If you served in the military, you are entitled to life insurance options for veterans. As an active-duty member, you are covered with the life insurance offered by the Servicemembers’ Group Life Insurance. However, this expires 4 months after you leave the service.
So what are the best military life insurance options once you leave the service?
We’ve looked around and found some of the best retired military life insurance options:
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1. Prudential
Prudential has offered one of the best life insurance options for military members for several years. This service offers coverage to both active duty members and veterans.
It doesn’t require a medical examination for veterans who apply fewer than 240 days after leaving the service. It also provides coverage for veterans who have mental health issues such as PTSD.
If you are an active duty service member and wish to apply as a veteran, you have a deadline of 1 year and 120 days after leaving the service. You should also look into understanding the details of military life insurance before signing up for this one.
2. Army & Air Force Mutual Aid Association
AAFMAA is the best option for senior veterans. While it’s currently not offered in all states, it’s a great consideration if it is available in your state.
This is a much cheaper option in comparison to Prudential. If you are an older veteran, you’ll find this is a great option for military life insurance after retirement.
You aren’t required to take a medical exam. This makes AAFMAA a great option that most older veterans will qualify for.
3. United Services Automobile Association
USAA does require a medical examination to qualify for military insurance. However, it’s a great option for disabled veterans.
For a low fee, policy-holders can add their children to the service. It has one of the highest approval ratings among life insurance companies. It offers term life insurance as well as whole life insurance.
USAA also offers some of the most affordable policies that you’ll find, beginning at $12 per month. They are also renowned for their efficient and helpful customer service.
4. Uniformed Services Benefit Association
USBA is a relatively new military insurance option that works best for families. If you are a veteran who has a family with dependent children, this is a great option.
You can find a quote within minutes by heading over to their website. They also offer great customer service over the phone.
The great thing about USBA is that it works for veterans at different levels. Whether you are a young veteran starting out with his/her family there’s space for you. There are also services for senior veterans who still have dependent children.
5. Military Benefit Association
MBA is another great option if you want life insurance for your children. This offers underwriting by MetLife.
Children can be covered by the plan without incurring additional costs. This service offers insurance policies for both younger veterans as well as senior veterans.
This is also one of the most affordable options. They have great customer service who can offer you a quote with a free consultation.
Choose Your Military Life Insurance
Now you can choose the right military life insurance for your needs. Make sure to share this guide with your fellow veterans or active duty members.
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