Veterans Life Insurance Group policies are a good option for those in the military, and that is why they received an honorable mention for our list of the best life insurance companies in the United States.
If you have ever shopped for life insurance, then you are likely well aware that there are many different variables you need to be conscious of before deciding on your coverage.
One such factor is ensuring that you will have the proper amount of protection for your needs.
This means that your loved ones or beneficiaries will have enough funds to pay final expenses, pay off big debts, or pay ongoing living expenses if or when the unexpected should occur.
It is also important that you have the proper type of insurance coverage. For example, today, there are many different variations of life insurance protection that you can choose from.
While this helps insureds in custom choosing coverage to fit their needs, you also don’t want to pick a policy that isn’t suitable for your specific time frame and your possible long-term savings goals.
There is also another criterion that many people may not realize is important – but should. This ensures that the company through which the coverage is purchased is strong and stable financially and has a positive reputation for paying out its policyholder claims.
The reason that this is essential is that you don’t want to place your loved ones or beneficiaries in the hands of an insurance company that may not make good on its financial promise to pay out – especially in their time of need.
With this in mind, it is always important to do a thorough review of an insurer before moving forward with the purchase of its coverage. One company that has a good, solid reputation in the life insurance industry is Veteran’s Group Life Insurance Company of Valley Forge, Pennsylvania.
Table of Contents
- The History of Veteran’s Group Life Insurance
- Veteran’s Group Life Insurance Company Review
- Financial Strength, Ratings, and Better Business Bureau Grade
- Life Insurance Products Offered Through Veteran’s Group / Transamerica Life Insurance Co.
- Other Products Offered
- How to Find the Best Premium Quotes on Life Insurance Coverage
The History of Veteran’s Group Life Insurance
Veteran’s Group Life Insurance Company, also known as Veteran’s Life Insurance Company, has somewhat of a long history regarding names, mergers, and acquisitions.
Between the years of 1974 and 1980, National Independence Life Insurance Company operated, and then on January 1, 1981, National Independence became Veteran’s Life Insurance Company.
For more than 26 years, Veteran’s Life Insurance Company operated out of Valley Forge, Pennsylvania.
Then, on July 1, 2007, Veteran’s Life Insurance Company merged into Stonebridge Life Insurance Company.
Stonebridge was headquartered in St. Louis, Missouri. (Previously, Stonebridge Life Insurance Company was known as J.C. Penney Life Insurance Company, from December 1967 to May 2002).
Several years after the merger of Stonebridge and Veterans, on October 1, 2015, Stonebridge Life Insurance Company merged into Transamerica Life Insurance Company.
This company is operated out of Cedar Rapids, Iowa, and it specializes in life insurance, variable life and annuity contracts, and disability insurance coverage.
Veteran’s Group Life Insurance Company Review
Veteran’s Life Insurance Company, when operating, was headquartered in Valley Forge, Pennsylvania. The company offered a variety of coverage products, including life insurance protection.
Financial Strength, Ratings, and Better Business Bureau Grade
Before the merger of Veteran’s Life Insurance Company, this insurer was rated by A.M. Best Company as an A (Excellent), and it also had an issuer credit rating of a+.
As the Veteran’s Group Life Insurance Company has now been disbanded, these ratings are no longer effective.
Concerning Transamerica Life Insurance Company, the following ratings apply:
- A+ from A.M. Best
- AA- from Fitch
- A1 from Moody’s
- AA- from Standard & Poor’s
Transamerica Life Insurance Company has been an accredited company through the Better Business Bureau since December 15, 2014. The company has been given the grade of A+, out of an overall grade scale of A+ through F.
Over the past three years, Transamerica has closed 278 complaints with the Better Business Bureau, of which 97 have been closed within the past year.
Of these 278 complaints, 196 had to do with the company’s products and/or services, 41 had to do with the company’s billing and/or collections, 30 had to do with the company’s advertising and/or sales issues, 10 had to do with delivery issues, and 1 had to do with guarantee/warranty issues.
Life Insurance Products Offered Through Veteran’s Group / Transamerica Life Insurance Co.
Transamerica Life Insurance Company provides a wide variety of different life insurance products. These include both term and permanent coverage, as well as accidental death coverage.
Term Life Insurance Coverage
Term life insurance is considered the most basic type of life insurance coverage. This is because the term provides death benefit protection only – and because of this, the term can be a very affordable type of life insurance protection.
Transamerica offers several different term life insurance options. These include policies with term limits of 10 years, 15 years, 20 years, 25 years, or 30 years. Coverage can range from a low of $25,000 up to a high of $1 million in face amount.
Most of the policies that are offered through Transamerica will require the applicant to undergo a medical exam as a part of the underwriting process.
Term life insurance policies that are offered via Transamerica include the:
- Trendsetter Super Series
- Trendsetter LB (Living Benefits)
Whole Life Insurance Coverage
Whole life is a type of permanent life insurance protection. This means that the policy offers a death benefit, along with cash value build-up.
The cash value is allowed to grow tax-deferred, which means that there is no tax that is due each year on the gain, but rather tax is only due at the time of withdrawal.
Both individual and group whole life insurance policies are available through Transamerica.
Also, there are whole life insurance policies available through Transamerica with face amounts of between $1,000 and $50,000 that can assist loved ones in paying for final expenses, such as funeral and burial costs.
Universal Life Insurance Coverage
Universal life insurance is another type of permanent life insurance coverage. While universal life offers both a death benefit and a cash value component, this type of coverage is more flexible than whole life insurance.
This is because the policyholder, within certain limits, may choose how much of the premium can go toward the death benefit and how much of it can go toward the cash value.
In addition, the amount and the frequency of the premium may also be modified, provided that there is a sufficient amount of cash value in the policy.
Variable Universal Life Insurance Coverage
Variable universal life insurance is yet another type of permanent life insurance. Here, too, there is a death benefit and a cash component of the policy.
However, the policyholder can invest the cash component in equity investments such as mutual funds – and because of this, the cash has the opportunity to grow substantially due to market movements.
It can also, however, lose value due to market risk. With that in mind, it is important to have a good understanding of all of the potential risks involved before purchasing a variable life insurance product.
Final Expense Life Insurance Coverage
Final expense life insurance coverage is also offered through Transamerica Life Insurance Company. While it may be difficult for most people to discuss, end-of-life expenses can be high – in fact, today, the average funeral can cost upwards of $10,000.
This is especially the case when factoring in such expenses as one’s headstone, burial plot, flowers, transportation, and the memorial service itself.
When loved ones do not readily have access to this much money quickly, a final expense life insurance policy can be a good solution to ease financial worries – and to avoid having to dip into savings or other assets to pay these bills.
Transamerica’s final expense life insurance is a whole life insurance policy – which means that it provides a death benefit and a premium amount that is locked in a guaranteed. It also means that there is a cash value component that will provide tax-deferred savings over time.
There are three different final expense policies to choose from through Transamerica. These include the following:
- Immediate Solution
- 10 Pay Solution
- Easy Solution
Accidental Death Insurance Coverage
With accidental death insurance, an amount of death benefit is paid out to beneficiaries if an insured dies as a result of a covered accident. This benefit will be payable either on its own or in addition to other life insurance coverage.
This type of coverage can also provide benefits in case of a covered accident where the insured loses a limb and/or vision.
The purchase of an accidental death insurance policy does not require a medical exam in order to qualify. This type of coverage may be purchased as a stand-alone policy, or in conjunction with another insurance plan.
There are various options available for accidental death coverage. These include:
- Plan A: This policy will pay out a benefit that is equal to $250,000 for a covered accidental death. The benefit will double and pay the amount of $500,000 for common carrier accidents.
- Plan B: This plan will pay out a benefit that is equal to $125,000 for a covered death that is accidental in nature. The amount of the benefit will double the amount of $250,000 for common carrier accidents.
Comprehensive Life Insurance Product Overview
|Life Insurance Product||Description||Options||Key Features|
|Term Life Insurance||Basic Coverage for a Set Term With Death Benefit Protection||10, 15, 20, 25, or 30-Year Terms||Affordable, Requires Medical Exam|
|Whole Life Insurance||Permanent Coverage With Death Benefit and Cash Value||Individual and Group Policies||Tax-Deferred Cash Value, Helps Cover Final Expenses|
|Universal Life Insurance||Flexible Permanent Coverage with Customizable Premiums||Premium Amount and Frequency Can Be Modified|
|Variable Universal Life Insurance||Permanent Insurance With Investment Component||Invest Cash Value in Equity Funds||Cash Value Growth With Market Risk|
|Final Expense Life Insurance||Whole Life Insurance for End-of-Life Expenses||Guaranteed Premium, Tax-Deferred Cash Value||Eases Financial Burden for Loved Ones|
|Accidental Death Insurance||Pays Benefit for Death or Injury Due to Covered Accidents||No Medical Exam||Multiple Coverage Options|
Other Products Offered
It also offers dental insurance, long-term care insurance, and Medicare Supplement insurance coverage in order to help seniors from having to pay high out-of-pocket expenses due to Medicare Part A and B coinsurance and deductibles.
How to Find the Best Premium Quotes on Life Insurance Coverage
If you are seeking the best premium quotes on life insurance coverage from Veterans Life Insurance Company, Genworth Life Insurance, or any life insurance carrier – then it is typically your best course of action to work with either an agency or an independent brokerage that has access to multiple life insurance providers.
This is so that you can more directly compare, in an unbiased manner, numerous life insurance policies, benefits, and premium quotes – and from there, you can make the decision as to which one will be the best for you.
We know that purchasing life insurance coverage can often seem a bit overwhelming. There are many variables to be aware of – and there are lots of carriers in the market that you can compare and contrast. It always helps to have a guide to walk you through the process.
This is especially the case if you have a specialized situation such as a health condition or if you have been turned down for coverage in the past.
But the good news is that today, there are still many options regarding coverage and premium price that may be available to you. So, contact us today – we are here to help.
How We Review Insurance Companies:
Good Financial Cents systematically reviews U.S. insurance companies, emphasizing policy offerings, customer experiences, and overall reliability.
Our goal is to present a balanced and comprehensive perspective to potential policyholders. Editorial transparency remains a cornerstone of our approach.
We actively collect information from insurance companies and place significant weight on customer feedback. By integrating this feedback with our research, we can offer a well-rounded evaluation.
Each company is then rated based on multiple criteria, resulting in a star rating from one to five.
Product Name: Veterans Group Life Insurance Product Description: Veterans Group Life Insurance (VGLI) is a life insurance program specifically tailored for military veterans, allowing them to continue life insurance coverage after separating from service. Managed by the Office of Servicemembers' Group Life Insurance, VGLI ensures that the sacrifices and service of veterans are recognized with continued life insurance coverage without the need for a health review in certain conditions. Summary of Veterans Group Life Insurance Veterans Group Life Insurance (VGLI) stands as a testament to the nation’s commitment to its military veterans. Designed to replace the Servicemembers’ Group Life Insurance (SGLI) post-separation, VGLI offers a seamless transition, ensuring veterans and their families continue to have life insurance protection. The plan is especially beneficial for those who may have health conditions as a result of their service, as it allows conversion from SGLI without proof of good health if enrolled within a specific timeframe. With flexible coverage options and premium rates based on age brackets, VGLI provides a reliable safety net for veterans transitioning to civilian life. Pros Cons
Veterans Group Life Insurance Review
Product Name: Veterans Group Life Insurance
Product Description: Veterans Group Life Insurance (VGLI) is a life insurance program specifically tailored for military veterans, allowing them to continue life insurance coverage after separating from service. Managed by the Office of Servicemembers' Group Life Insurance, VGLI ensures that the sacrifices and service of veterans are recognized with continued life insurance coverage without the need for a health review in certain conditions.
Summary of Veterans Group Life Insurance
Veterans Group Life Insurance (VGLI) stands as a testament to the nation’s commitment to its military veterans. Designed to replace the Servicemembers’ Group Life Insurance (SGLI) post-separation, VGLI offers a seamless transition, ensuring veterans and their families continue to have life insurance protection. The plan is especially beneficial for those who may have health conditions as a result of their service, as it allows conversion from SGLI without proof of good health if enrolled within a specific timeframe. With flexible coverage options and premium rates based on age brackets, VGLI provides a reliable safety net for veterans transitioning to civilian life.