Best Life Insurance for Veterans in 2025

State Farm is the leading life insurance company for veterans, with competitive 20-year term rates for military retirees as low as $34 per month.

State Farm also stands out with its strong investment options on whole life insurance for veterans, 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

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 Rates

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

 

Term life insurance policies generally cost less, making them particularly attractive for younger veterans, military retirees planning for their family’s financial security, and veterans over 50 seeking budget-friendly protection.

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.

Factors That Affect Veteran Life Insurance Rates

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 find lower premiums by comparing rates across different states, as regional pricing, cost of living, and local insurance regulations all influence 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 Rates

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

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 Veteran Life Insurance Rates

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

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%.

Improving your health will lead to cheaper veteran life insurance over time, especially if you apply for coverage before turning 40.

Securing a policy early, maintaining good health, and avoiding tobacco use can help veterans achieve substantial lifetime savings.

Age & Veteran Life Insurance Monthly Rates

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

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 Veteran Life Insurance Rates

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

Veterans who avoid smoking or switch to tobacco-free lifestyles often qualify for lower renewal rates 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 Save Money on Life Insurance

By combining strong financial habits with proactive health management, veterans can secure affordable, high-value life insurance coverage that fits their goals and budget.

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.
• Choose Term Life Insurance: Term policies generally cost less than whole life, making them ideal for veterans seeking affordable short- or mid-term coverage.
• Review and Compare Annually: Regularly comparing quotes ensures veterans stay updated on new discounts, wellness incentives, or requalification options.

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

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.

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 life policies that accumulate cash value for long-term financial planning.

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.