Most life insurance for veterans and family use term plans. While term plans are often the cheapest life insurance for veterans, it does not provide the most benefits. If you want your family to get the most from your life insurance, consider signing up for a whole life insurance.

When comparing whole life insurance quotes for veterans, AAFMAA consistently ranks as one of the best insurance providers. This is because AAFMAA has multiple plans to choose from. Even if you are not interested in whole life insurance, AAFMAA provides term and variable insurance policies.

American Armed Forces Mutual Aid Association (AAFMAA)
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The simplest whole life veteran insurance is the Value-Added Whole Life plan. Since it is a whole life plan, it provides permanent coverage without you having to re-apply or re-qualify. Value-Added has a fixed monthly premium. It also includes long-term care settlement without increasing your premium. You can apply for Value-Added whether you are retired or actively serving in the military, National Guard or Reserves.

There is a generous age limit of 80 years old for when you can apply for coverage. Unlike SGLI or VGLI, your exact benefits and monthly premiums are customized, so you must speak with an AAFMAA agent directly to determine your rates.

AAFMAA offers life insurance for disabled veterans through the Veteran Survivor Plan. Unlike many other third-party veteran insurance providers, there is no medical exam required when you apply. However, the plan has limited coverage and stricter eligibility rates. Coverage provides between $10,000 and $25,00, but you must be between the ages of 45 and 84 to qualify. Many veterans often pair it with another type of insurance, or take out a survivor plan when they are aging out of another insurance plan and need quick coverage until they get a permanent plan.

One of the best life insurance plans for veterans and family members is Generations Plus. Generations Plus is a whole life policy which shares similarities with variable plans. Policy amounts start at $10,000 and go up to $50,000. All of the monthly premiums are fixed. Your premiums are based on both service and medical history, so you typically get the best rates if you apply when you are younger.

The biggest benefit of Generations Plus coverage is your coverage for children automatically doubles when your children turn 18. Your premium will not change after your coverage doubles. Additionally, your children and grandchildren gain lifetime AAFMAA benefits. This provides access to other life insurance plans as well as mortgage and wealth management services.

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