Life insurance for veterans

How much life insurance coverage should veterans get? 

The coverage amount that’s right for you is related to the expenses you’d like to cover for your loved ones should something happen to you. Common expenses veterans tend to consider when deciding how much coverage they want for their loved ones are:

• Funeral costs so as to not burden the family with that unfortunate expense
• Some or all of the mortgage or rent so that the family doesn’t have to move 
• Some or all of college tuition so that education can continue uninterrupted

Equally important in your decision about how much coverage to get, is how much that coverage costs. The more coverage you get, the higher your monthly premium. 

For example, at Ethos, a 45 year old non-smoking man with excellent health and high credit rating could get $100,000 term life insurance coverage for around $14.00 per month, $500,000 in term coverage for around $40.00 per month, or $1 million term coverage for around $70.00 per month.*

Two kinds of life insurance options for veterans

Whole life insurance is intended to provide coverage for the entire lifetime of the insured person, no matter when they die, with the caveat that some policies require an initial 2 or 3 year waiting period before a death benefit may be issued. Whole life insurance builds cash value over time, which can be accessed by the policyholder through policy loans or withdrawals. 

Term life insurance is a type of life insurance that provides coverage for a specified period, or term, typically ranging from 10 to 30 years. It offers a death benefit payout to beneficiaries if the insured passes away during the term of the policy. Unlike whole life insurance, term life insurance does not accumulate cash value and is generally more affordable. 

The U.S Department of Veterans Affairs as well as companies including Ethos offer both kinds of life insurance. 

Government group plan vs. individual life insurance for veterans

One of the differences between the group plan offering available through the U.S. Department of Veterans Affairs (VA) and individual life insurance available through Ethos is the maximum coverage amount. The maximum term life insurance coverage amount through the government group option is $500,000, while the maximum term life insurance coverage amount through Ethos is $2 million. 

Both Ethos and the VA may be able to offer life insurance to veterans who would otherwise be declined coverage due to health complications that resulted from their service in the military. 

Visit the U.S. Department of Veterans Affairs insurance website for more about policies available through the U.S. government.   

Visit the Ethos website to learn more about the insurance policies that are available to many military as well as non-military applicants. 

Finding the best price for life insurance for veterans

Veterans have the choice of getting life insurance through the U.S Government Veterans Affairs, through a non-governmental insurance provider, or both. Finding the right life insurance policy or policies for you (you can have more than one) depends on your individual circumstances, how much coverage you want, and where you can find the best rate(s). 

Like anything else you buy, it’s important to shop around. Rates will generally depend on your age, health, whether or not you smoke, and your credit score. 

To get a free personalized estimate instantly right now from Ethos, answer 5 easy questions here. You can see a sliding scale of coverage amounts and monthly rates on the results screen that will give you an estimate for what coverage amount you could get for what monthly rate. If you like what you see, you can answer a few more questions to determine your final pricing and product offering.

To apply to get same-day coverage with no medical exam or blood test, simply answer a handful of health questions online.

Do the VA plans offer enough life insurance for veterans? 

According to licensed life insurance agent Patrick Duggan, “The VA life insurance may not be enough coverage. Most people will buy 7 policies in their lifetime. When you leave the service, you may have new careers, new babies, a new mortgage, etc. Your life circumstances may change, so your coverage needs may be different.” The Ethos 10-minute online application makes it easy to get new or additional coverage. 

Easy life insurance application for veterans at Ethos

At Ethos, the application for life insurance for veterans and non veterans alike is 100% online, takes just 10 minutes to fill out, and doesn’t require a medical exam or blood test. Many customers get life insurance coverage that same day.

As a final note, with the purchase of an eligible life insurance policy from Ethos, you get access to free estate planning tools — valued at $898 per couple — including wills, trusts, power of attorney, and medical directives. (Access to free tools varies by life insurance product and state). 

At Ethos the whole process is designed from start to finish to take just minutes to create a proactive plan for protecting your family’s future.