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Once active duty ends, many veterans may consider getting life insurance. Most veterans are eligible to receive benefits from the Department of Veteran Affairs. Usually, veterans’ life insurance can last up to 120 days after service, but it’s important to have a plan ready once that time is up.1
If you decide to leave the military, air force, or navy, you might be able to convert your Servicemember’s veterans group life insurance (SGLI) into a civilian plan.1 Still, there may be better coverage options that exist for a veteran’s life insurance policy. Let’s dive deeper into how life insurance for veterans works and the different policies available so that you can find the best plan for you and your loved ones.
Life insurance for veterans provides coverage designed to help meet veterans’ needs. It’s important to note that there is a list of requirements needed to ensure that you are eligible to receive full-time SGLI coverage.1 You can also explore other options instead of only sticking with the servicemembers’ group life insurance offered to veterans.
There may be certain benefits in a separate life insurance plan that you prefer. For example, the maximum amount of SGLI coverage one can receive is $400,000.1 Life insurance from another carrier may offer higher coverage amounts that could better suit your needs.
Life insurance for military veterans doesn’t have to be one-size-fits-all. If you’re looking for a veterans’ life insurance plan with greater flexibility around benefits, you may find the best fit for you through a different private life insurance carrier.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Veterans seeking life insurance can explore the life insurance offered to active and retired service members from the VA or go with a private life insurance company.5 We recommend comparing each type of life insurance plan to decide which option is best for you.
Although SGLI and VGLI life insurance options are offered to eligible servicemembers, the coverage may not meet all the veterans' needs. Choosing a plan with a private insurance company may offer more of the benefits you desire. It all depends on what you’re looking for in a life insurance policy.
The best way to find out if a veteran has life insurance is by visiting the U.S. Department of Affairs website. There, you should be able to access your life insurance policy online through your file number. You can learn about your policy benefits and make changes there.6
Some veterans will qualify for full-time life insurance coverage, while others will only have access to part-time.7 Premium rates will vary depending on the coverage level you choose to apply for. If you have an SGLI plan the funds will automatically be taken out of your base pay.8 You may be able to access more information by talking to the leader of your unit.
If you choose to go with the life insurance offered by the VA, you may face certain barriers. You may want to determine if you are eligible for the SGLI (for active-duty personnel) or the S-DVI (for disabled veterans) to discover what the limitations and requirements are in your plan.4 If you come across benefits that won’t work for your needs, you may still have other veterans’ life insurance options. If you choose to move forward with a private life insurance plan, you may have access to a greater death benefit, lower prices, and other living benefits.
If you choose to get life insurance from a private company, here are some types of policies to consider:
Aflac offers various term and whole life insurance options with a variety of benefits that may be available for veterans.
Unfortunately, veterans don’t get life insurance for free. However, many life insurance plans for veterans come with reasonable premiums. So, although you’ll have to pay for a policy, you can enjoy affordable coverage.
The cost of life insurance for veterans varies from company to company. Premium payments will typically depend on your age, medical history, coverage goals, and history of smoking. If you choose to go with a private company, the rates also vary between term and whole life insurance plans. The best plan for you may depend on what coverage you need and how much you’re willing to pay in premiums.
Life insurance for veterans can help financially protect your loved ones if you pass away. If you decide you’re looking for other benefits than what’s offered through the Veteran’s Association, you still have alternatives. Aflac offers affordable whole life and term life insurance plans that may be available for veterans. Explore our portable, transparent, and detailed life insurance coverage to see if a plan works with your history.
1 U.S. Department of Veteran Affairs. “Servicemembers’ Group Life Insurance (SGLI)” - Updated March 1, 2023. Accessed February 15, 2024. https://www.va.gov/life-insurance/options-eligibility/sgli/
2 U.S. Department of Affairs. “VA Life Insurance” - Updated October 23, 2023. Accessed February 15, 2024. https://www.va.gov/life-insurance/
3 U.S. Department of Veteran Affairs. “Access Your VA Life Insurance Policy Online.” - Updated January 3, 2023. Accessed February 15, 2024. https://www.va.gov/life-insurance/manage-your-policy/
4 U.S. Department of Veteran Affairs. “Service-Disabled Veterans Life Insurance (S-DVI)” - Updated January 3, 2023. Accessed February 15, 2024. https://www.va.gov/life-insurance/options-eligibility/s-dvi/
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. 68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400.65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series: Whole: In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX.Q60000 series: Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C.
Final Expense insurance coverage is underwritten by Tier One Insurance Company. The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
This is a brief product overview only. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent. Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac does not offer Universal or Variable Universal life insurance.
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