Veterans and military guide to insurance

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Veterans and active-duty military members often qualify for insurance discounts and special benefits, but they also face unique challenges when it comes to securing the right coverage. From frequent relocations to deployment considerations, military life can make managing auto, home, life and health insurance more complex.

“Some insurers specialize in insuring veterans, and they should always be included on the shopping list,” says Lynne McChristian, a spokesperson for the Insurance Information Institute. 

These companies not only offer military-specific discounts but also understand the unique coverage needs of service members and their families.

“These insurers understand the complexities of military life and they also understand that customer service is important to those dedicated to military service.”

Whether you’re deployed or have completed your service, having the right auto, home, life, and health insurance ensures you and your family are financially protected, no matter where duty calls.

How insurance needs differ for military members

Military members ‘ insurance needs can be different from those of civilians.

• Deployment considerations: Automatic bill payments and early policy renewals can make managing insurance easier if you’re stationed overseas.
• Auto insurance adjustments: If your car sits unused during deployment, you might suspend coverage or remove yourself from the policy. If family members are driving, you’ll need to keep the policy active.
• Homeowners insurance questions: If you’re taking personal items with you, will they be covered? If your home is vacant, will your insurance still be valid?
• Health and life insurance needs: Does your employer’s health plan cover you during deployment? Is your life insurance adequate, given the risks of military service?

These are just some of the questions service members should ask their insurance providers.

Best car insurance companies for veterans

Many insurers offer strong coverage for veterans, but a few cater specifically to those with military experience.

• USAA: Known for exceptional service for military families. USAA only offers coverage to military families. 
• Direct Auto Insurance: Offers up to 25% off auto coverage for active-duty military members.
• Geico: Provides a 15% discount for military members and veterans.

Other companies offering military discounts

• AAA: Regional membership discounts.
• Direct General: Up to 25% discount for active service members.

“Insurance considerations should not be based on price alone,” McChristian says. “You will want to look into the customer satisfaction ratings and how well the company is rated for financial stability.”

Auto insurance options if you are deployed

Your car insurance needs may change during deployment. Here are some options to consider:

• Keep your policy: If family members drive your car, maintain full coverage.
• Suspend your policy: If no one is driving, suspending it can lower costs while avoiding coverage gaps.
• Negotiate lower premiums: Many insurers allow service members to reduce premiums instead of canceling coverage.
• Get storage insurance: Protects against fire, theft, and other risks while your car is unused.
• Remove your name from the policy: This may lower costs if other drivers are on the policy.
• Cancel the policy: This is a last resort if affordability is a concern, but be aware of potential premium increases when reinstating coverage.

“Leaving a car uninsured leaves it vulnerable to loss,” McChristian says. “A car can still be damaged in storage.”

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Life insurance for veterans and military personnel

Life insurance options include term life, which covers a set period, and whole life, which lasts a lifetime and builds cash value. Military service carries greater risk, often leading to higher private insurance rates. However, government programs provide affordable options.

For active-duty members

• Servicemembers’ Group Life Insurance (SGLI): Up to $400,000 in coverage.
• Family Servicemembers’ Group Life Insurance (FSGLI): Covers spouses (up to $100,000) and children ($10,000).
• SGLI Disability Extension (SGLI-DE): Free coverage for up to two years for disabled service members.
• Traumatic Injury Protection (TSGLI): $25,000–$100,000 for qualifying injuries.

For veterans

• Veterans’ Group Life Insurance (VGLI): Available for those transitioning from SGLI.
• Veterans’ Mortgage Life Insurance (VMLI): This policy covers up to $200,000 for disabled veterans who have adapted their homes.
• Service-Disabled Veterans’ Insurance (S-DVI): Up to $10,000 for veterans with a service-connected disability.
• Supplemental S-DVI: An additional $30,000 in coverage for eligible veterans.

“SGLI is a very affordable group life insurance policy, but it is not portable,” says Ryan Guina, a military veteran and founder of The Military Wallet. “Members are no longer eligible for SGLI when they leave the military.”

He suggests shopping for term life insurance while still in service to maintain coverage after transitioning to civilian life.

Home insurance for veterans and military personnel

Whether you have a VA loan or a conventional mortgage, homeowners insurance is required. Coverage should include:

• Hazard insurance: Covers damage from wind, fire, theft, and vandalism.
• Property coverage: Protects structures like fences, decks, and garages.
• Liability coverage: Covers injuries on your property.

You can also add policy riders, such as additional coverage for high-value items like jewelry.

“Veterans who use a VA loan to buy a home are required to take out hazard insurance coverage,” Guina says.

Home insurance considerations during deployment

If your home is vacant during deployment, your coverage could be affected.

“Unoccupied homes are a hazard,” McChristian says. “If no one is home, that means no one can report a theft, a water leak under the kitchen sink, or roof damage from that unexpected hailstorm.”

Some policies may not cover homes left vacant for extended periods, but you can add an endorsement for unoccupied homes to maintain coverage.

Health insurance for veterans and military personnel

Active-duty military personnel are covered through TriCare, which also extends to family members.

TriCare plans

• TriCare Prime: Free for active-duty personnel and families.
• TriCare Select: Includes deductibles and copays, with lower costs for in-network care.
• Remote and overseas plans: Coverage for those stationed far from military facilities.

TriCare offers health plans for active service members, veterans, and families. 

Veterans may also qualify for VA health care benefits, differing from TriCare plans’ coverage and cost.

Private health insurance options

Veterans can opt for private health insurance to supplement VA benefits. Discounts are often available, but it’s crucial to review:

• Plan costs and deductibles
• Coverage limits and restrictions
• How benefits change when transitioning from active duty to retirement

Researching your options ensures you and your family have the protection you need long-term.

Chris Kissell

Contributing Researcher

 

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Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.