How To Get The Best Life Insurance Rates For Veterans In 2023.

 

Life insurance is a contract between you and an insurance company that promises to pay a sum of money to your beneficiaries when you die. Life insurance can provide financial security and peace of mind for your loved ones, especially if you have significant debts or dependents. But if you are a veteran, getting life insurance can be a challenge. Veterans face higher health and mortality risks than civilians due to their military service, which means they have to pay higher rates and premiums for life insurance. Veterans also have fewer choices and options when it comes to life insurance products and policies.

But don’t despair. There are still ways for veterans to get the best life insurance rates and coverage for their needs and goals. In this article, we will show you how military service affects your life insurance rates, how to find the cheapest life insurance companies for veterans, how to lower your life insurance rates as a veteran, and how to prepare for the future of life insurance as a veteran.

How Military Service Affects Your Life Insurance Rates

Military service is one of the most important factors that affect your life insurance rates and premiums. Military service increases your health and mortality risks and impacts your life expectancy. According to the U.S. Department of Veterans Affairs (VA), veterans have higher rates of chronic diseases, mental health issues, substance abuse, suicide, etc., than non-veterans. Veterans also have lower life expectancy than non-veterans by about four years on average.

Life insurance companies use these statistics and data to assess your risk profile and determine your life insurance rates and premiums. The higher your risk profile, the higher your rates and premiums will be. Life insurance companies also consider other factors, such as your branch, rank, deployment, combat, disability, etc.

• Branch: Branch affects your life insurance rates and premiums because different branches of the military have different levels of exposure to danger, violence, or trauma. For example, Army and Marine Corps veterans may have higher mortality risks than Air Force or Navy veterans due to their involvement in ground combat operations.
• Rank: Rank affects your life insurance rates and premiums because different ranks of the military have different levels of responsibility, authority, or stress. For example, officers may have lower mortality risks than enlisted personnel due to their higher education, income, or status.
• Deployment: Deployment affects your life insurance rates and premiums because different deployments of the military have different levels of duration, frequency, or intensity. For example, veterans who have been deployed to Iraq or Afghanistan may have higher mortality risks than veterans who have not been deployed or who have been deployed to other regions due to their exposure to hostile fire, improvised explosive devices, or post-traumatic stress disorder.
• Combat: Combat affects your life insurance rates and premiums because different combat experiences of the military have different levels of severity, complexity, or aftermath. For example, veterans who have been wounded or injured in combat may have higher mortality risks than veterans who have not been wounded or injured or who have been wounded or injured in non-combat situations due to their physical or psychological impairments, disabilities, or complications.
• Disability: Disability affects your life insurance rates and premiums because different disability ratings of the military have different levels of impact, compensation, or benefits. For example, veterans who have a VA service-connected disability rating of 100% may have lower mortality risks than veterans who have no disability rating or who have a lower disability rating due to their access to free health care, monthly payments, or other perks.

Depending on these factors, your life insurance rates and premiums as a veteran can be two to three times higher than those of a civilian. For example, according to Investopedia, the average monthly rate for a 20-year, $500,000 term policy for a 65-year-old male veteran is $285.90, while the same policy for a 65-year-old male civilian is $85.97.

There are different types of life insurance products and policies that are available for veterans, such as SGLI, VGLI, VALife, S-DVI, VMLI, or private policies.

• SGLI: Servicemembers’ Group Life Insurance (SGLI) is a low-cost group term life insurance program that provides coverage to active duty, reserve, or National Guard members of the military. It offers up to $400,000 in coverage, plus an additional $100,000 for traumatic injury protection (TSGLI). The current basic SGLI premium rate is 6 cents per $1,000 of insurance coverage, plus $1 per month for TSGLI. SGLI coverage ends 120 days after separation from service, unless you convert it to VGLI or VALife.
• VGLI: Veterans’ Group Life Insurance (VGLI) is a low-cost group term life insurance program that provides coverage to veterans who had SGLI coverage while in service. It offers up to the same amount of coverage as your SGLI, but you can also increase it by $25,000 every five years until you reach $400,000 or age 60. The VGLI premium rates are based on your age and coverage amount and increase every five years. You can apply for VGLI within one year and 120 days of separation from service, but you will pay lower premiums if you apply within 240 days.
• VALife: Veterans Affairs Life Insurance (VALife) is a low-cost whole life insurance program that provides coverage to veterans with service-connected disabilities. It offers up to $40,000 in coverage, plus cash value that starts to accumulate two years after approval. The VALife premium rates are based on your age and coverage amount and do not increase. You can apply for VALife at any time after getting your disability rating, but there is no time limit to apply.
• S-DVI: Service-Disabled Veterans Insurance (S-DVI) is a low-cost term or whole life insurance program that provides coverage to veterans with service-connected disabilities. It offers up to $10,000 in coverage, plus an additional $30,000 if you are totally disabled. The S-DVI premium rates are based on your age, type of plan, and coverage amount and do not increase. You can apply for S-DVI within two years of getting your disability rating.
• VMLI: Veterans’ Mortgage Life Insurance (VMLI) is a low-cost decreasing term life insurance program that provides coverage to veterans with service-connected disabilities who have a VA home loan. It offers up to $200,000 in coverage, which decreases as you pay off your mortgage. The VMLI premium rates are based on your age, balance of your mortgage, and interest rate and do not increase. You can apply for VMLI within two years of getting your VA home loan.
• Private policies: Private policies are life insurance products and policies that are offered by private companies or providers outside the VA system. They can offer more variety, flexibility, and customization than VA programs, but they can also be more expensive, complicated, and restrictive. Private policies can include term, whole, universal, or other types of life insurance products and policies.

How To Find The Cheapest Life Insurance Companies For Veterans

As a veteran, you may think that finding cheap life insurance is impossible. But that’s not true. There are still ways for veterans to find the cheapest and best life insurance companies and providers for their needs and goals.

Here are some tips and tricks to help you find the best rates and coverage as a veteran:

• Compare quotes from multiple life insurance companies and providers: One of the best ways to find the cheapest life insurance rates and coverage as a veteran is to compare quotes from multiple life insurance companies and providers. Different companies and providers have different underwriting guidelines, risk assessments, pricing models, and product offerings for veterans. By comparing quotes from multiple sources, you can find the best deal that suits your needs and goals. You can use online tools, platforms, or brokers to compare quotes from multiple companies and providers easily and quickly.

• Choose a reputable and reliable life insurance company or provider: Another important factor to consider when shopping for life insurance as a veteran is the reputation and reliability of the life insurance company or provider. You want to choose a company or provider that has a strong financial strength, high customer satisfaction, wide product variety, and good features. You can check the ratings, reviews, complaints, and feedback of different companies and providers from various sources, such as AM Best, J.D. Power, Better Business Bureau, etc. You can also ask for referrals or recommendations from your friends, family, or colleagues who have experience with different companies or providers.

• Save money on life insurance as a veteran: There are also some ways to save money on life insurance as a veteran, such as:

• Converting your SGLI to VGLI or VALife: Converting your SGLI to VGLI or VALife can save you money on premiums by locking in your rate based on your age at the time of conversion. You can also avoid medical exams or health questions that may increase your rate or deny your coverage. However, you should compare your VGLI or VALife rates and coverage with other options, such as private policies, to see which one offers you the best value.
• Applying for S-DVI or VMLI: Applying for S-DVI or VMLI can save you money on premiums by offering you low-cost coverage for your service-connected disabilities or VA home loan. You can also get additional benefits, such as waiver of premiums if you are totally disabled or supplemental coverage if you need more protection. However, you should check your eligibility and apply within the time limit to qualify for these programs.
• Shopping around for private policies: Shopping around for private policies can save you money on premiums by offering you more variety, flexibility, and customization than VA programs. You can choose the type, amount, term, and features of your life insurance policy according to your needs and goals. You can also find discounts or incentives that can lower your rate or increase your coverage. However, you should be careful about the quality, reliability, and reputation of the private companies or providers that offer you these policies.

How To Lower Your Life Insurance Rates As A Veteran

The best way to lower your life insurance rates as a veteran is to improve your health and lifestyle. Improving your health and lifestyle can significantly reduce your health and mortality risks and improve your life expectancy. This can result in lower rates and premiums for your life insurance policy over time.

However, improving your health and lifestyle is not easy. It takes time, effort, and commitment. It also requires proof and verification from your life insurance company or provider.

Here are some steps to follow if you want to lower your life insurance rates as a veteran by improving your health and lifestyle:

• Monitor your health conditions: The first step to improve your health and lifestyle is to monitor your health conditions regularly and accurately. You need to check your blood pressure, cholesterol levels, blood sugar levels, weight, etc., at least once a year or more often if recommended by your doctor or health care provider. You also need to record your health conditions in a logbook or an app and share them with your doctor or health care provider. Monitoring your health conditions can help you track your progress, identify any problems, adjust your medications, diet, exercise, or other methods accordingly.
• Lower your risk factors: The second step to improve your health and lifestyle is to lower your risk factors that can affect your health and well-being. Risk factors refer to any habits, behaviors, activities, hobbies, etc., that can increase your chances of developing or worsening various diseases or conditions, such as heart disease, stroke, diabetes, cancer, etc. Lowering your risk factors can help you prevent or delay complications, improve your quality of life, and reduce your life insurance rates and premiums.
• Prevent or manage diseases or conditions: The third step to improve your health and lifestyle is to prevent or manage any diseases or conditions that may arise from your health conditions or risk factors. Diseases or conditions refer to any health problems or issues that can affect your health and well-being, such as high blood pressure, high cholesterol, diabetes, heart disease, stroke, cancer, etc. Preventing or managing diseases or conditions can help you improve your health and well-being, extend your life span, and lower your life insurance rates and premiums.
• Prove your health status and improvement: The fourth step to improve your health and lifestyle is to prove your health status and improvement to your life insurance company or provider. You need to inform your company or provider that you have improved your health and lifestyle and request a lower rate or policy review. You also need to provide evidence or verification that you have improved your health and lifestyle for a certain period of time, such as taking a blood test, submitting medical records, or signing an affidavit.
• Enjoy your lower rate: The fifth step to improve your health and lifestyle is to enjoy your lower rate for your life insurance policy. Depending on your company or provider’s policies and procedures, you may be able to get a lower rate or policy review after six months to two years if you have improved your health and lifestyle and maintained it for at least three months. However, some companies or providers may require longer periods of improvement or more stringent proof or verification before they lower your rate or policy review.

Besides improving your health and lifestyle, there are some other ways to improve your life insurance rates, such as:

• Exercising: Exercising can help you improve your physical and mental health, reduce your stress, boost your energy, and strengthen your immune system. Exercising can also help you lower your blood pressure, cholesterol levels, blood sugar levels, and weight. Exercising can also help you prevent or manage diseases or conditions, such as heart disease, stroke, diabetes, etc.
• Eating well: Eating well can help you improve your nutrition, digestion, metabolism, and immunity. Eating well can also help you lower your blood pressure, cholesterol levels, blood sugar levels, and weight. Eating well can also help you prevent or manage diseases or conditions, such as diabetes, heart disease, stroke, etc.
• Managing stress: Managing stress can help you improve your emotional and psychological well-being, enhance your mood, sleep quality, and concentration. Managing stress can also help you prevent or cope with anxiety, depression, anger, or other mental health issues. Managing stress can also help you lower your blood pressure, cholesterol levels, blood sugar levels, and weight. Managing stress can also help you prevent or manage diseases or conditions, such as heart disease, stroke, diabetes, etc.

How To Prepare For The Future Of Life Insurance As A Veteran

The future of life insurance in 2023 and beyond is uncertain and unpredictable for veterans. The life insurance industry is constantly changing and evolving due to various factors, such as new technologies, regulations, competitors, customer expectations, etc. These factors can affect the life insurance rates and products for veterans in different ways.

Here are some key trends and developments that will affect the life insurance rates and products for veterans in the future:

• New technologies: New technologies, such as data, analytics, artificial intelligence, blockchain, etc., will continue to transform the life insurance industry in terms of risk assessment, pricing, product innovation, customer experience, etc. These technologies can create new opportunities or challenges for veterans, depending on how they are used or regulated by life insurance companies or providers. For example, new technologies can enable more accurate and personalized risk assessment and pricing for veterans, which can lower their rates and premiums if they have good health and lifestyle. However, new technologies can also enable more invasive and discriminatory risk assessment and pricing for veterans, which can raise their rates and premiums if they have poor health or lifestyle.
• New regulations: New regulations, such as privacy, security, disclosure, etc., will continue to affect the life insurance industry in terms of data collection, use, and sharing, product design and delivery, customer protection, etc. These regulations can create new benefits or burdens for veterans, depending on how they are enforced or complied by life insurance companies or providers. For example, new regulations can protect the privacy and security of veterans’ personal and health data, which can prevent them from being exploited or discriminated by life insurance companies or providers. However, new regulations can also limit the access and availability of veterans’ personal and health data, which can prevent them from getting the best rates and coverage from life insurance companies or providers.
• New competitors: New competitors, such as tech giants, insurtech startups, online platforms, alternative providers, etc., will continue to disrupt the traditional life insurance models with innovative offerings and immersive experiences. These competitors can create new choices or challenges for veterans, depending on how they compete or collaborate with life insurance companies or providers. For example, new competitors can offer lower prices, faster processes, better customer service, or niche solutions that cater to veterans’ specific needs or preferences. However, new competitors can also pose a serious threat to the incumbent life insurance companies or providers that rely on traditional distribution channels, products, and processes. They can erode their market share, revenue, profitability, and customer loyalty.

The future of life insurance in 2023 and beyond is bright and exciting for veterans who are willing and able to adapt and innovate. Veterans who can improve their health and lifestyle and leverage the latest and best technologies, regulations, and competitors can get the best life insurance rates and coverage for their needs and goals. However, the future of life insurance in 2023 and beyond is bleak and daunting for veterans who are unable or unwilling to change and improve. Veterans who neglect their health and lifestyle and ignore or resist the latest and best technologies, regulations, and competitors can face higher life insurance rates and premiums, lower coverage options, or even denial of coverage.

Are you ready for the future of life insurance in 2023 and beyond as a veteran? If not, don’t worry. We are here to help you. Contact us today and let us guide you through your life insurance journey as a veteran.