Life insurance is one of the most important long-term financial decisions you can make. Not only will it safeguard your spouse in the event of your death, but it can also be used to provide for your children and other beneficiaries. Fortunately, just as with car insurance and other types of services, veterans may be able to find huge earnings on both private and military life insurance.
Many private companies offer great life insurance policies to veterans and military personnel. However, you can be sure you are receiving some of the best rates by joining life insurance plans through the Veterans Benefits Administration (VBA). If you are totally disabled because of a military-related injury, you can receive completely free life insurance through the VBA.
Even if you are not disabled, you and your family members are still eligible for their extremely low-cost policies.
If you are a military-personnel on active-duty, you can receive up to $400,000 in life insurance coverage.
However, what happens after you are discharged from service?
The good news is: many insurance companies have special offers and discounted policies for Veterans.
Depending on the insurance provider, Veterans can receive up to 15% off monthly premiums. Also, many insurers have special policies for Veterans that do not have exclusions for mental health conditions, like post-traumatic stress disorder (PTSD), or traumatic brain injuries (TBI). Some insurers also offer family packages, so you can add your children to the policy at $12,500 for no additional cost, or can insure your spouse for up to $1 million.