Best Life Insurance Companies for Veterans

New York Life offers a robust selection of policy types, the ability to convert your SGLI or VGLI policy to one of its products, and pays dividends to eligible policyholders. Plus, it received an A++ financial strength rating from AM Best (the highest rating available) and has an excellent track record when it comes to customer complaints, according to the National Association of Insurance Commissioners (NAIC).

Because of these outstanding attributes, New York Life is our first choice for life insurance for veterans as well as our top pick for best whole life insurance companies.

New York Life has been in business since 1845 and offers a range of policy types and riders, including living benefit riders for chronic or terminal illnesses, available at no extra cost. To obtain a quote from New York Life and apply for coverage, you'll need to speak to an agent. You can not get a quote or apply for coverage online.

MassMutual pairs solid financials with satisfied customers. It received an A++ financial strength rating from AM Best and had very few customer complaints over the past three years, according to the NAIC. Plus, it scored above average in J.D. Power's 2022 U.S. Individual Life Insurance Study.

The company has been in business since 1851 and offers a wide selection of life insurance, including term, whole life, universal life (UL), and variable life policies. It also pays dividends to eligible policyholders and provides access to living benefits with riders.

MassMutual does not offer military program quotes online, but you can get help from a financial advisor regarding the conversion of SGLI, VGLI, or FSGLI. MassMutual offers term quotes online.

Northwestern Mutual ranked fourth for customer satisfaction per J.D. Power, higher than any other life insurer in this list. It also earned an A++ from AM Best, the agency's highest financial strength rating, and is the largest life insurance company in the country. Over the past three years, the company received an extremely low number of complaints, especially given its size. Notably, the company has been paying dividends to eligible policyholders for the past 150 years.

Northwestern Mutual is one of 11 insurers listed by the VA that lets you convert your SGLI, VGLI, or FSGLI coverage to one of its products without requiring a medical exam or asking health questions. The company offers term, whole life, universal life, and variable universal life insurance policies.

Northwestern Mutual also offers several riders, including living benefits for terminal and chronic illnesses, and a guaranteed insurability rider. However, the company does not provide many details about its policies or riders on its website.

You'll need to speak to a financial professional in order to convert your military coverage or get a quote.

Prudential was established in 1875 and has an AM Best financial stability rating of A+. The company receives fewer complaints than expected, according to the NAIC, but doesn't do as well as the aforementioned companies on this list. 

We chose Prudential as the best for living benefit because most policies include its Living Needs Benefit rider free of charge, which lets you access the death benefit if you’re diagnosed with a terminal illness, are confined to a nursing home, or require an organ transplant.

Prudential offers a range of policies, including universal life, indexed universal life, variable life, and term, as well as optional riders such as an accidental death benefit rider and a waiver of premium for disability. However, the company underperformed in the 2022 J.D. Power U.S. Individual Life Insurance Study—it ranked 11th out of 21 companies. And its term policies are relatively expensive.

You can get a civilian Prudential quote online for term coverage or contact one of their agents to get the best rates for SGLI or VGLI conversion options.

USAA is a well-known name for military insurance, founded in 1922 by a group of army officers who pooled together to insure their own automobiles. USAA has an AM Best rating of A++, the highest available, and an excellent track record of very few complaints with the NAIC.

Active military members and their families will appreciate the unique benefits USAA offers. The company provides $25,000 for certain injuries sustained in the line of duty as well as guaranteed insurability at no cost on Level Term V. This benefit lets you increase coverage upon certain life events, such as marriage or having a baby, without having to take a medical exam or answer health questions.

The company also offers an "anytime conversion" rider which lets you convert your USAA term coverage to a permanent policy until the end of the level term period. However, you can't convert your existing SGLI, VGLI, or FSGLI policy to a USAA policy. And you won't find many policy options available either—USAA only offers term and simplified whole life policies directly.

While USAA offers quotes online, your military information, other qualification, or membership is required.

Getting life insurance for disabled veterans can be tricky. Even though some policies don’t require medical exams and have simplified underwriting, there are still medical questionnaires, and you may be denied coverage for certain disabilities, including PTSD. For those who have trouble getting coverage elsewhere, the VA offers insurance for disabled veterans. This can help ensure you get life insurance coverage even when other life insurance companies deny coverage.

In some cases, totally disabled veterans may be eligible for free coverage and can purchase additional coverage through the program. The program offers up to $10,000 of coverage and the possibility to increase coverage by up to $30,000 if you become totally disabled and are unable to work.

To be eligible, you must apply within two years from the date the VA grants your new service-connected disability. There are no online quotes, but they offer a brochure with premium and plan options with rates per $1,000 of coverage. You can apply for policies online through your VA online account.