Best Life Insurance for Veterans in 2025
State Farm, MassMutual, and Northwestern Mutual provide the best life insurance for veterans, while Protective Life offers the lowest rates starting at $34 per month. These companies provide great coverage for veterans, including private life insurance for veterans over 60 who want flexible, long-term protection.
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Insurance Copywriter
Malory Will has an M.A. in English from Arizona State University. She has over four years of experience in writing for the insurance industry. With a background in health, auto, life, and homeowners insurance, Malory is passionate about making complex insurance topics clear and approachable. Her goal is to help readers make informed decisions with confidence.
Malory Will
Managing Editor
Daniel S. Young began his professional career as chief editor of The Chanticleer, a Jacksonville State University newspaper. He also contributed to The Anniston Star, a local newspaper in Alabama. Daniel holds a BA in Communication and is pursuing an MA in Journalism & Media Studies at the University of Alabama. With a strong desire to help others protect their investments, Daniel has writt...
Scott Young
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Zach Fagiano
Updated October 2025
State Farm has the best life insurance for veterans, with its guaranteed annual cash value growth for military retirees.
- Cheapest veteran life insurance starts at $34 monthly with Protective
- Veterans can save up to 25% with healthy lifestyle discounts
- State Farm stacks military discounts with health-based savings
Protective Life offers the most affordable rates at just $34 per month, while MassMutual excels with its wide agent network and great pricing.
Northwestern Mutual remains a trusted choice with an A++ financial rating and up to 25% health-based discounts for veterans.
Top 10 Companies: Best Life Insurance for Veterans| Company | Rank | Claims Satisfaction | A.M. Best | Best for |
|---|---|---|---|---|
 | #1 | 699 / 1,000 | A++ | Investment Options |
 | #2 | 673 / 1,000 | A++ | Agent Network |
 | #3 | 670 / 1,000 | A++ | Trusted Brand |
 | #4 | 666 / 1,000 | A+ | Flexible Policies |
 | #5 | 659 / 1,000 | A+ | Senior Benefits |
 | #6 | 657 / 1,000 | A+ | Quick Approval |
 | #7 | 653 / 1,000 | A | Low Rates |
 | #8 | 644 / 1,000 | A+ | Health Programs |
 | #9 | 639 / 1,000 | A++ | Long-Term Value |
 | #10 | 626 / 1,000 | A+ | Online Access |
This guide explores how age, health, credit, and location affect veteran life insurance rates and which companies have the best life insurance for active and retired military members (Learn More: Complete Guide to Health Insurance).
Veterans can also save more through healthy lifestyle incentives and military-specific discounts. Get the best life insurance for veterans near you by entering your ZIP code into our free quote tool.
Compare Veterans Life Insurance Cost
Life insurance rates for veterans vary widely based on the type of policy, age, health conditions, and tobacco use.
For example, a healthy 40-year-old veteran might pay around $40 per month for term life compared to $172 for whole life coverage of the same amount.
Veteran Life Insurance Monthly Rates by Policy Type| Insurance Company | 20-Year Term | Whole Life |
|---|---|---|
| $38 | $175 |
| $42 | $185 |
| $36 | $160 |
| $39 | $170 |
| $45 | $190 |
| $47 | $200 |
| $37 | $165 |
| $34 | $155 |
| $41 | $180 |
| $40 | $172 |
Term life insurance is a great option for affordable protection for a specific period of time – usually 10, 20 or 30 years. It’s perfect for veterans on a tight budget who are looking to pay off a mortgage or support dependents, but need to keep costs low.
Whole life insurance can be an excellent choice for veterans who want guaranteed lifetime coverage and a stable financial asset that grows over time.
Unlike term life, which expires after a set number of years, whole life insurance remains active as long as premiums are paid.
Understanding these cost differences helps military service members and retirees choose the best life insurance for veterans and their families that fits their budget and coverage needs.
Types of Life Insurance for Veterans
The best life insurance for veterans comes in several different types and each policies offer a range of benefits that depends on your military service history, health and financial goals.
Veterans can choose from short-term policies that give immediate security, lifetime policies that build up cash value, or flexible plans that adapt as your family’s needs change.
- Term Life Insurance: The most affordable option, term life insurance provides coverage for a set period, typically 10, 20, or 30 years. It’s ideal for veterans who need temporary protection while paying off a mortgage or supporting dependents.
- Whole Life Insurance: Whole life insurance offers lifetime protection with fixed premiums and guaranteed cash value growth. It provides stable coverage regardless of future health issues.
- Universal Life Insurance: Universal life insurance combines lifetime protection with adjustable premiums and death benefits. Veterans can increase or decrease coverage as their financial or family situation changes.
- Final Expense Life Insurance: Designed to cover funeral and burial costs, final expense insurance ensures families aren’t burdened by unexpected end-of-life expenses.
Choosing between term, whole, universal and final expense coverage helps veterans find the best life insurance option that fits with their service history, family needs, and long-term financial goals.
By comparing different providers military families can get dependable coverage that honors their commitment and gives them peace of mind.
Factors That Affect Veterans Life Insurance
Several personal and regional factors influence how much veterans pay for life insurance, including their health, credit standing, and tobacco use.
Always compare multiple life insurance quotes before you buy to guarantee that you’re getting the best price based on your lifestyle.
Your premiums will be higher if you apply for veteran life insurance after turning 50 or have increased health risks, such as heart disease or high cholesterol.
Fortunately, many top-rated veteran life insurance companies, such as State Farm and MassMutual, offer military and wellness discounts to offset higher premiums.
Compare Veteran Life Insurance Premiums Across the U.S.
Regional pricing trends also affect how much veterans pay for life insurance. States like Florida and Tennessee show some of the highest average rates due to higher living and regulatory costs.
States like Texas and Colorado remain among the most affordable life insurance for veterans, offering competitive term and whole life rates that are lower than national pricing.
Veterans can save by comparing rates across states, as regional pricing, cost of living and local regulations all impact affordability.
Choosing providers that offer state-specific life insurance discounts or flexible underwriting options. These help veterans secure the most competitive coverage available in their area.
How Credit Impacts Veteran Life Insurance Costs
Veterans with strong credit profiles typically qualify for lower monthly life insurance premiums.
A higher credit score can save you up to $20 per month compared to those with fair or poor credit.
Veteran Life Insurance Monthly Rates by Credit Score| Company | Excellent (800+) | Good (670–799) | Fair (580–669) | Poor (<580) |
|---|---|---|---|---|
| $38 | $42 | $50 | $62 |
| $42 | $46 | $55 | $68 |
| $36 | $40 | $48 | $60 |
| $39 | $43 | $51 | $63 |
| $45 | $50 | $58 | $72 |
| $47 | $52 | $60 | $75 |
| $37 | $41 | $49 | $61 |
| $34 | $38 | $46 | $57 |
| $41 | $45 | $54 | $66 |
| $40 | $44 | $52 | $64 |
Veterans working to rebuild credit can reduce costs by paying insurance premiums and other monthly bills on time.
The good news is that if your rates are high now, many insurers review premiums periodically and offer rate reductions to policyholders who demonstrate consistent payments and financial improvement.
How Health Impacts Life Insurance Rates for Veterans
What we learned analyzing 815 insurance companies is that those with chronic illnesses such as diabetes or heart disease may pay 40% to 70% more.
Veterans with or at-risk for heart disease pay the most for life insurance, up to $98 a month with Northwestern Mutual.
Veteran Life Insurance Monthly Rates by Health Condition| Company | Cancer History | Diabetes | Heart Disease | Obesity |
|---|---|---|---|---|
| $78 | $65 | $88 | $60 |
| $82 | $68 | $92 | $63 |
| $75 | $62 | $85 | $58 |
| $77 | $64 | $87 | $59 |
| $85 | $70 | $95 | $65 |
| $88 | $72 | $98 | $67 |
| $76 | $63 | $86 | $57 |
| $73 | $60 | $82 | $55 |
| $80 | $67 | $90 | $62 |
| $79 | $66 | $89 | $61 |
Veterans who improve health metrics may qualify for more discounts through wellness programs, which track and reward healthy habits with savings or gift cards.
Insurers like State Farm and Protective Life offer wellness and military life insurance discounts that can reduce premiums by up to 25%.
Veterans should secure life insurance while young and healthy. Waiting until your 50s or 60s can double your premiums, making early planning essential for affordability.
Schimri Yoyo Licensed Agent & Financial Advisor
Improving your health will lead to cheaper veteran life insurance over time, especially if you apply for coverage before turning 40.
Getting a policy early, staying healthy and not smoking will help veterans save big time on their life insurance premiums.
Veteran Life Insurance Monthly Rates by Age
Age is one of the most significant factors affecting life insurance premiums for veterans. Younger veterans generally pay much less because they pose a lower long-term risk to insurers.
It’s important to compare life insurance rates by age because rates increase steadily as veterans age due to shorter policy durations and higher health risks.
Veteran Life Insurance Monthly Rates by Age| Company | Age: 30 | Age: 40 | Age: 50 | Age: 60 |
|---|---|---|---|---|
| $30 | $41 | $68 | $145 |
| $31 | $42 | $71 | $152 |
| $25 | $36 | $64 | $138 |
| $26 | $37 | $67 | $142 |
| $32 | $45 | $75 | $160 |
| $33 | $47 | $78 | $165 |
| $28 | $39 | $65 | $140 |
| $24 | $34 | $60 | $132 |
| $29 | $38 | $70 | $150 |
| $27 | $40 | $69 | $148 |
Veteran life insurance premiums can nearly double or triple by your 50s and 60s compared to rates in your 30s.
Comparing rates across age brackets helps determine when to buy coverage and how much protection fits their financial goals.
How Tobacco Use Impacts Life Insurance Cost for Veterans
Tobacco use remains the number one reason veteran life insurance costs go up. Quitting smoking now will reduce your monthly premiums in the future.
Smokers typically pay 60% or more than non-smokers for identical coverage, as insurers account for the long-term health risks associated with tobacco use.
Veteran Whole Life Insurance Monthly Rates by Tobacco Use| Insurance Company | Non-Smoker | Smoker |
|---|---|---|
| $175 | $295 |
| $185 | $310 |
| $160 | $280 |
| $170 | $290 |
| $190 | $320 |
| $200 | $330 |
| $165 | $285 |
| $155 | $275 |
| $180 | $305 |
| $172 | $300 |
Vets who steer clear of smoking or switch over to a tobacco-free lifestyle often end up qualifying for lower renewal prices over time.
Veterans who maintain a tobacco-free lifestyle not only lower their premiums but also improve their eligibility for additional wellness and military life insurance discounts.
How Veterans Can Save on Life Insurance
When you put together a bunch of good financial habits along with some forward-thinking health management, veterans can snag really affordable life insurance that’s actually worth the money.
Veterans who combine these strategies with military service can significantly cut annual life insurance costs.
- Bundle Multiple Policies: Veterans who combine life insurance with home or auto coverage from the same insurer can save up to 10–25% through multi-policy discounts.
- Lock In Early Coverage: Buying a policy at a younger age helps veterans secure lower long-term premiums and avoid rate hikes tied to health or age changes.
- Maintain Excellent Credit: A high credit score often translates into better underwriting terms, helping veterans qualify for lower monthly rates.
- Go For Term Life: If you’re looking for a policy that won’t break the bank, term life is probably your best bet. These policies tend to be cheaper than whole life.
- Stay On Top Of Things: If you’re going to make sure you’re getting the best deal on your life insurance, you should be checking in at least once a year to see what new discounts or incentives are out there.
Leading providers such as Northwestern Mutual and Protective Life also offer personalized reviews, helping veterans adjust coverage as their families grow and their financial goals evolve.
Whether you’re shopping for new coverage or reviewing your life insurance, don’t forget to ask about special discounts and benefits that help veterans save on life insurance.
Top Life Insurance Discount for Veterans| Company | Family History | Good Health | Healthy Lifestyle | Military |
|---|---|---|---|---|
| 5% | 20% | 7% | 8% |
| 6% | 8% | 7% | 7% |
| 7% | 10% | 10% | 10% |
| 5% | 14% | 7% | 6% |
| 10% | 15% | 7% | 5% |
| 20% | 25% | 7% | 5% |
| 10% | 13% | 8% | 7% |
| 18% | 14% | 12% | 9% |
| 20% | 14% | 7% | 8% |
| 15% | 12% | 10% | 6% |
Veterans who maintain healthy habits, such as avoiding tobacco or completing annual checkups, can receive 10%-15% lower premiums.
Northwestern Mutual offers the biggest discounts for an overall history of good health, while Mutual of Omaha offers the best discounts to veterans living healthy lifestyles or working to improve their health metrics.
Military discounts and wellness incentives can reduce veteran life insurance rates by up to 25%, making it essential to compare providers that specialize in serving the military.
Michelle Robbins Licensed Insurance Agent
Additional savings may apply for bundling life insurance with having a strong family health history or home and auto coverage (Read More: Best Auto and Home Insurance Bundles).
Even the smaller discounts of 6% for your military career can be stacked with other discounts and wellness programs to cut your rates by 50%-60% overall.
Top 10 Best Life Insurance for Veterans
Northwestern Mutual, New York Life, and MassMutual lead the veteran life insurance market due to their solid financial strength and reliable policy options.
MassMutual has an extensive network of local agents to help veterans pick out the right coverage, and Northwestern offers some of the biggest health-related discounts in the industry.
New York Life is known for its financial strength and its legacy discounts for families with multiple generations of healthy living.
Overall, despite market share, State Farm, MassMutual, and Northwestern Mutual have the best life insurance for veterans. Check out our pros and cons to see why these top providers offer quality coverage for military service members:
#1 – State Farm: Top Pick Overall
Pros
- Cash Value Accumulation: As mentioned in our State Farm insurance review, veterans access whole life policies with guaranteed annual cash value growth.
- Health-Based Premium Reductions: Veterans maintaining preferred health status qualify for rate reductions up to 15%, saving approximately $72 annually on premiums.
- Stackable Military Discounts: Military-specific discounts of 6% combine with healthy lifestyle incentives for gym memberships and annual health screenings.
Cons
- Higher Term Rates: Term life insurance for veterans costs $40 monthly, which is 18% higher than Protective Life for identical coverage.
- Credit Score Penalties: Veterans with poor credit scores face 60% premium increases, paying $64 monthly compared to $40 for excellent credit.
#2 – MassMutual: Best for Agent Network
Pros
- Nationwide Agent Access: Veterans connect with over 5,000 licensed agents across all 50 states for face-to-face policy consultations and health condition guidance.
- Competitive Family Rates: Veterans and families access 20-year term coverage starting at $34 monthly for $500,000 in protection, matching the lowest market rates.
- Claims Reliability: The A++ financial rating from A.M. Best reflects claims-paying ability maintained for over 45 years. Learn more in our MassMutual insurance review.
Cons
- Whole Life Premium Markup: Whole life rates average $185 monthly, which is $25-30 more than Mutual of Omaha and Protective Life.
- Tobacco User Penalties: Veterans who smoke face $310 monthly premiums for whole life, representing a 68% increase over non-smoker rates.
#3 – Northwestern Mutual: Best for Trusted Brand
Pros
- Industry-Leading Health Discounts: Veterans maintaining excellent health profiles qualify for discounts up to 25%, plus 20% more for exceptional family health history.
- Consistent Dividend Payments: The A++ rating is backed by 165 consecutive years of dividend payments to whole life insurance, averaging 5.2% annually.
- Multi-Generational Benefits: Veterans with clean family medical histories spanning three generations receive compounded discounts totaling 20%.
Cons
- Premium-Tier Pricing: 20-year term rates at $47 monthly are 38% higher than Protective Life and 18% above the industry average.
- Age 60+ Rate Increases: Veterans over 60 face costs of $165 monthly, representing a 251% increase compared to 40-year-old veterans.
#4 – Nationwide: Best for Flexible Policies
Pros
- Convertible Policy Options: As detailed in our Nationwide insurance review, veterans convert term policies to whole life without medical exams within the first 10 years.
- Mid-Range Competitive Pricing: Veterans benefit from rates averaging $39 monthly for 20-year term policies, positioning Nationwide within $5 of lowest-cost providers.
- Wellness Program Credits: Good health discounts of 14% reward veterans completing annual physicals and maintaining healthy BMI ranges.
Cons
- Diabetes Surcharges: Veterans with Type 2 diabetes pay up to $64 monthly, representing a 64% premium increase compared to healthy members.
- Lower Claims Satisfaction: Claims satisfaction scores of 666 out of 1,000 fall below competitors’, indicating potential service delays.
#5 – Mutual of Omaha: Best for Senior Benefits
Pros
- Senior-Optimized Underwriting: Veterans over 50 can access specialized underwriting, which offers competitive rates at $36 monthly, among the lowest for older service members.
- Credit Score Rewards: Veterans with excellent credit secure premiums at $36 monthly, while good credit holders pay only $40, a minimal difference.
- Budget Whole Life Rates: The company provides whole life rates at $160 monthly, $20-40 less than Northwestern Mutual and New York Life.
Cons
- Cancer History Premiums: As mentioned in our Mutual of Omaha life insurance review, veterans with cancer history within the past 5 years face elevated premiums.
- Limited Military Discounts: Military-specific discounts at 10% lag behind State Farm and Protective Life, potentially costing veterans $3-4 monthly in savings.
#6 – Pacific Life: Best for Quick Approval
Pros
- Accelerated Underwriting: Veterans in good health receive approval decisions within 24-48 hours using automated underwriting for policies up to $1 million without exams.
- Competitive Standard Pricing: Pacific Life is one of the lowest-cost providers for veteran families, with 20-year term rates at $37 monthly.
- Young Veteran Advantages: Veterans in their 30s pay only $28 monthly, which is less than other insurers. Learn more in our Pacific Life insurance review.
Cons
- Heart Disease Surcharges: Veterans with controlled heart disease or hypertension requiring multiple medications face premium increases to $86 monthly, a 132% markup.
- Tobacco User Penalties: Whole life rates for veteran smokers reach $285 monthly, which is $120 more than non-smoking service members.
#7 – Protective Life: Best for Low Rates
Pros
- Market-Leading Pricing: Veterans access the absolute lowest 20-year term rates at $34 monthly, saving $6-13 monthly compared to higher-priced competitors.
- Affordable Permanent Coverage: Buying life insurance starts at $155 monthly and provides budget-friendly lifetime protection options.
- Maximum Stackable Discounts: Veterans combine family history discounts (18%), good health credits (14%), and military reductions to achieve total savings of 32-40%.
Cons
- Lower Financial Rating: Protective Life’s A rating is two notches below A++ competitors, potentially indicating reduced long-term claims-paying certainty for policyholders.
- Claims Service Gap: Claims satisfaction at 653 out of 1,000 trails competitors by 13-46 points, suggesting longer processing times for veterans.
#8 – John Hancock: Best for Health Programs
Pros
- Vitality Program Discounts: Veterans participating in the Vitality wellness program earn up to 25% discounts by tracking daily steps, health screenings, and nutrition.
- Activity-Based Rate Decreases: Veterans maintaining excellent health receive up to 20% premium discounts annually (Read More: Best No-Exam Life Insurance).
- Premium Buyback Opportunities: Innovative wellness tracking allows veterans to lower premiums over time through documented healthy behaviors.
Cons
- Senior Rate Premiums: Veterans over age 60 pay $145 monthly for term coverage, which is $13-25 more than competitors for identical protection.
- BMI-Based Surcharges: Veterans classified as obese face a premium increase to $60 monthly from a $38 base rate, representing a 58% markup for weight.
#9 – New York Life: Best for Long-Term Value
Pros
- Mutual Dividend Structure: The A++ rating has delivered consistent policyholder dividends averaging 5.5-6% annually for whole life policies over 15 years.
- Family Health History Credits: Veterans with excellent three-generation family health histories showing no major diseases qualify for 10% premium reductions on policies.
- Fortune 100 Stability: The company’s 178-year operating history provides veterans confidence in claims payment reliability and generational wealth transfer planning.
Cons
- Above-Average Term Premiums: New York Life charges veterans $45 monthly for term coverage, learn more about the average cost of life insurance.
- Whole Life Cost Premium: Whole life insurance for veterans reach $190 monthly, costing $30-35 more than Mutual of Omaha and Protective Life.
#10 – Prudential: Best for Online Access
Pros
- Digital Policy Management: Veterans access a full-featured online platform offering 24/7 policy downloads, beneficiary updates, and real-time claims tracking.
- Combined Discount Eligibility: Veterans stack family history discounts (20%) with good health savings (14%) and military credits to achieve total premium reductions of 34-40%.
- National Multi-State Coverage: As mentioned in our Prudential insurance review, its A+ rating and presence in all 50 states ensure veterans receive consistent service quality.
Cons
- Industry-Low Claims Satisfaction: Claims satisfaction scores of 626 out of 1,000 are the lowest among the top 10 providers, suggesting potential service delays for policyholders.
- Diabetes Surcharges: Veterans with Type 2 diabetes requiring insulin pay $67 monthly, which is $3-7 more than competitors for similar health profiles.
Getting the Best Insurance for Veterans
State Farm, MassMutual, and Northwestern Mutual have the best life insurance for veterans. State Farm and MassMutual offer extensive agent support, and Northwestern Mutual rewards healthy veterans with up to 25% health-based discounts.
State Farm provides veterans with affordable 20-year term life insurance as well as whole cash value life insurance policies for long-term financial planning.
Follow these key steps to secure the best life insurance for military families and ensure lasting financial protection:
- Assess Long-Term Goals: Identify whether your priority is short-term financial security or lifelong protection to choose between affordable term or whole life insurance for veterans and their families.
- Review Discount Eligibility: Ask about available military and wellness discounts as many top-rated insurers offer savings up to 25% for healthy veterans and military households.
- Bundle Coverage: Veterans who bundle home, auto, and life insurance policies can reduce premiums by up to 10% to 20%, making it easier to protect the entire family under one provider.
- Work With a Licensed Agent: Experienced agents specializing in life insurance for military families can guide you toward policies that align with your service benefits and long-term goals.
- Reevaluate Annually: Review your coverage every year to adjust to changes in family size, income, or health and ensure you always have the most affordable life insurance for veterans available.
Whether you’re looking for the best life insurance for military retirees, veterans with disabilities, or veterans over 50, 60, or 70, online comparison tools help service members secure affordable protection tailored to their health status and budget.
Military retirees should check the best life insurance for veterans on Reddit as they share their localized experiences and recommendations.
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Shopping for the best veteran life insurance later in life will lead to higher rates, but quitting smoking and maintaining overall healthy habits will help reduce rates over time.
Shop around for personalized life insurance quotes that fit your needs and budget by entering your ZIP code.
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