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Life Insurance While Receiving Veteran (VA) Disability Benefits

Researcher & Writer
January 24, 2014

For those who are currently having a difficult time getting approved for high risk life insurance, you may also want to read the following article which focus on difficult to place insurance policies: 10 Great Final Expense and Burial Insurance companies

Traditional life insurance is available for disabled veterans. This article was written to reach out to those who have been told that they can’t qualify for traditional term life or whole life insurance policies simply because they’re currently receiving veteran administration (VA) disability benefits. In the majority of cases, veterans receiving disability looking for life insurance have been offered an accidental death policy or some type of guaranteed whole life product that is typically limited to about $25,000 in coverage.

Do you have a pre-existing condition? Find out how we go the extra mile to get you insured for the best price available.

If this describes you, please keep reading because you can get life insurance while receiving veteran administration disability.

The Truth

The truth is it may be more difficult for veterans to qualify for a traditional term or whole life insurance policy while receiving Veteran Administration benefits. And if you are eligible, VGLI is going to be your best route.

You see, the main reason it is tough to qualify for coverage is that the underwriters working for the various life insurance companies tend to view applicants on disability unfavorably. This is why it is so important to work with an independent agency that will be able to "shop" your application to many of the best life insurance companies before deciding on which company you should apply with.

This is done for two reasons:

  1. It will give us a realistic idea of what you will qualify for, and
  2. If it looks like you're not going to be able to find something that meets your needs you haven't wasted a ton of time or needed to go through a complete medical exam.

In general, most veterans receiving VA benefits will qualify for life insurance if they know where to look!

Assuming that you decide to apply with an agency that can work with dozens of different insurance carriers, your agent should be able to place your application with a life insurance company that will approve your application for life insurance even while your receiving VA benefits, provided that your disability:

  • Isn’t life threatening, and
  • the applicant would otherwise be considered healthy, absent the condition causing the disability.

Yes you read that correctly---you may still be eligible for life insurance while receiving Veteran Administration benefits!

Examples of such individuals that would qualify for life insurance while on disability would include but not limited to those suffering from:

  • Arthritis
  • Depression
  • Bipolar Disorder
  • Attention Deficit Hyperactivity Disorder
  • Anxiety Disorders
  • Pain Disorders
  • Blindness
  • Long Term Back Pain
  • Spine/joint Disorders
  • Dyslexia
  • Digestive System Disorders
  • Skin Conditions
  • Etc...etc..

As you can see, there are a lot of conditions that are generally not life threatening and would otherwise be acceptable to most insurance carriers if they were not paired with a VA disability claim.

The Trick is not getting stuck paying too much!

Why is it a secret that veterans receiving VA Benefits can get life insurance?

That is not an easy question to answer. The main problem veterans on disability run into is that these policies are typically pretty small and don't generate a ton of revenue for life insurance companies or agents. What that means for veterans on disability looking for coverage is that writing one of the different types of life insurance policies for those on VA disability isn't something that agents spend much time focusing on.

Combine that with the fact that these smaller life insurance policies are still going to require a medical exam just like any other policy would (exams cost life insurance companies money) and you can see why many life insurance carriers (and the agencies who work for them) choose not to offer this option to their customers.

Since we here at TermLife2Go already focus our attention on more difficult to place cases, we understand that done correctly, helping veterans obtain life insurance while on disability really isn’t that difficult or time consuming at all. In fact, we love helping veterans obtain life insurance who were previously told they could not qualify due to their disability because when we do, we typically gain a loyal client for life!

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