Whether you are currently serving as a military member or are a retired veteran, it is important to ensure you have the right life insurance for your needs. Life insurance for military members can often look different than a traditional policy, but that shouldn’t deter you from applying for coverage. This article will go over finding the right policy for you, the cost of life insurance and how SelectQuote can help.
Can active duty military get life insurance?
Yes, active duty military members can get life insurance. The best life insurance for active duty military members, however, might look different from person to person. Your job title, rank and if you have orders for deployment are just a few factors that can impact your ability to find life insurance.
How much does life insurance cost for military members?
Just like traditional life insurance, the cost of life insurance for military members can look different for everyone. Life insurance rates are determined by a number of factors—think your age, health, amount of coverage—but you can get a better idea of how much coverage you might need by using our life insurance calculator.
Best Term Life Insurance for Military Members
The best term life insurance for military members will likely be where you can find the amount of coverage that’s right for you at an affordable rate. Shopping for life insurance as a member of the military can seem intimidating, as it can often include a few more steps and considerations, but at SelectQuote, we make it easy. We can compare life insurance coverage and rates from some of the most trusted life insurance companies in just minutes to find the right coverage for you.
Whole Life Insurance For Military Members
As we’re comparing your options for life insurance, you may find that a whole life insurance policy is a better fit for you and your family. Whole life insurance is a type of permanent life insurance, meaning it will provide you with a set amount of coverage for as long as you live, so long as your monthly premiums are paid.
Not only does whole life insurance give you lifetime coverage, but it also typically has a set premium—meaning the amount you pay for your coverage will never change—and a cash value. A percentage of the premium you pay each month will go toward a tax-deferred savings account called the cash value, where you can borrow against once certain conditions are met.
Finding Life Insurance for Retired Military Members
Military veterans have a number of options when it comes to life insurance following retirement. Whether it’s Veterans’ Group Life Insurance (VGLI), which is often the standard coverage for veterans, or a traditional policy, the right life insurance after military retirement will depend on the amount of coverage you’re looking for and what your budget is. By working with SelectQuote, we will take both factors into account when comparing coverage and rate options from some of the most trusted carriers in the U.S.
SelectQuote Can Help Find the Right Life Insurance for Military Members
At SelectQuote, we work with some of the most trusted life insurance companies to make sure you’re considering all your options when shopping for coverage. Finding a military life insurance policy as an active member or veteran shouldn’t be difficult. At SelectQuote, we make it simple: we shop, you save.