At American Fidelity Life Insurance, we understand the unique needs of those who served. Our tailored policies provide financial security for your loved ones, offering peace of mind whether you’re transitioning out of the military or planning for the future. Explore coverage options that honor your service and ensure a stable financial future for your family.
What is Veterans’ Life Insurance?
Veterans’ life insurance is a specialized type of life insurance designed to meet the unique needs of those who have served in the military. It offers financial protection for veterans and their families, ensuring that loved ones are supported in the event of the insured’s passing. With veterans’ life insurance, you can secure peace of mind knowing that your family’s financial future is protected.
How Life Insurance For Veterans Works
Veterans’ life insurance provides a financial safety net for your loved ones in the event of your passing. When you purchase a life insurance policy, you pay regular premiums to the insurance company in exchange for a death benefit, which is a predetermined amount of money. If you pass away while the policy is active, your beneficiaries receive this tax-free benefit, helping them cover funeral costs, mortgage payments, daily living expenses, and more. Overall, veterans’ life insurance ensures your loved ones are financially supported when they need it the most.
Options for Veterans’ Life Insurance
The two most common types of life insurance for veterans are Veterans’ Group Life Insurance (VGLI) and private insurance through providers like AmFi. VGLI, a program through the Department of Veterans Affairs, is available to veterans previously covered under the Servicemembers’ Group Life Insurance (SGLI). It allows them to convert their SGLI coverage into a VGLI policy that can be maintained for as long as they continue to pay premiums. VGLI guarantees acceptance for veterans who are transitioning out of the military, regardless of any health issues they may have.
Veterans can also explore private life insurance options through providers like American Fidelity Life Insurance. Private insurance policies can offer various coverage types, including term and universal life insurance, with customizable features that may better suit individual needs. These policies provide competitive premiums and can include additional benefits, such as cash value accumulation or riders for specific needs. Choosing private insurance allows veterans to compare different plans and find coverage that aligns with their financial goals and family circumstances, ensuring they have the right protection in place.
Benefits of Life Insurance for Veterans
VGLI offers numerous benefits for veterans, including:
- Guaranteed Renewal: VGLI policies are guaranteed to renew for life, as long as premiums are paid, giving veterans ongoing coverage regardless of changes in health status.
- Flexible Premium Payments: VGLI offers various premium payment options, allowing veterans to choose between monthly, quarterly, or annual payments based on their financial preferences.
- Ease of Conversion: Veterans can easily convert their SGLI coverage to VGLI, ensuring they have continuous coverage.
- No Medical Exclusions: As long as veterans apply for VGLI within the specified timeframe after leaving the service, they will not be rejected due to pre-existing medical conditions.
Should I Get Private Veterans’ Life Insurance?
While VGLI offers valuable benefits, private life insurance offers additional advantages that align better with your financial goals and family requirements. Here are some considerations to help you determine if private veterans’ life insurance is the right choice for you:
- Customization Needs: If you desire a policy with customizable features, such as riders for accidental death or critical illness, private insurance may offer greater flexibility to tailor coverage to your specific situation.
- Coverage Amounts: If you require a higher coverage amount than VGLI offers, private insurance can provide options that better meet your financial obligations and family needs.
- Investment Opportunities: If you’re interested in building cash value over time, whole life or universal life insurance policies from private insurers can accumulate value you can access in the future.
- Long-Term Financial Planning: If you’re looking to incorporate life insurance into a broader financial strategy, private insurance can provide additional resources and options for managing your wealth.
Veterans Life Insurance FAQs
To qualify for Veterans’ Group Life Insurance (VGLI), veterans must have been covered under the Servicemembers’ Group Life Insurance (SGLI) program at the time of their discharge from the military. They must apply for VGLI within one year and 120 days of leaving active duty to secure coverage without undergoing a medical exam.
Servicemembers’ Group Life Insurance (SGLI) provides life insurance coverage for active-duty service members. Veterans’ Group Life Insurance (VGLI) is a renewable term life insurance option available to veterans who convert their SGLI coverage after leaving the military.
Veterans’ Group Life Insurance (VGLI) provides a tax-free death benefit that can be used to help pay for funeral expenses.
The cost of veterans’ life insurance from American Fidelity Life Insurance varies based on factors like the insured’s age, gender, and desired coverage amount. For rates tailored to your circumstances, get a free quote today.
Policies with AmFi start at $9 per month. The exact amount you pay each month (your premium) is determined by your choices in the coverage amount and length of term, as well as your age, health, and lifestyle choices.
No. With our 5, 10, and 20-year term policies you will be charged the same amount every month for the duration of your policy. When the policy expires, your rate may change based on age and insurability at that time.
We sure do. We don’t advise canceling your policy because your coverage will lapse, but if you cancel within the first 30 days, then we will issue you a full refund. If you cancel after the initial 30 days, then we’ll simply stop charging you.
In addition to life insurance coverage, this policy grows cash value that isn’t taxed right away. This cash asset is a tremendous advantage of our universal policies.
Please contact our office or one of our agents to discuss the universal life insurance policy and to see whether this is the best policy for your needs.
Just like with all our policies, the death benefit is completely tax free. The universal policies accumulate cash value that is tax-deferred. Please contact our team to learn more.
The Policy Owner must complete the appropriate form for the requested change. Forms may be downloaded and printed from the Forms Link after logging in. The Policy Owner may also contact a Service Representative at the Home Office or send us a message through our Contact Us page.
You may contact a Service Representative or register online. By registering online you will be able to view premium payments, make withdrawals and much more. Click here to register.
Upon the death of the Insured, you will contact the Home Office Claims Department to report the death. Be prepared to advise us of the insured’s name, the date and cause of death, and the name, address, and telephone number of the person who should be contacted. A Claimant’s Statement and additional information on how to file a death claim will then be sent to the named beneficiary(ies). You may click the “Claims” link at the top of this page to download the Claimant’s Form and instructions.
Please contact our office immediately to update your banking details and ensure that your valuable coverage isn’t lost.
Get A Quote For Veterans’ Life Insurance Today
Secure your family’s future today with American Fidelity Life Insurance. Contact us now to explore personalized life insurance options for veterans that meet your unique needs and budget. Contact us now for a personalized quote and take the first step toward protecting your loved ones.
