up to $1,500,000 with fixed premiums based on age, health, and chosen coverage amount.

You can lock in lifetime coverage as long as premiums are paid.

This policy guarantees a death benefit and builds cash value over time.

For those seeking term coverage, Navy Mutual’s Level II Plus Term plan offers protection between $50,000 and $1,500,000.

Term lengths start at 10 years and increase in five-year increments.

Navy Mutual’s competitive rates and understanding of the military lifestyle make it an attractive choice for veterans.

Their policies are designed to complement existing VA benefits.

When considering coverage, you can use Navy Mutual’s Basic Life Insurance Needs Calculator.

This tool factors in your annual income, age, immediate cash needs, long-term income needs, and available cash resources.

Navy Mutual provides personalized service and support.

You can reach out to their representatives for guidance on selecting the most suitable policy for your needs.

Remember to compare Navy Mutual’s offerings with other insurers to ensure you’re getting the best coverage for your specific situation.

3) American Armed Forces Mutual Aid Association

AAFMAA is a non-profit organization exclusively serving the US military community.

They offer life insurance options tailored specifically for veterans, including those over 70.

AAFMAA provides various life insurance products, including their Level Term I plan.

This plan offers coverage ranging from $50,000 to $800,000 with premiums that remain constant throughout the term.

One advantage of AAFMAA’s policies is that they stay with you even after you leave military service.

This can be particularly beneficial for veterans over 70 who may have difficulty finding coverage elsewhere.

AAFMAA’s life insurance options are designed to be affordable alternatives to SGLI (Servicemembers’ Group Life Insurance).

They aim to provide peace of mind for you and your family’s financial future.

As a veteran over 70, you might appreciate AAFMAA’s focus on military-specific needs and understanding of the unique challenges faced by older veterans.

Their experience in serving the military community spans many years.

To explore AAFMAA’s life insurance options, you can request a free quote online or call their dedicated phone line for personalized assistance.

This can help you determine which policy best fits your needs and budget as a veteran over 70.

4) Military Benefit Association Life Insurance

The Military Benefit Association (MBA) offers life insurance options tailored for veterans over 70.

This organization provides term life insurance underwritten by MetLife, a reputable insurance provider.

MBA’s policies are designed with older veterans in mind.

You can choose between 10-year and 20-year term lengths, allowing you to select coverage that aligns with your specific needs and financial goals.

One notable feature is the generous children’s rider policy.

This comes at no additional cost and can provide up to $12,500 in coverage for your children or grandchildren.

MBA’s life insurance plans are known for their competitive rates.

As a veteran over 70, you may find their premiums more affordable compared to some other providers in the market.

The application process for MBA life insurance is straightforward.

You can often complete it online or over the phone, making it convenient for you to secure coverage without leaving your home.

It’s important to note that MBA membership is required to access these insurance benefits.

However, if you’re a veteran, you likely already qualify for membership.

Remember to review the policy details carefully before making a decision.

Consider factors such as coverage amounts, premium costs, and any exclusions that may apply to your specific situation.

5) Army and Air Force Mutual Aid Association

The Army and Air Force Mutual Aid Association (AAFMAA) offers specialized life insurance options for veterans over 70.

As the longest-standing non-profit association exclusively serving the US military community, AAFMAA understands the unique needs of older veterans.

AAFMAA provides various life insurance policies tailored to your situation.

You can choose from term life, whole life, and other specialized coverage options designed for veterans.

One advantage of AAFMAA is their focus on the military community.

This means they have expertise in dealing with issues specific to veterans, including those related to service-connected disabilities or health conditions.

AAFMAA offers free quotes for their life insurance products.

You can easily compare different policy options to find the best fit for your needs and budget.

Their policies are designed to provide financial security for your family.

Whether you’re looking for coverage to help with final expenses or to leave a legacy for your loved ones, AAFMAA has options to consider.

When exploring AAFMAA’s offerings, you’ll find that their policies often come with additional benefits.

These may include survivor assistance services or access to financial planning resources.

To get started, you can contact an AAFMAA Membership Coordinator who can guide you through the process and help you find the right policy for your specific situation.

6) Veterans’ Group Life Insurance (VGLI)

Veterans’ Group Life Insurance (VGLI) is a valuable option for veterans over 70 seeking life insurance coverage.

This program allows you to convert your Servicemembers’ Group Life Insurance (SGLI) into a renewable term policy after leaving military service.

VGLI offers coverage amounts ranging from $10,000 to $500,000, providing flexibility to meet your specific needs.

You can adjust your coverage amount periodically, increasing it by $25,000 increments up to the maximum limit.

One significant advantage of VGLI is that you can obtain coverage without providing evidence of good health if you apply within 240 days of leaving the military.

This feature is particularly beneficial for older veterans who may have health concerns.

It’s important to note that VGLI premiums increase as you age.

However, the policy is guaranteed renewable, ensuring you can maintain coverage regardless of changes in your health status.

You have the option to convert your VGLI policy to a commercial whole life insurance policy at any time without providing evidence of good health.

This flexibility allows you to transition to a permanent policy if your needs change.

To apply for VGLI, you’ll need to complete the Application for Veterans’ Group Life Insurance (SGLV 8714).

You can submit this form by fax or mail to the Office of Servicemembers’ Group Life Insurance (OSGLI).

7) Transamerica Life Insurance

Transamerica offers life insurance options that may be suitable for veterans over 70.

Their policies can provide financial protection for your loved ones after you’re gone.

Transamerica’s Trendsetter Super term life insurance is worth considering.

This policy offers coverage amounts up to $10 million, which can be tailored to your specific needs.

You can choose term lengths ranging from 10 to 30 years with Transamerica.

This flexibility allows you to select a policy duration that aligns with your retirement plans and financial goals.

For a 70-year-old, Transamerica’s average monthly cost for a $250,000 10-year term policy is $176.

Keep in mind that your actual premium may vary based on factors like your health and lifestyle.

Transamerica has been in the insurance business for 95 years.

This long-standing experience suggests a stable and reliable provider for your life insurance needs.

When applying for Transamerica life insurance, you may need to undergo a medical exam.

However, some policies might offer simplified underwriting options, which could be beneficial if you have health concerns.

Remember to carefully review the policy terms and conditions before making a decision.

It’s also wise to compare Transamerica’s offerings with other insurance providers to ensure you’re getting the best coverage for your situation.

8) Prudential Life Insurance for Veterans

Prudential offers life insurance options tailored for veterans over 70.

You can choose from various policies to meet your specific needs and budget.

Prudential’s life insurance for veterans includes term and permanent coverage options.

Term policies provide protection for a set period, while permanent policies offer lifelong coverage.

As a veteran over 70, you may find Prudential’s simplified issue policies particularly appealing.

These policies often require less medical underwriting, making it easier to qualify.

Prudential also offers competitive rates for veterans in your age group.

You can get coverage amounts ranging from $10,000 to $1 million or more, depending on your needs and qualifications.

One advantage of choosing Prudential is their experience working with veterans.

They understand the unique needs of those who have served and can provide guidance on supplementing VA benefits.

Prudential’s policies often include features like accelerated death benefits.

This allows you to access a portion of your death benefit if you become terminally ill.

When considering Prudential, make sure to review their financial strength ratings.

These ratings indicate the company’s ability to pay claims in the long term.

Remember to compare Prudential’s offerings with other insurers and VA options.

This ensures you find the best coverage for your specific situation as a veteran over 70.

9) MetLife Veterans Benefits

MetLife offers several insurance options for veterans over 70.

You can access these benefits through the company’s partnership with the Department of Veterans Affairs.

One key offering is the Veterans’ Group Life Insurance (VGLI).

This program allows you to convert your Servicemembers’ Group Life Insurance (SGLI) to a civilian policy after leaving the military.

VGLI provides coverage in increments of $10,000, up to a maximum of $400,000.

You can apply for this coverage within one year and 120 days of leaving the service without providing proof of good health.

MetLife also offers supplemental coverage options to complement your VGLI policy.

These can include accidental death and dismemberment insurance or critical illness coverage.

You may be eligible for discounts on MetLife’s standard life insurance policies as a veteran.

These discounts can help make coverage more affordable, especially if you’re on a fixed income.

MetLife provides resources to help you understand your benefits and make informed decisions.

You can access online tools, speak with insurance specialists, and get personalized quotes.

Remember that your eligibility and rates may vary based on factors like your age, health status, and military service history.

It’s important to compare multiple options to find the best coverage for your needs and budget.

10) New York Life for Veterans

New York Life offers life insurance options tailored for veterans over 70.

Their policies provide financial protection and peace of mind for you and your loved ones.

As a veteran, you may qualify for special rates and benefits.

New York Life’s agents understand the unique needs of military families and can guide you through the application process.

The company offers both term and permanent life insurance policies.

Term life insurance provides coverage for a specific period, while permanent policies offer lifelong protection and potential cash value accumulation.

New York Life’s whole life insurance can be an excellent choice if you’re looking for guaranteed coverage.

This policy type offers fixed premiums and a death benefit that won’t decrease over time.

You can customize your policy with riders to enhance your coverage.

These may include accelerated death benefits or long-term care options, addressing specific concerns you might have as a senior veteran.

New York Life’s financial strength ensures they can meet their policy obligations.

This stability is crucial when choosing a life insurance provider, especially for long-term coverage.

Remember to compare quotes from multiple insurers to find the best rates.

Your age, health, and military service history will all factor into your premium calculations.

When considering New York Life, review their policy terms carefully.

Ensure you understand any exclusions or limitations that may apply to your coverage as a veteran over 70.

11) Gerber Life Insurance for Veterans

Gerber Life Insurance offers several options that may be suitable for veterans over 70.

Their Guaranteed Life Insurance policy is designed specifically for seniors aged 50 to 80.

This policy provides guaranteed acceptance without a medical exam or health questions.

Coverage amounts range from $5,000 to $25,000, making it an accessible option for many veterans.

Gerber Life also offers term life insurance policies that could benefit veterans.

These provide coverage for a specific period, typically 10, 20, or 30 years.

You can choose coverage amounts from $100,000 to $300,000 with their term life policies.

This flexibility allows you to tailor the coverage to your specific needs and budget.

One advantage of Gerber Life is their straightforward application process.

You can often get a quote and apply online, making it convenient for veterans who prefer digital interactions.

Keep in mind that while Gerber Life doesn’t offer veteran-specific policies, their products can still be valuable for former service members.

The company’s long-standing reputation and financial stability may provide peace of mind when choosing an insurer.

When considering Gerber Life Insurance, compare their rates and coverage options with other providers.

This ensures you find the best fit for your unique situation as a veteran over 70.

12) Guardian Life Insurance

Guardian Life offers life insurance options for veterans over 70.

Their policies can provide financial protection for your loved ones and help with estate planning needs.

Guardian’s whole life insurance policies are available to seniors and can accumulate cash value over time.

This feature allows you to access funds if needed during your lifetime.

You can customize your policy with various riders to enhance coverage.

These may include options for long-term care or accelerated death benefits in case of terminal illness.

Guardian Life provides flexibility in premium payments, which can be beneficial for veterans on fixed incomes.

You can choose payment schedules that work best for your financial situation.

The company’s strong financial ratings indicate stability and reliability.

This can give you peace of mind knowing your policy is backed by a reputable insurer.

Guardian offers online tools and resources to help you understand your coverage options.

You can also work with their agents to find a policy that fits your specific needs as a veteran.

Keep in mind that life insurance premiums generally increase with age.

It’s important to carefully consider your budget and coverage requirements when exploring Guardian’s offerings.

As a veteran over 70, you may find Guardian’s policies suitable for leaving a legacy, covering final expenses, or providing ongoing support for your spouse or dependents.

13) Northwestern Mutual Life Insurance

Northwestern Mutual offers life insurance options that may be suitable for veterans over 70.

Their policies include whole life, term life, and universal life insurance.

For veterans in this age group, whole life insurance can be an attractive option.

It provides lifelong coverage and builds cash value over time.

You can access this cash value during your lifetime if needed.

Term life insurance from Northwestern Mutual is available for veterans up to age 80.

This can be a more affordable choice if you’re looking for temporary coverage.

The company’s universal life insurance combines permanent protection with flexible premiums.

This allows you to adjust your coverage and payments as your needs change.

Northwestern Mutual is known for its financial strength and stability.

This can give you peace of mind knowing your beneficiaries will be protected.

The company offers customizable policies.

You can add riders to tailor your coverage to your specific needs as a veteran.

Northwestern Mutual provides personalized service through its network of financial advisors.

They can help you navigate the complexities of life insurance and choose the right policy for your situation.

While not specifically designed for veterans, Northwestern Mutual’s policies can complement or supplement your existing Veterans Group Life Insurance (VGLI) coverage.

14) MassMutual Veterans Life Insurance

MassMutual offers life insurance options that can be suitable for veterans over 70.

Their policies are known for their financial strength and reliability.

You can choose from various types of life insurance, including term and permanent coverage.

Term life insurance provides protection for a specific period, while permanent policies offer lifelong coverage.

MassMutual’s whole life insurance is a popular choice for veterans seeking long-term security.

This policy type builds cash value over time, which you can access if needed.

The company provides customizable policies to meet your specific needs.

You can add riders to enhance your coverage, such as accelerated death benefits or long-term care options.

As a veteran over 70, you may appreciate MassMutual’s lenient underwriting process.

They consider your military service and any related health conditions when evaluating your application.

MassMutual’s financial advisors can help you determine the right coverage amount and policy type for your situation.

They take into account factors like your retirement plans, debts, and desired legacy for your beneficiaries.

Keep in mind that premiums for life insurance tend to be higher for individuals over 70.

However, MassMutual’s policies may still offer competitive rates compared to other insurers.

When considering MassMutual, review their customer service ratings and claims payment history.

This information can give you confidence in their ability to support you and your beneficiaries.

15) State Farm Life Insurance

State Farm offers various life insurance options that may suit veterans over 70.

Their policies include term life, whole life, and universal life insurance.

For older veterans, State Farm’s Select Term life insurance provides coverage starting at $100,000.

You can choose from 10-, 20-, or 30-year terms, with the ability to renew until age 95.

State Farm’s whole life insurance can provide lifelong coverage.

This policy builds cash value over time, which you can borrow against if needed.

Universal life insurance from State Farm offers flexibility in premium payments and death benefits.

You can adjust these as your needs change over time.

State Farm has a strong financial rating, indicating stability and reliability in paying claims.

This can be particularly important for older veterans seeking long-term coverage.

You may appreciate State Farm’s Life Enhanced program, available to policyholders who purchased a new life insurance policy since January 1, 2022.

This program offers additional benefits and rewards.

State Farm provides online quotes and the option to work with local agents.

This allows you to choose the method that’s most comfortable for you when exploring policy options.

Remember to carefully review policy details and exclusions.

Consider consulting with a financial advisor to determine if State Farm’s offerings align with your specific needs as a veteran over 70.

16) Protective Life Insurance for Veterans

Protective offers excellent life insurance options for veterans over 70.

Their policies provide flexible coverage to meet your unique needs as you enter your golden years.

Protective stands out for its great long-level term lengths.

This means you can lock in your premium rate for an extended period, providing financial stability and peace of mind.

You’ll find a range of policy types available, including term life and permanent life insurance.

Term life policies can be an affordable choice if you need coverage for a specific period.

Permanent life insurance from Protective offers lifelong protection.

These policies also build cash value over time, which you can access if needed.

Protective’s term life policies are convertible.

This feature allows you to switch to a permanent policy without undergoing a new medical exam, which can be beneficial as you age.

The company’s financial strength is noteworthy.

Protective has received high ratings from major credit rating agencies, indicating their ability to pay out claims.

When applying for coverage, you’ll appreciate Protective’s streamlined process.

Many applicants can qualify without a medical exam, making it easier for veterans to obtain coverage.

Protective also offers competitive rates for veterans.

While prices will vary based on your individual circumstances, their policies are often budget-friendly.

Remember to compare Protective’s offerings with other insurers to ensure you’re getting the best coverage for your needs.

Each veteran’s situation is unique, so what works best for one may not be ideal for another.

17) Pacific Life Veterans Insurance

Pacific Life offers competitive life insurance options for veterans over 70.

Their policies cater to older individuals seeking financial protection for their families.

Veterans can choose from various term lengths with Pacific Life.

The company provides flexible term life coverage ranging from 5 to 30 years.

Pacific Life’s rates are often favorable for veterans.

They’re known for offering cost-effective coverage, especially for $1 million term life policies.

The application process with Pacific Life is straightforward.

You can typically get a quote online or by speaking with an agent.

Pacific Life boasts strong financial stability.

This can give you peace of mind knowing the company is likely to honor its commitments.

Customer service is a priority for Pacific Life.

They provide support to help you understand your policy options and make informed decisions.

Remember to compare Pacific Life’s offerings with other insurers.

This ensures you find the best coverage for your specific needs as a veteran over 70.

When considering Pacific Life, review their policy terms carefully.

Pay attention to any exclusions or limitations that may affect your coverage.

18) Banner Life Insurance

Banner Life Insurance offers competitive options for veterans over 70 seeking life insurance coverage.

The company provides both term and universal life policies with coverage starting at $100,000 for term life and $50,000 for universal life.

Banner Life Insurance caters to individuals up to age 85, making it accessible for older veterans.

Their policies are known for their flexibility and affordability, which can be particularly appealing to those on fixed incomes.

You’ll find that Banner Life Insurance offers longer level term lengths than many competitors, with options up to 40 years.

This extended coverage period can provide peace of mind well into your later years.

The company’s financial strength is noteworthy, with high ratings from major rating agencies.

This stability ensures that Banner Life Insurance can fulfill its policy obligations to you and your beneficiaries.

When considering Banner Life Insurance, you’ll appreciate their straightforward application process.

Many policies don’t require a medical exam, which can be especially beneficial for veterans with health concerns.

Banner Life Insurance also offers riders to customize your policy.

These add-ons can include accelerated death benefits, which allow you to access part of your death benefit if you become terminally ill.

Remember to compare Banner Life Insurance’s offerings with other providers to ensure you’re getting the best coverage for your specific needs as a veteran over 70.

19) Liberty Mutual Life Insurance

Liberty Mutual offers life insurance options that may suit veterans over 70.

Their policies provide financial protection for your loved ones after you’re gone.

You can choose from term life insurance or permanent life insurance with Liberty Mutual.

Term life provides coverage for a specific period, while permanent life offers lifelong protection.

Liberty Mutual’s TruStage™ Simplified Issue Term Life Insurance is worth considering.

This policy has premiums that increase every five years, which can be beneficial if you’re looking for shorter-term coverage.

For veterans over 70, Liberty Mutual’s guaranteed acceptance whole life insurance might be appealing.

This policy doesn’t require a medical exam, making it easier to qualify for coverage.

Liberty Mutual’s life insurance policies come with various riders.

These optional add-ons can enhance your coverage to better suit your needs as a veteran.

When exploring Liberty Mutual’s options, consider factors like your health, financial situation, and long-term goals.

Their policies can be tailored to fit your specific circumstances.

Remember to compare Liberty Mutual’s offerings with other insurers to ensure you’re getting the best coverage for your needs.

Each company has different strengths, so it’s important to shop around.

20) Haven Life Insurance

Haven Life offers term life insurance policies that can be valuable for veterans over 70.

Their application process is entirely online, making it convenient for older individuals who prefer not to visit an agent in person.

Veterans in this age group can benefit from Haven Life’s simplified issue policies.

These don’t require a medical exam, which can be advantageous if you have health concerns related to your military service.

Haven Life provides coverage amounts up to $500,000 for applicants aged 60-64, and up to $250,000 for those 65-69.

If you’re over 70, you may still be eligible for coverage, but the maximum amount will be lower.

The company’s term lengths are flexible, allowing you to choose coverage periods that align with your specific needs.

This can be particularly useful if you’re looking to cover specific debts or provide for your family for a set period.

Haven Life is known for its competitive rates, which can be appealing if you’re on a fixed income.

They also offer a 30-day free look period, giving you time to review your policy and ensure it meets your needs.

Keep in mind that Haven Life’s policies are issued by MassMutual, a well-established insurer with strong financial ratings.

This can provide you with additional peace of mind regarding the company’s ability to pay claims.

21) Ethos Life Insurance

Ethos Life Insurance offers various options for veterans over 70 seeking coverage.

Their policies are designed to provide financial protection for you and your loved ones.

Ethos provides term life insurance with coverage amounts up to $1.5 million.

These policies can be an excellent choice if you need temporary coverage for a specific period.

For lifelong protection, Ethos offers whole life insurance policies.

These policies build cash value over time, which you can access if needed.

Ethos uses a streamlined application process, often allowing you to get coverage without a medical exam.

This can be particularly beneficial if you have health concerns or prefer a quicker approval process.

The company’s premiums for veterans are competitive, especially for those in good health.

However, rates may increase as you age, so it’s essential to consider your long-term budget.

Ethos provides online tools and resources to help you understand your coverage options.

You can easily compare different policy types and coverage amounts to find the best fit for your needs.

Customer service is available to answer your questions and guide you through the application process.

This support can be valuable when navigating the complexities of life insurance decisions.

While Ethos offers solid options, it’s always wise to compare their policies with other providers.

This ensures you find the most suitable coverage for your specific situation as a veteran over 70.

22) Amica Life Insurance

Amica Life Insurance offers several options for veterans over 70 seeking coverage.

Their whole life insurance policies provide coverage ranging from $25,000 to $1 million or more, giving you flexibility in choosing the right amount for your needs.

You can customize your payment schedule with Amica.

The company allows you to pay off your policy in 20 years or spread your payments out over a longer period, depending on your financial situation and preferences.

Amica is known for its strong customer service, which can be particularly valuable for older veterans who may need additional support navigating their insurance options.

Their representatives can help you understand the details of your policy and answer any questions you may have.

While Amica doesn’t offer specialized veterans’ life insurance, their policies are available to veterans and can be a good alternative to Veterans Group Life Insurance (VGLI).

Amica’s rates may be more competitive, especially for veterans in good health.

When considering Amica, it’s important to compare their rates and coverage options with other insurers.

Request quotes from multiple companies to ensure you’re getting the best value for your specific situation.

Remember that as a veteran over 70, your life insurance needs may differ from those of younger individuals.

Amica’s range of coverage amounts allows you to select a policy that aligns with your current financial obligations and legacy planning goals.

23) Supplemental Life Insurance for Veterans

Veterans over 70 have options for supplemental life insurance to complement their existing coverage.

These policies can provide additional financial protection for your loved ones.

VALife is a new program offering supplemental coverage for veterans with service-connected disabilities.

It’s available regardless of your age or health status.

Private insurers also offer supplemental policies tailored to veterans’ needs.

These can be used to augment VA-provided coverage or serve as standalone protection.

When considering supplemental insurance, evaluate your current financial situation and future needs.

Factor in existing debts, anticipated expenses, and the financial impact on your family.

Some supplemental policies offer flexible coverage amounts, allowing you to choose the level of protection that fits your budget and requirements.

Look for options with guaranteed renewability to ensure continued coverage as you age.

Term life insurance can be a cost-effective supplemental option.

It provides coverage for a specific period, which can be useful if you have time-limited financial obligations.

Permanent life insurance, while typically more expensive, offers lifelong coverage and can accumulate cash value over time.

This type of policy may be worth considering for long-term financial planning.

Before purchasing supplemental insurance, compare quotes from multiple providers.

Look for companies with strong financial ratings and positive customer reviews to ensure reliability and quality service.

24) Whole Life Insurance for Veterans

Whole life insurance provides lifelong coverage for veterans over 70.

This type of policy builds cash value over time, which you can borrow against if needed.

Many insurers offer whole life policies tailored for veterans.

These often come with guaranteed acceptance, meaning you won’t be denied coverage based on health conditions.

The Veterans Affairs Life Insurance (VALife) program is a notable option.

It offers up to $40,000 in coverage for veterans with service-connected disabilities.

Private insurers also provide whole life policies for veterans.

These may offer higher coverage amounts and additional benefits compared to government programs.

When considering whole life insurance, evaluate the premiums carefully.

Costs typically increase with age, so securing a policy earlier can be advantageous.

Some policies include riders that allow for accelerated benefits if you develop a terminal illness.

This feature can provide financial support during difficult times.

Remember that whole life insurance generally has higher premiums than term life insurance.

However, it offers the benefit of lifelong coverage and cash value accumulation.

Before choosing a policy, compare options from multiple providers.

Look for features like waiver of premium riders, which can maintain your coverage if you become disabled.

Consider your specific financial goals and needs when selecting a whole life policy.

The right choice will depend on factors like your health, budget, and desired coverage amount.

25) Term Life Insurance for Veterans

Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years.

For veterans over 70, this can be an affordable option to protect your loved ones financially.

Many private insurers offer term life policies tailored for veterans.

These policies often have competitive rates and may not require a medical exam if you’re in good health.

VALife is a new program offering guaranteed acceptance whole life insurance for veterans with service-connected disabilities.

While not term life, it’s worth considering as an alternative.

The Military Benefit Association offers 10- and 20-year term policies underwritten by MetLife.

These can be excellent options for veterans seeking reliable coverage.

When shopping for term life insurance, compare quotes from multiple providers.

Look for companies with strong financial ratings and positive customer reviews.

Consider the policy’s convertibility options.

Some term policies allow you to convert to permanent coverage without a new medical exam, which can be valuable as you age.

Be aware that premiums for term life insurance increase with age.

If you’re over 70, expect higher rates compared to younger applicants.

Read the fine print carefully.

Some policies may have exclusions or limitations specific to military service or pre-existing conditions.

26) Universal Life Insurance for Veterans

Universal life insurance offers veterans over 70 a flexible option for long-term coverage.

This type of policy combines a death benefit with a savings component, providing you with lifelong protection and potential cash value growth.

As a veteran, you can customize your universal life policy to suit your changing needs.

You have the ability to adjust your premium payments and death benefit amount over time, giving you more control over your coverage.

The cash value in your universal life policy grows tax-deferred.

You can borrow against this cash value or use it to pay premiums, offering additional financial flexibility in retirement.

Some insurers offer specialized universal life policies for veterans with unique features or discounts.

These may include accelerated death benefits or long-term care riders, which can be valuable as you age.

It’s important to note that universal life insurance typically costs more than term life insurance.

However, it provides lifetime coverage, unlike term policies that expire after a set period.

When considering universal life insurance, carefully review the policy’s fees and charges.

These can impact the growth of your cash value and overall policy performance.

As a veteran over 70, you may need to undergo a medical exam to qualify for universal life insurance.

Some insurers offer simplified issue policies with less stringent health requirements, but these often come with higher premiums or lower coverage limits.

27) Accidental Death Insurance for Veterans

Accidental death insurance can provide additional financial protection for veterans over 70.

This type of coverage pays out a benefit if you die due to an accident, rather than illness or natural causes.

Many insurers offer accidental death policies for veterans with no medical exam required.

These policies can be easier to qualify for than traditional life insurance, especially if you have health issues.

Premiums for accidental death insurance are often lower than whole or term life policies.

However, the coverage is more limited since it only pays out for accidental deaths.

You can typically purchase accidental death insurance as a standalone policy or as a rider on an existing life insurance policy.

Adding it as a rider may be a cost-effective way to boost your overall coverage.

Some accidental death policies for veterans offer additional benefits.

These may include coverage for dismemberment or paralysis resulting from an accident.

When considering accidental death insurance, carefully review the policy terms.

Look for any exclusions or limitations on coverage.

Some policies may not cover deaths from certain high-risk activities.

Remember that accidental death insurance is meant to supplement, not replace, traditional life insurance.

It can provide an extra layer of protection, but shouldn’t be your only coverage.

28) Life Insurance Riders

Life insurance riders are additional benefits you can add to your policy.

These optional features can enhance your coverage and provide extra protection tailored to your specific needs.

For veterans over 70, certain riders may be particularly beneficial.

The long-term care rider allows you to access a portion of your death benefit if you require long-term care services.

An accelerated death benefit rider lets you receive part of your policy’s payout if you’re diagnosed with a terminal illness.

This can help cover medical expenses or other costs during your final months.

A waiver of premium rider ensures your policy remains in force if you become disabled and can’t pay your premiums.

This rider can be especially valuable for older veterans on fixed incomes.

Some insurers also offer child life insurance riders, which provide coverage for your grandchildren.

While less common for seniors, this option might appeal to veterans with young grandchildren.

When considering riders, evaluate your specific needs and budget.

Some riders may increase your premium costs, so weigh the benefits against the additional expense.

Keep in mind that availability and terms of riders can vary by insurance company and policy type.

Always read the fine print and ask questions to fully understand what each rider covers and how it works.

29) Affordable Life Insurance for Veterans

Veterans over 70 have several options for affordable life insurance coverage.

The Department of Veterans Affairs offers VALife insurance, which provides guaranteed acceptance for veterans with service-connected disabilities.

Private insurers also cater to veterans’ needs.

New York Life offers flexible policies for veterans up to 90 years old, with competitive rates and high customer satisfaction.

Consider term life insurance for lower premiums.

Pacific Life provides cost-effective options for larger coverage amounts, such as $1 million term life policies.

Compare quotes from multiple providers to find the best rates.

Some companies offer discounts specifically for veterans, which can help reduce costs.

Look into group life insurance through veterans’ organizations.

These policies often have more lenient underwriting and can be more affordable than individual plans.

Don’t overlook simplified issue policies.

While they may have lower coverage limits, they typically require less medical underwriting, making them easier to qualify for at an advanced age.

Remember to review any existing coverage you may have, such as VGLI (Veterans’ Group Life Insurance).

You might find that adjusting your current policy is more cost-effective than purchasing a new one.

30) Best Coverage Life Insurance

Veterans over 70 seeking comprehensive life insurance coverage have several options to consider.

New York Life offers flexible policies for veterans up to 90 years of age, making it a strong contender for best coverage.

You’ll find that many insurers provide policies tailored to older veterans’ needs.

These often include features like level premiums and guaranteed death benefits.

Some companies offer convertible term policies, allowing you to switch to permanent coverage without a new medical exam.

This can be particularly valuable as your health needs change over time.

Corebridge Financial provides a variety of term lengths, giving you the flexibility to choose coverage that aligns with your specific needs and budget.

When selecting a policy, consider factors like the death benefit amount, premium costs, and any additional riders or benefits offered.

Some insurers may include features like accelerated death benefits or long-term care riders.

It’s crucial to compare multiple providers and policies to find the best coverage for your situation.

Consider working with an independent insurance agent who specializes in veteran life insurance to explore all available options.

Remember to review the financial strength ratings of potential insurers.

Companies with high ratings from agencies like AM Best are more likely to fulfill their policy obligations in the long term.

31) Family Coverage Life Insurance

Family coverage life insurance is a crucial consideration for veterans over 70.

This type of policy extends protection to your spouse and children, ensuring their financial security.

For veterans, the Family Servicemembers’ Group Life Insurance (FSGLI) is a valuable option.

It provides coverage for spouses and dependent children of service members who have full-time Servicemembers’ Group Life Insurance (SGLI).

FSGLI offers up to $100,000 of coverage for spouses, not exceeding the amount of SGLI the member has.

Children are automatically covered for $10,000 at no cost.

You can convert FSGLI to an individual policy within 120 days of separation from service or divorce.

This allows you to maintain coverage for your family even after leaving the military.

Private insurers also offer family coverage options.

These policies can be tailored to your specific needs and may provide more flexibility than government-sponsored plans.

When choosing a family coverage policy, consider the amount of coverage needed for each family member.

Factor in future expenses like education costs for children or long-term care for your spouse.

Look for policies with riders that allow you to add or remove family members as your situation changes.

This flexibility can be particularly useful as your family grows or children become financially independent.

Remember to review and update your policy regularly.

Life changes such as births, deaths, or marriages may necessitate adjustments to ensure your family remains adequately protected.

32) No Medical Exam Life Insurance

No medical exam life insurance can be an attractive option for veterans over 70.

This type of policy allows you to skip the traditional medical examination, making the application process faster and more convenient.

Many insurers offer no-exam policies specifically designed for seniors.

AARP Life Insurance provides no-exam term life policies for individuals aged 50 to 74.

These policies can be an excellent choice if you’re an AARP member.

When considering no-exam life insurance, it’s important to understand the trade-offs.

While you avoid the hassle of a medical exam, premiums may be higher compared to fully underwritten policies.

This is because the insurer takes on more risk without a thorough health assessment.

Ethos Life offers no-exam term life policies that you can purchase up to age 65 and maintain until you’re 80.

This makes it a viable option for many veterans in their 70s.

Keep in mind that coverage amounts for no-exam policies may be limited.

Some insurers cap the death benefit at lower amounts compared to traditional policies.

However, this can still provide meaningful coverage for final expenses or leaving a legacy.

If you’re a veteran with health concerns, no-exam life insurance can be particularly beneficial.

It allows you to secure coverage without the risk of being denied based on medical conditions.

Remember to compare quotes from multiple providers.

Each insurer has different underwriting criteria, so you may find varying rates and coverage options tailored to your specific situation.

33) Simplified Issue Life Insurance

Simplified issue life insurance offers a streamlined application process for veterans over 70.

This type of policy requires fewer health questions and no medical exam, making it easier to qualify for coverage.

For veterans in their 70s, simplified issue policies typically provide death benefits up to $100,000.

These policies can be an excellent option if you have minor health issues or want to avoid the hassle of a full medical underwriting process.

You can choose between term and permanent simplified issue policies.

Term policies offer coverage for a specific period, while permanent policies provide lifelong protection.

The average cost of a simplified issue policy is around $28 per month for a 10-year, $100,000 policy.

However, your specific rate will depend on factors like your age, gender, and the amount of coverage you choose.

Keep in mind that simplified issue policies often have higher premiums compared to fully underwritten policies.

This is because the insurance company assumes more risk without a comprehensive health assessment.

Some insurers offer additional benefits with simplified issue policies.

For example, you might find options for accelerated death benefits or living benefits, which allow you to access a portion of your death benefit if you become terminally ill.

When considering simplified issue life insurance, compare quotes from multiple providers.

Look for companies with strong financial ratings and positive customer reviews to ensure you’re getting the best coverage for your needs.

34) Guaranteed Issue Life Insurance

Guaranteed issue life insurance offers a valuable option for veterans over 70 seeking coverage.

This type of policy provides acceptance without a medical exam or health questions, making it accessible to those with pre-existing conditions.

You’ll find that guaranteed issue policies typically have lower coverage amounts, often ranging from $5,000 to $25,000.

These policies are designed to cover final expenses like funeral costs and small debts.

Premiums for guaranteed issue insurance tend to be higher than traditional policies due to the increased risk for insurers.

However, the rates usually remain consistent throughout your lifetime, providing predictable payments.

Be aware of the graded death benefit feature common in these policies.

If you pass away within the first two to three years, your beneficiaries may receive a refund of premiums paid rather than the full death benefit.

When considering guaranteed issue life insurance, compare offerings from different providers.

Some companies may offer more competitive rates or additional features that could benefit you.

Remember that while guaranteed issue policies provide certainty of coverage, they may not be the most cost-effective option if you’re in good health.

Explore other types of life insurance to ensure you’re getting the best value for your needs.

35) Level Premium Term Life Insurance

Level premium term life insurance offers veterans over 70 a stable option for coverage.

This type of policy maintains a fixed premium throughout the term, providing predictability for your budget.

The term length for seniors typically ranges from 10 to 20 years.

You’ll find that shorter terms are more common due to age restrictions imposed by insurance companies.

Level Term II plans can provide coverage options from 5 to 30 years.

However, availability may be limited for those over 70, so it’s essential to check with specific insurers.

One advantage of level premium term insurance is its affordability compared to permanent life insurance options.

You can secure a substantial death benefit without the higher costs associated with whole life policies.

Keep in mind that once the term ends, your coverage will expire.

If you still need insurance after the term, you may face significantly higher premiums or difficulty obtaining new coverage due to advanced age.

Some insurers offer conversion options, allowing you to switch to a permanent policy without a new medical exam.

This feature can be valuable if your health deteriorates during the term.

When considering level premium term life insurance, assess your financial obligations and how long you need coverage.

Factor in any debts, ongoing expenses, or legacy plans you want to secure for your beneficiaries.

36) Renewable Term Life Insurance

Renewable term life insurance offers veterans over 70 a flexible option for coverage.

This type of policy allows you to extend your coverage without undergoing a new medical exam.

The key benefit is the ability to renew your policy at the end of each term.

You can typically renew annually, giving you control over your coverage duration.

As you age, premiums for renewable term policies will increase.

This reflects the higher risk associated with insuring older individuals.

For veterans over 70, renewable term insurance can provide peace of mind.

You don’t have to worry about losing coverage due to health changes.

Some insurers offer renewable term policies specifically tailored for veterans.

These may include features like accelerated death benefits or conversion options.

When considering renewable term insurance, compare quotes from multiple providers.

Rates and terms can vary significantly between companies.

Remember that while renewable, these policies do have an age limit.

Most insurers cap coverage at age 95, though this can differ by company.

Carefully review the renewal terms before purchasing.

Understand how premiums will increase and any limitations on coverage amounts as you age.

Renewable term insurance can be a good fit if you need temporary coverage with the option to extend.

It offers flexibility while avoiding the higher costs of permanent life insurance.

37) Convertible Term Life Insurance

Convertible term life insurance offers veterans over 70 a flexible option for coverage.

This type of policy starts as term life insurance but can be converted to permanent coverage later.

You have the ability to switch to whole life or universal life insurance without undergoing a medical exam.

This feature becomes valuable as you age and your health needs change.

The conversion option typically has a time limit.

You’ll need to convert within a specified period, often before the term expires or by a certain age.

Premiums for convertible term policies may be higher than standard term insurance.

However, they’re usually lower than permanent life insurance premiums.

New York Life offers convertible term policies that could suit veterans over 70.

Their plans allow for conversion up to age 75, providing extended flexibility.

When converting, your new premium will be based on your current age.

The older you are at conversion, the higher your premium will be.

Some insurers offer partial conversion options.

This allows you to convert only a portion of your coverage, giving you more control over your policy and costs.

Convertible term insurance can be an excellent choice if you’re unsure about your long-term insurance needs.

It provides temporary coverage with the option to secure lifelong protection later.

38) Decreasing Term Life Insurance

Decreasing term life insurance is a unique option for veterans over 70.

It offers coverage that gradually reduces over time, typically in line with a declining financial obligation like a mortgage.

The coverage amount declines at a fixed pace, but your premium remains constant throughout the policy term.

This can be advantageous if you have specific debts you want to cover.

For veterans over 70, this type of insurance can be particularly useful if you’re on a fixed income.

It allows you to maintain coverage while potentially paying lower premiums compared to level term policies.

You might consider decreasing term life insurance if you have a specific financial obligation that decreases over time.

For example, if you’re paying off a mortgage or other loan.

Keep in mind that as you age, your insurance needs may change.

Decreasing term life insurance might align well with your financial goals if you expect your debts to decrease as you get older.

When shopping for decreasing term life insurance, compare quotes from multiple providers.

Each company may offer different rates and terms, so it’s important to find the best fit for your specific situation.

Remember to carefully review the policy details.

Understand how quickly the coverage amount decreases and ensure it aligns with your financial obligations.

39) Burial Insurance for Veterans

Burial insurance for veterans provides financial protection to cover end-of-life expenses.

This type of insurance ensures your family isn’t burdened with funeral costs and other related expenses after your passing.

As a veteran over 70, you have several options for burial insurance.

The Department of Veterans Affairs (VA) offers some burial benefits, but these may not cover all expenses.

You can supplement VA benefits with private burial insurance.

Many insurance companies offer policies specifically designed for veterans.

These policies typically have simplified underwriting processes, making them easier to qualify for.

Guaranteed acceptance life insurance is an option if you have health concerns.

These policies don’t require a medical exam and provide coverage regardless of your health status.

The coverage amounts for burial insurance usually range from $5,000 to $25,000.

You can choose the amount that best fits your needs and budget.

When selecting a policy, consider factors like premium costs, waiting periods, and payout amounts.

Some policies may have graded benefits, meaning full coverage doesn’t start immediately.

Burial insurance premiums often increase with age.

Securing a policy sooner rather than later can help you lock in lower rates.

40) Funeral Insurance for Veterans

Funeral insurance, also known as burial insurance, can provide financial protection for veterans and their families.

This type of coverage helps pay for funeral expenses, burial costs, and other end-of-life expenses.

As a veteran over 70, you may be eligible for specific funeral insurance options tailored to your needs.

These policies often have simplified underwriting processes, making it easier to qualify compared to traditional life insurance.

Guaranteed acceptance life insurance is a popular choice for veterans in this age group.

It offers coverage without medical exams or health questions, ensuring you can secure a policy regardless of your health status.

Some insurance companies offer policies specifically designed for veterans.

These may include additional benefits or discounts based on your military service.

When considering funeral insurance, evaluate the coverage amount carefully.

Ensure it’s sufficient to cover anticipated funeral costs and any outstanding debts you may leave behind.

Remember to compare quotes from multiple insurers to find the best rates.

Some companies specialize in policies for older adults and may offer more competitive premiums.

VALife, a program offered by the Department of Veterans Affairs, provides life insurance options for veterans with service-connected disabilities.

This could be an alternative to traditional funeral insurance if you qualify.

Consider discussing your options with a financial advisor or insurance specialist who understands veterans’ benefits.

They can help you choose the most suitable policy for your specific situation.

41) Spousal Coverage Life Insurance

Spousal coverage life insurance provides protection for your spouse or partner.

As a veteran over 70, you can explore options to ensure your loved one is financially secure after your passing.

Some veterans’ life insurance policies offer spousal coverage as an add-on.

This allows you to extend protection to your partner without purchasing a separate policy.

Private insurers also offer standalone spousal policies.

These can be tailored to your specific needs and budget, providing flexibility in coverage amounts and terms.

When considering spousal coverage, assess your partner’s financial needs.

Factor in outstanding debts, daily living expenses, and future goals they may have.

Age is an important consideration for spousal coverage.

Premiums typically increase with age, so securing a policy earlier can be more cost-effective.

Family Servicemembers’ Group Life Insurance (FSGLI) is an option for spouses of active duty service members.

However, it may not be available to veterans over 70.

Term life insurance can be a good choice for spousal coverage.

It provides protection for a specific period, often at lower premiums than permanent policies.

Remember to review and update your spousal coverage regularly.

Life changes, such as retirement or paying off a mortgage, may affect the amount of coverage needed.

42) Military Transition Life Insurance

Military Transition Life Insurance is a crucial option for veterans over 70 transitioning from active duty to civilian life.

This type of coverage helps bridge the gap between your military service and civilian insurance needs.

When you leave the military, you have the option to convert your Servicemembers’ Group Life Insurance (SGLI) to Veterans’ Group Life Insurance (VGLI).

This transition must be done within 1 year and 120 days of separation from service.

VGLI offers coverage up to $400,000, matching the maximum SGLI amount.

The premiums are based on your age and increase every five years.

For veterans over 70, the rates may be higher, but the coverage remains valuable.

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 particularly beneficial for older veterans with health concerns.

You can also consider converting your SGLI to a commercial policy offered by participating insurance companies.

This option may provide more flexibility in coverage and pricing.

It’s important to review your financial needs and compare different insurance options.

Some private insurers offer specialized policies for veterans that may better suit your situation.

Remember to consider factors like your health, financial obligations, and beneficiaries when choosing a policy.

Consulting with a financial advisor familiar with veteran benefits can help you make an informed decision.

43) Deployment Coverage Life Insurance

Deployment Coverage Life Insurance is a specialized policy designed for active-duty military personnel.

This type of insurance provides additional protection during deployment periods when the risk of death or injury may be higher.

You can obtain Deployment Coverage as a supplement to your existing Servicemembers’ Group Life Insurance (SGLI).

It offers increased coverage amounts specifically for the duration of your deployment.

The premiums for this coverage are typically higher than standard life insurance due to the increased risk.

However, the extra protection can provide peace of mind for you and your family during challenging times.

Some private insurers also offer deployment coverage options.

These policies may have different terms and conditions compared to government-provided coverage.

It’s important to review the policy details carefully.

Pay attention to exclusions, coverage limits, and any restrictions related to combat zones or specific military operations.

Remember that Deployment Coverage Life Insurance is temporary.

It’s designed to supplement your existing coverage during active deployment periods only.

Consider discussing your options with a financial advisor who specializes in military benefits.

They can help you determine if this additional coverage is necessary for your specific situation.

44) Service-Disabled Veterans Life Insurance

Service-Disabled Veterans Life Insurance (S-DVI) is a specialized life insurance program designed for veterans with service-connected disabilities.

This coverage aims to provide financial protection for veterans who might otherwise struggle to obtain affordable life insurance due to their disabilities.

S-DVI offers low-cost coverage to eligible service members.

The program provides basic coverage of up to $10,000, with the option to apply for supplemental coverage of up to $30,000.

You may be eligible for S-DVI if you have a service-connected disability rating from the Department of Veterans Affairs.

It’s important to note that the program stopped accepting new applications after December 31, 2022.

If you already have S-DVI coverage, you can maintain your policy.

The premiums for this insurance are based on your age and the amount of coverage you choose.

Veterans under 70 years old can apply for premium waivers if they meet certain disability requirements.

While S-DVI is no longer available for new applicants, you may explore other VA life insurance options or consider private insurance companies that offer specialized policies for veterans.

Some insurers provide coverage tailored to veterans’ needs, including those with service-connected disabilities.

When considering life insurance options as a veteran over 70, it’s crucial to compare different policies and providers.

Look for coverage that suits your specific needs and financial situation.

45) Servicemembers’ Group Life Insurance (SGLI)

SGLI is a low-cost term life insurance program designed for active duty service members.

If you’re a veteran over 70, you’re no longer eligible for SGLI coverage, as it ends when you leave the military.

During your service, SGLI provided automatic coverage of up to $400,000.

The program covers members of the Army, Navy, Air Force, Space Force, Marines, and Coast Guard.

SGLI premiums are deducted from your military pay.

The coverage includes protection against death from any cause, whether on or off duty, and even in times of war.

When you separated from service, you had the option to convert your SGLI to Veterans’ Group Life Insurance (VGLI).

This conversion allows you to maintain coverage without providing proof of good health.

If you didn’t convert your SGLI to VGLI within the specified timeframe after leaving the military, you may have lost the opportunity for guaranteed coverage.

However, there are still options available for veterans over 70 seeking life insurance.

You can explore private insurance companies that offer policies specifically tailored for veterans.

Some insurers provide coverage without medical exams, which can be beneficial if you have health concerns.

While SGLI was an excellent option during your service, as a veteran over 70, you’ll need to look into alternative life insurance options to meet your current needs.

46) Life Insurance Settlement Option

A life insurance settlement option allows you to sell your existing life insurance policy to a third party for a lump sum payment.

This can be beneficial if you’re over 70 and no longer need the coverage or struggle to pay premiums.

The settlement amount is typically higher than the policy’s cash surrender value but lower than the death benefit.

Your age, health status, and policy details influence the offer you receive.

By choosing a life insurance settlement, you can access funds to cover immediate expenses or enhance your retirement savings.

This option may be particularly attractive if you have high-value policies but reduced financial obligations.

It’s important to consider the tax implications of a life insurance settlement.

The proceeds may be subject to income tax, potentially affecting your overall financial situation.

Before deciding on a settlement, consult with a financial advisor to evaluate alternatives.

You might explore options like policy conversion or riders that could better suit your needs without surrendering the policy entirely.

47) Independent Life Insurance

Independent life insurance refers to policies offered by companies not directly affiliated with government programs or large financial institutions.

These insurers often provide specialized coverage tailored to veterans over 70.

Many independent insurers offer simplified issue policies, which require less stringent medical underwriting.

This can be beneficial for older veterans who may have health issues that make traditional policies harder to obtain.

Some independent companies specialize in final expense insurance, which can help cover burial costs and other end-of-life expenses.

These policies typically have lower coverage amounts but are easier to qualify for.

You might find that independent insurers offer more flexible payment options.

This can include monthly, quarterly, or annual premium payments to suit your budget.

Independent companies may provide additional riders or benefits specific to veterans.

These could include accelerated death benefits or long-term care provisions.

When considering an independent insurer, check their financial stability ratings from agencies like A.M. Best.

This helps ensure the company can fulfill its policy obligations.

Some independent insurers may offer personalized service, with agents who understand the unique needs of veterans over 70.

This can lead to a more tailored insurance experience.

Don’t forget to compare quotes from multiple independent insurers.

Prices and coverage options can vary significantly, so shopping around is crucial to finding the best policy for your needs.

48) Direct Term Life Insurance

Direct term life insurance offers veterans over 70 a straightforward option for coverage.

This type of policy allows you to purchase insurance directly from the provider, bypassing agents or brokers.

By choosing direct term life insurance, you can often secure lower premiums.

The application process is typically simpler and faster, as you interact directly with the insurance company.

Many providers offer online quotes and applications for direct term policies.

This convenience allows you to compare options and prices easily from the comfort of your home.

Term lengths for direct policies may range from 10 to 30 years.

As a veteran over 70, you might find shorter terms more suitable and affordable.

Some insurers offer coverage up to age 90, providing extended protection for your beneficiaries.

Be sure to review the maximum age limits when considering different policies.

Direct term life insurance often comes with fewer bells and whistles than other policy types.

This simplicity can be an advantage, making it easier to understand exactly what you’re purchasing.

Remember to carefully review the policy details before committing.

Pay attention to factors like premium increases, conversion options, and any exclusions that may apply to veterans.

While direct term insurance can be cost-effective, it’s important to compare it with other options available to veterans.

Consider your specific needs and financial situation when making your decision.

49) Life Insurance with Long-Term Care

Life insurance with long-term care benefits can be an excellent option for veterans over 70.

This type of policy combines traditional life insurance coverage with long-term care protection.

As you age, the likelihood of needing long-term care increases.

A hybrid policy can help cover these potential costs while still providing a death benefit to your beneficiaries.

Many insurance companies offer long-term care riders that you can add to your life insurance policy.

These riders allow you to access a portion of your death benefit to pay for long-term care expenses if needed.

Some policies offer a separate long-term care benefit in addition to the death benefit.

This can provide more comprehensive coverage for your potential care needs.

You may find that premiums for these hybrid policies are more stable than those for standalone long-term care insurance.

They also often have more lenient underwriting requirements, which can be beneficial for older applicants.

It’s important to note that using your policy’s long-term care benefits will reduce the death benefit available to your beneficiaries.

However, this trade-off can be worthwhile if it helps you avoid depleting your savings on care costs.

When considering life insurance with long-term care benefits, compare options from multiple providers.

Look for policies that offer flexibility in how you can use the long-term care benefit and have clear terms for qualifying for care.

50) Critical Illness Life Insurance

Critical illness life insurance can be a valuable option for veterans over 70.

This type of policy provides a lump sum payment if you’re diagnosed with a covered serious illness.

Common covered conditions include cancer, heart attack, and stroke.

The payout can help cover medical expenses, lost income, or other financial needs during recovery.

For veterans, critical illness insurance can supplement existing health coverage.

It offers additional financial protection against serious health events.

You can often add critical illness coverage to an existing life insurance policy.

This is known as a rider and may be more cost-effective than purchasing a separate policy.

When considering critical illness insurance, review the list of covered conditions carefully.

Some policies offer more comprehensive coverage than others.

Age and health status can affect your eligibility and premiums.

As a veteran over 70, you may face higher costs, but coverage can still be worthwhile.

Look for policies with guaranteed renewability.

This ensures your coverage continues even if your health changes.

Some insurers offer policies specifically tailored to veterans’ needs.

These may include coverage for service-related illnesses or injuries.

Don’t forget to compare quotes from multiple providers.

This helps you find the best balance of coverage and affordability for your situation.

51) Survivor Benefits for Veterans

Veteran survivor benefits provide crucial support for families after a service member’s passing.

These benefits aim to ease financial burdens and honor the veteran’s service.

Dependency and Indemnity Compensation (DIC) is a monthly payment available to eligible surviving spouses, children, or parents.

You may qualify if the veteran died on active duty or from a service-connected disability.

The VA offers a Survivors Pension for low-income, unremarried surviving spouses and unmarried children of deceased wartime veterans.

This needs-based benefit can help with basic financial support.

Burial benefits are available to assist with funeral and burial expenses.

These may include a burial allowance, plot interment allowance, and reimbursement for transportation costs.

Eligible survivors can access health care coverage through CHAMPVA (Civilian Health and Medical Program of the Department of Veterans Affairs).

This comprehensive health insurance can be invaluable for those who have lost their coverage.

You may also be entitled to education benefits if you’re a surviving spouse or child.

These can help cover costs associated with school or job training programs.

Home loan benefits may be available to surviving spouses.

This can assist you in purchasing, building, or refinancing a home.

52) Life Insurance Counseling

Life insurance counseling can be invaluable for veterans over 70 seeking the right coverage.

These services provide personalized guidance to help you navigate the complex world of life insurance options.

A qualified counselor can assess your unique financial situation and goals.

They’ll consider factors like your health, budget, and beneficiaries’ needs to recommend suitable policies.

Counselors can explain the differences between term and whole life insurance.

They’ll help you understand how each type might fit into your overall financial plan.

You can expect assistance in reviewing and comparing different insurance providers.

Counselors often have access to a wide range of products and can help you find competitive rates.

They can also guide you through the application process, explaining medical underwriting requirements and how to prepare for them.

This can be especially helpful if you have health concerns.

Many counselors are familiar with veterans’ specific insurance options, including VGLI and VALife.

They can help you understand how these compare to private insurance alternatives.

Life insurance counseling is often available at no cost to you.

Many financial advisors and insurance agents offer this service as part of their customer support.

Don’t hesitate to seek counseling from multiple sources.

This can give you a well-rounded view of your options and help you make an informed decision about your life insurance coverage.

53) VFW Life Insurance Programs

The Veterans of Foreign Wars (VFW) offers specialized life insurance programs for veterans over 70.

These programs are tailored to meet the unique needs of older veterans and their families.

VFW life insurance policies often provide guaranteed acceptance for members between ages 50 and 74.

This means you won’t need to undergo a medical exam or answer health questions to qualify.

Coverage amounts typically range from $5,000 to $20,000, depending on your age.

If you’re 65 or older, the maximum coverage amount may be limited to $10,000.

The VFW Insurance Program makes it easy to compare rates and get free quotes.

You can call their dedicated line or visit their website to explore options without any obligation.

These policies are designed to provide financial protection for your loved ones after your passing.

They can help cover final expenses, outstanding debts, or leave a legacy for your family.

As a VFW member, you have exclusive access to these life insurance offerings.

Your spouse may also be eligible for coverage under certain plans.

When considering VFW life insurance, review the terms carefully.

Look at factors like premium costs, coverage limits, and any waiting periods or exclusions that may apply.

54) American Legion Life Insurance Programs

The American Legion offers life insurance options for veterans over 70 through partnerships with insurance providers.

These programs aim to provide financial protection for you and your family.

Guaranteed issue whole life insurance is available for veterans aged 45-85 through the American Legion’s partnership with Mutual of Omaha.

This policy does not require a medical exam, making it accessible for older veterans.

The American Legion also collaborates with USAA, their preferred provider of insurance services.

USAA offers various life insurance products tailored to veterans’ needs, including options for those over 70.

When considering American Legion life insurance programs, you should compare the coverage amounts, premium costs, and policy terms.

Each option may have different benefits and limitations based on your age and health status.

It’s important to note that these programs are designed to complement existing VA benefits.

They can provide additional financial security for your loved ones after you’re gone.

To explore the specific life insurance options available through the American Legion, you can contact their member services or visit their website.

They can provide detailed information about policy features, eligibility requirements, and application processes.

Remember to carefully review all terms and conditions before choosing a life insurance policy.

Consider your current financial situation, health status, and long-term goals when selecting coverage through American Legion programs.

55) MOAA Life Insurance Programs

MOAA offers several life insurance options for veterans over 70.

These programs cater specifically to military officers and their families.

The MOAA Level Term Life Insurance provides stable premiums and benefits for a set duration.

This coverage can help ensure your family’s financial security remains intact.

For veterans seeking higher coverage amounts, MOAA’s Leader Group Term Life Insurance offers up to $550,000 for ages 50-69.

If you’re between 70-74, you can still obtain coverage, though the maximum amount may be lower.

MOAA insurance plans are designed to complement other veteran benefits.

They can provide additional financial protection for your loved ones beyond what’s offered by standard VA programs.

When considering MOAA life insurance, it’s important to review the specific terms and conditions.

Coverage amounts, premium rates, and eligibility criteria may vary based on your age and circumstances.

To get detailed information about MOAA insurance options for veterans over 70, you can contact their program administrators.

They can provide personalized guidance based on your specific needs and situation.

Remember to compare MOAA’s offerings with other veteran-focused insurance companies to ensure you’re getting the best coverage for your needs.

56) DAV Life Insurance Programs

DAV, or Disabled American Veterans, offers support to veterans but does not directly provide life insurance programs.

Instead, they assist veterans in accessing VA life insurance benefits.

DAV can help you navigate the VA Life Insurance options available to veterans.

These include programs like Service-Disabled Veterans Life Insurance (S-DVI) and Veterans’ Group Life Insurance (VGLI).

If you’re over 70, you may be eligible for VGLI.

This program allows you to convert your Servicemembers’ Group Life Insurance (SGLI) to a renewable term policy after leaving service.

DAV can guide you through the application process for VALife, a new program for veterans with service-connected disabilities.

VALife doesn’t require medical exams or health questions.

While DAV doesn’t offer its own life insurance, their service officers can provide free assistance with your VA life insurance claims and applications.

They can help you understand your options and eligibility.

DAV’s primary focus is advocating for veterans’ rights and helping you access benefits you’ve earned through your service.

For specific life insurance needs, they’ll direct you to appropriate VA programs.

57) Life Insurance for Reservists

As a reservist, you have unique insurance needs that differ from active-duty personnel and veterans.

Reservists can access several life insurance options tailored to their specific circumstances.

The Servicemembers’ Group Life Insurance (SGLI) is available to you as a reservist.

This coverage offers up to $400,000 and includes protection against traumatic injuries.

SGLI provides affordable and comprehensive coverage during your service.

When you’re not on active duty, you can opt for part-time SGLI coverage.

This allows you to maintain protection even when you’re not actively serving.

The premiums are typically lower than full SGLI coverage.

Private insurance companies also offer policies designed for reservists.

These plans often provide more flexibility and can supplement your SGLI coverage.

You may find options with longer term lengths or additional riders to customize your policy.

Consider converting your SGLI to Veterans’ Group Life Insurance (VGLI) when you leave the reserves.

This option allows you to maintain coverage without medical underwriting.

However, keep in mind that VGLI rates increase with age.

It’s important to review your life insurance needs regularly, especially during transitions in your reserve service.

Factors like deployment, family changes, and career shifts can impact your coverage requirements.

58) Life Insurance for National Guard

National Guard members have unique insurance needs due to their dual civilian and military roles.

You may be eligible for Servicemembers’ Group Life Insurance (SGLI) while serving.

SGLI provides up to $400,000 in coverage at competitive rates.

This policy remains active during your service period, including when you’re not on active duty.

When you leave the National Guard, you can convert your SGLI to Veterans’ Group Life Insurance (VGLI).

VGLI allows you to maintain coverage without a medical exam if you apply within 240 days of separation.

You also have the option to explore private life insurance policies.

These can supplement your military coverage or serve as your primary insurance after leaving service.

Many insurers offer specialized policies for National Guard members.

These often include features like coverage during deployments and war exclusion waivers.

Consider your family’s needs and your long-term financial goals when choosing a policy.

Term life insurance can provide affordable coverage for a set period, while permanent policies offer lifelong protection.

Remember to review your life insurance regularly, especially after major life events or changes in your National Guard status.

This ensures your coverage aligns with your current situation and future plans.

59) Life Insurance for Military Retirees

Military retirees have unique life insurance needs and options.

As you transition from active duty to retirement, it’s crucial to reassess your coverage.

Veterans Affairs (VA) offers life insurance specifically designed for military retirees.

These policies can provide financial security for your loved ones after you’re gone.

One option is Veterans’ Group Life Insurance (VGLI).

This program allows you to convert your Servicemembers’ Group Life Insurance (SGLI) into a renewable term policy.

VGLI doesn’t require a medical exam if you apply within 240 days of leaving service.

Private insurers also offer policies tailored for veterans.

These may include features like accelerated death benefits or coverage for service-related disabilities.

Consider your current health, financial obligations, and family situation when choosing a policy.

Some retirees may need less coverage if their children are grown or their mortgage is paid off.

Compare rates and benefits from multiple providers.

Look for companies with strong financial ratings and positive customer reviews.

Remember, your life insurance needs may change over time.

Review your policy regularly and adjust as necessary.

This ensures your coverage remains adequate throughout your retirement years.

Don’t forget to explore riders or add-ons that could enhance your policy.

These might include long-term care benefits or accidental death coverage.

60) Life Insurance for Active Duty

Active duty service members have access to Servicemembers’ Group Life Insurance (SGLI).

This affordable group term life insurance is automatically provided to eligible service members.

SGLI offers coverage up to $400,000.

You can choose your coverage amount in $50,000 increments.

Premiums are deducted from your military pay, making it a convenient option.

The coverage includes protection against death from any cause, including combat.

This is a significant benefit, as many civilian policies have war exclusions.

SGLI also provides traumatic injury protection.

This additional coverage pays out if you suffer certain severe injuries, even if they don’t result in death.

When you leave active duty, you can convert your SGLI to Veterans’ Group Life Insurance (VGLI).

This allows you to maintain coverage without a medical exam.

Family Servicemembers’ Group Life Insurance (FSGLI) is available for spouses and dependent children.

This provides coverage for your family members while you’re on active duty.

While SGLI provides excellent coverage, you may want to consider supplemental policies.

These can offer additional protection tailored to your specific needs.

As you plan for the future, review your life insurance needs regularly.

Your coverage requirements may change as your family and career circumstances evolve.

61) Life Insurance Policy Loans

Life insurance policy loans can be a valuable option for veterans over 70 who own permanent life insurance policies.

These loans allow you to borrow against the cash value of your policy.

You can typically access up to 90% of your policy’s cash value through a loan.

The interest rates on these loans are often lower than those of traditional bank loans or credit cards.

One key advantage is that you’re not required to pay back the loan on a set schedule.

However, any unpaid balance will be deducted from the death benefit if you pass away before repaying it.

It’s important to note that policy loans may reduce your death benefit and cash value.

They can also potentially cause your policy to lapse if not managed carefully.

Veterans with VA life insurance policies may be able to apply for loans online through the VA’s Online Policy Access website.

This can provide quick access to funds when needed.

Before taking out a policy loan, consider the impact on your beneficiaries and overall financial plan.

It’s wise to consult with a financial advisor to understand all implications.

Remember that policy loans are not taxable as long as your policy remains in force.

This can make them an attractive option for accessing funds in retirement.

62) Life Insurance Policy Conversions

Veterans over 70 may have the option to convert their existing life insurance policies.

This process allows you to change your current policy into a different type of coverage without undergoing a new medical exam.

Converting your SGLI or VGLI coverage to an individual policy can be beneficial.

You can do this within 120 days of leaving the military or ending your VGLI coverage.

When converting, you can choose from various policy types offered by participating insurance companies.

These may include term life, whole life, or universal life insurance.

The conversion process typically preserves your current coverage amount.

However, you may have the option to increase or decrease your coverage based on your needs and the insurer’s offerings.

Converting your policy often results in higher premiums.

This is because you’re older than when you first obtained your military-related coverage.

However, it can provide more stability and potentially better benefits.

Some insurers offer additional riders or benefits when you convert your policy.

These may include accelerated death benefits or long-term care options, which can be valuable as you age.

Remember to compare multiple options before converting.

Each insurance company may offer different terms, rates, and benefits for converted policies.

Consider seeking advice from a financial advisor or insurance specialist familiar with veteran benefits.

They can help you determine if policy conversion is the right choice for your specific situation.

63) Life Insurance Beneficiary Planning

Choosing the right beneficiaries for your life insurance policy is crucial, especially for veterans over 70.

You should carefully consider who will receive your policy’s payout after your death.

Primary beneficiaries are the first in line to receive the benefits.

You can name multiple primary beneficiaries and specify the percentage each should receive.

It’s common to choose your spouse, children, or other close family members.

Contingent beneficiaries are your backup plan.

They receive the benefits if your primary beneficiaries are deceased or unable to claim them.

This extra layer of protection ensures your wishes are carried out.

Review and update your beneficiaries regularly. Life changes such as marriages, divorces, births, or deaths may affect your choices.

Keep your policy current to reflect your current situation and intentions.

Consider the financial needs and capabilities of your beneficiaries.

If you have minor children, you might want to set up a trust to manage the funds until they’re of age.

For adult beneficiaries, think about their financial responsibility and ability to manage a large sum.

Be specific when naming beneficiaries.

Include full names, birth dates, and Social Security numbers to avoid confusion or delays in payout.

If you’re naming an organization, provide its full legal name and address.

Communicate your decisions to your beneficiaries.

Let them know about the policy and where to find important documents.

This preparation can make the claims process smoother during an already difficult time.

64) Accelerated Death Benefit Options

Accelerated death benefit options can be valuable for veterans over 70 with life insurance policies.

These options allow you to access a portion of your death benefit while you’re still alive if you meet certain criteria.

Typically, you can qualify for an accelerated death benefit if you’re diagnosed with a terminal illness.

Some policies also include options for chronic illness or long-term care needs.

The amount you can receive varies by policy.

It’s often a percentage of your total death benefit, ranging from 25% to 95%.

Keep in mind that using this option reduces the payout your beneficiaries will receive.

Corebridge Financial offers policies with accelerated death benefit options.

This can provide financial relief if you face a serious health condition in your later years.

When considering a policy, review the specific terms of the accelerated death benefit.

Look for details on qualifying conditions and the maximum amount you can access.

Remember that using this option may have tax implications.

Consult with a financial advisor to understand how it could affect your overall financial situation.

Some policies offer this feature at no extra cost, while others may charge a fee.

Compare different policies to find the best fit for your needs and budget.

65) Chronic Illness Riders

When considering life insurance as a veteran over 70, you may want to explore chronic illness riders.

These add-ons to your policy can provide valuable benefits if you develop a long-term health condition.

A chronic illness rider allows you to access your policy’s payout if you’re diagnosed with a qualifying medical condition.

This can be particularly useful for covering medical expenses or long-term care costs.

Typically, chronic illness is defined as an inability to perform daily activities or severe cognitive impairment.

The specific conditions covered can vary between insurance providers, so it’s important to review the details carefully.

The benefits of a chronic illness rider can include financial support for medical bills, home modifications, or other care-related expenses.

This added flexibility can provide peace of mind as you age.

When shopping for life insurance, look for companies that offer chronic illness riders as an option. Some insurers, like New York Life, provide flexible policies that may be well-suited for veterans over 70.

Keep in mind that adding a chronic illness rider may increase your premium costs.

However, the potential benefits could outweigh the additional expense, especially if you have a family history of certain health conditions.

Before deciding, consider your health status, financial situation, and long-term care plans.

Consulting with a financial advisor or insurance specialist can help you determine if a chronic illness rider is right for your needs.

66) Disability Waiver of Premium Riders

A disability waiver of premium rider is a valuable addition to consider for your life insurance policy as a veteran over 70.

This rider ensures your coverage remains active if you become disabled and can’t pay your premiums.

Waiver of premium riders typically increase your premiums by 10% to 25%.

While this may seem like an added expense, it can provide crucial protection for your policy if you face unexpected health challenges.

The specific terms of these riders can vary between insurance companies.

Generally, they cover situations where you become totally disabled and unable to work.

Some policies may have waiting periods before the waiver takes effect.

It’s important to carefully review the definition of disability in any rider you’re considering.

Some may have stricter criteria than others for what qualifies as a disabling condition.

When shopping for life insurance as a veteran over 70, ask about the availability of disability waiver of premium riders.

Not all policies offer this option, especially for older applicants.

Remember that these riders often have age restrictions.

You may need to purchase the rider before a certain age, and coverage typically ends at a specified age, often around 65 or 70.

By including a disability waiver of premium rider in your life insurance policy, you can gain additional peace of mind.

It ensures your beneficiaries remain protected even if you face unexpected health challenges that impact your ability to pay premiums.

67) Cost of Living Adjustment Riders

Cost of Living Adjustment (COLA) riders are valuable additions to life insurance policies for veterans over 70.

These riders help protect your policy’s death benefit from the effects of inflation.

With a COLA rider, your policy’s death benefit increases annually to keep pace with rising costs.

This ensures that the payout your beneficiaries receive maintains its purchasing power over time.

The increases are typically based on a predetermined percentage or tied to an economic index.

Some policies may cap the annual increase or limit the total number of adjustments.

COLA riders can be especially beneficial for older veterans who want to ensure their life insurance coverage remains adequate for their beneficiaries’ future needs.

As you age, the impact of inflation on your policy’s value becomes more significant.

Adding a COLA rider to your policy usually comes at an additional cost.

The premium for this rider is often calculated based on your age and the policy’s death benefit amount.

It’s important to carefully consider whether the potential benefits of a COLA rider outweigh the extra cost for your specific situation. Life insurance companies that offer policies for veterans may have different terms and conditions for their COLA riders.

When shopping for life insurance, ask about the availability of COLA riders and compare the terms offered by different insurers.

This will help you find the policy that best meets your needs and budget while providing inflation protection for your beneficiaries.

68) Return of Premium Riders

Return of Premium (ROP) riders are optional add-ons to life insurance policies that can be beneficial for veterans over 70.

These riders guarantee a refund of all premiums paid if you outlive your policy term.

For older veterans, ROP riders offer a way to potentially recoup your investment in life insurance.

If you survive the policy term, you’ll receive back all the premiums you’ve paid over the years.

Return of premium life insurance typically costs more than standard term life insurance.

You’ll need to weigh the higher premiums against the potential return.

Some insurers offer ROP riders specifically tailored for veterans.

These may include features like accelerated underwriting or special rates for those with military service.

It’s important to note that ROP riders are usually only available with term life insurance policies.

If you’re considering whole life or universal life insurance, these riders may not be an option.

When shopping for life insurance with an ROP rider, compare quotes from multiple providers.

Prices and terms can vary significantly between companies.

Remember that if you cancel your policy before the term ends, you may not receive a full refund of premiums.

Be sure to read the fine print and understand the terms before committing to a policy with an ROP rider.

69) Children’s Life Insurance Riders

Children’s life insurance riders are optional add-ons to your life insurance policy that provide coverage for your children.

These riders can be valuable for veterans over 70 who want to protect their grandchildren financially.

When you add a children’s rider to your policy, it typically covers all your children or grandchildren under a certain age.

The coverage amount is usually modest, often between $10,000 and $25,000 per child.

One benefit of these riders is their affordability.

You can often add coverage for multiple children at a relatively low cost compared to purchasing individual policies for each child.

The Military Benefit Association offers generous children’s rider policies for free, up to $12,500.

This can be an excellent option if you’re considering a policy through their program.

Children’s riders usually expire when the child reaches adulthood or when your policy ends.

Some insurers offer the option to convert the rider to a permanent policy for the child when they reach a certain age.

It’s important to note that these riders are not meant to replace a full life insurance policy for your children.

They’re designed to cover expenses like funeral costs or provide a small financial cushion in the event of a tragedy.

Before adding a children’s rider to your policy, consider your family’s specific needs and financial situation.

Consult with an insurance professional to determine if this type of coverage aligns with your overall insurance strategy.

70) Spousal Life Insurance Riders

Spousal life insurance riders are valuable additions to your veteran life insurance policy.

These riders allow you to extend coverage to your spouse without purchasing a separate policy.

Many insurance companies offer this option for veterans over 70.

It can be a cost-effective way to ensure your partner is protected financially if something happens to them.

The coverage amount for spousal riders is typically a percentage of the primary policyholder’s benefit.

This can range from 50% to 100% of your coverage, depending on the insurer and policy terms.

Adding a spousal rider often costs less than buying an individual policy for your spouse.

This is especially beneficial if your partner has health issues that might make standalone coverage expensive or difficult to obtain.

Some insurers offer convertible spousal riders, allowing your spouse to convert their coverage to an individual policy later.

This feature provides flexibility as your needs change over time.

It’s important to note that spousal riders usually terminate if you and your spouse divorce.

In such cases, your ex-spouse may need to seek separate coverage.

When considering a spousal rider, compare options from different insurers.

Coverage limits, conversion options, and costs can vary significantly between providers.

Financial Security for Loved Ones

As a veteran over 70, life insurance ensures your family’s financial stability after you’re gone.

Your policy can replace lost income, helping your spouse maintain their standard of living.

It can cover ongoing expenses like mortgage payments, utility bills, and daily necessities.

This protection is especially valuable if you have dependents or a disabled family member relying on your support.

Life insurance proceeds can also fund your grandchildren’s education or help pay off any debts you leave behind.

This financial cushion allows your loved ones to focus on healing rather than worrying about money during a difficult time.

Coverage for Final Expenses

Life insurance can ease the financial burden of end-of-life costs for your family.

It covers funeral expenses, which can average $7,000 to $12,000.

This includes costs for the service, burial or cremation, and other related expenses.

Your policy can also pay for medical bills not covered by VA benefits or Medicare.

This prevents your family from dipping into savings or going into debt to settle these costs.

Additionally, life insurance can cover estate taxes, ensuring your assets are passed on to your beneficiaries as intended.

This preserves your legacy and prevents your family from having to sell inherited property to pay taxes.