Life insurance is peace of mind. It’s very relieving to know that you can be sure family, children, dependents, and other loved ones will not be financially “strapped” in the event of a death. For military service members, that peace of mind is held dear. Military personnel need to be able to have life insurance options that are specifically suited to their needs.
On the subject of needs, just to name a few, one should think about what kind of life insurance they need, how much, and war clause, aviation clause, terrorist clause—meaning, in the event that the service member dies in combat/aircraft/terrorist attack, some life insurance companies will not pay out. It’s definitely important to make sure that whatever company you choose, that there is a war clause included in the policy.
Below is a list of the top 5 life insurance companies for military personnel.
1. AAFMAA (Army & Air Force Mutual Aid Association) is a way to go whether active duty or retired. They offer life insurance policies and survivor assistance programs. According to the AAFMAA website, policies offer: “no war clause, no aviation clause, exclusion or surcharge, no terrorist clause, continuation after separation or retirement from the military (as policy allows), survivor assistance services, no coverage limitations based on deployment status, and coverage available up to $800,000.”
2. AFBA (Armed Forces Benefits Association) offers all types of military life insurance policies, from policy benefits specifically tailored to active duty service members to policy benefits that aid Department of Defense contractors to civilians and spouses and children. I do not know if there is a war clause or not, but it’s definitely worth looking into.
3. USBA (Uniformed Services Benefit Association) provides many different military-specific life insurance policies to active duty service members, transitioning military personnel, Veterans, retired military, Reserve and National Guard, and Federal employees. Policies include those that offer coverage for spouses and children/dependents as well. USBA also offers health insurance plans.
4. Another way to go for active duty and USAR/ARNG service members is USAA. They offer life insurance for military personnel (not SGLI) and USAA members. Their rates are very competitive, their customer service is amazing and best of all, they do not have a war clause either. You should give them a call and get a quote.
5. MBA (Military Benefit Association) offers plans that are comparable (for military and spouses and children) to SGLI and less expensive than VGLI. They also offer life insurance coverage for veterans and retirees. Coverage is available up to $500,000 and lasts until age 90.
These are the top 5 life insurance companies for military personnel, specific to military personnel. There may definitely be military discounts and military-specific life insurance policies available through many well-known companies as well. If there are any other life insurance companies that are tailored to military personnel’s specific needs, please feel free to include them in the comments section.
About the Author: Lauren is a stay at home mom currently working from home as a freelance writer. She is certified in Education with a background in education, writing, and tutoring to help students develop their educational skills. She comes from a military family and writes articles about education, military life, and personal development.