USAA has become one of the most reputable financial institutions. Founded in 1922, USAA takes pride in serving military families by offering great financial products like life insurance at affordable rates, and by delivering superior customer service to match. If you are in the military, have served or have a relative that has done either, you are eligible to use its great products.
USAA Life Insurance Policies
USAA has four different types of life insurance coverages available; here's a closer look at each one and some of the benefits you receive with each:
- Level term life insurance: Level term life insurance replaces lost income that could arise in the future. The benefit of this coverage is it lasts up to 30 years and you make fixed payments on this policy, resulting in an expense that won't change over the duration of the coverage period.
- Military term life insurance: This supplemental insurance policy goes with your SGLI to provide added financial protection for your loved ones. One of the best perks about it is if you are about to deploy, USAA will speed up the application process to ensure your policy starts quicker.
- Universal life insurance: With this policy, you build up cash value over time, which you can withdrawal for personal use. However, any amount you withdrawal will reduce the amount of the benefit paid to your family in the event of your death. Moreover, with this policy, you have the ability to adjust coverage amounts over time to better fit your family's needs.
- Whole life insurance: With whole life insurance, your policy and payments will remain the same throughout the length of the term, giving you peace of mind as well as predictability in payments. Similar to other life insurance policies, you build a cash value from which you can borrow or withdrawal money for a variety of personal uses. Both whole life and universal life's policy terms cover your lifetime whereas USAA's other policies will cover you up to 30-year terms.
What separates USAA from other financial providers is the high level of care it offers its customers and relatives. A great example of this is with each life insurance policy, your beneficiaries can receive free financial advice.
This is another way you can have peace of mind in knowing not only will you provide for your loved ones, but USAA will be there as well, providing guidance your family members can use to manage their money effectively.
USAA Insurance - Application Process
When you are ready to see how much a term life insurance policy is with USAA, you can visit its website or contact it by phone. If you visit its website, it has a great tool that can help you calculate how much life insurance you need. Once you determine the amount you need, you can receive a quote quickly.
If you find the quote to your liking, you can complete the application online or over the phone with a licensed insurance representative. From there, USAA will set up a medical exam you will undergo as part of its underwriting process; this is a free exam where a medical professional will visit your home, office or another place you designate to test your blood pressure and gather urine and blood samples.
After the lab runs these samples, it will send the results to USAA, who will then make a determination on your life insurance policy, including whether you are a good risk to it and what your policy amount will be.
Unless you state otherwise, and USAA approves your application, it will process your first policy payment and you'll have financial protection. Overall, the whole process takes anywhere from four to six weeks for you to complete.
USAA Life Insurance Benefits
USAA has an exceptional reputation of serving military members and their families.
This reflects the diverse life insurance policies it offers, where you can find the one that matches you and your family's needs. Not only will you have a choice from multiple life insurance policies, you receive excellent benefits with each, including free financial guidance for your beneficiaries and a $25,000 severe injury benefit for the military term life coverage. These are added features for free you won't find with other providers.
Additionally, since USAA is a full-service financial provider for military families, you have access to a wide range of financial products, making it a great one-stop resource for all your financial needs. You might even qualify for a discount by having multiple insurance policies with USAA.
Discounts aside, having all your financial matters with one provider makes it easier to manage everything while also giving you access to some amazing products.
USAA Insurance Drawbacks
Since USAA requires a medical exam, it isn't the quickest method to receive life insurance whereas, with other providers, you can fill out a simple application and in some cases, receive coverage the same day. At the same time, it's important to note the medical exam is free and is a great way to gauge your health.
USAA Life Insurance Tools and Resources
USAA's website is full of educational resources to aid you. Included in this are helpful articles that can help you determine your life insurance need and how to understand the different types of life insurance available. It also has a member community available where you can connect with other USAA members to share or receive financial advice.
USAA Insurance Customer Service
USAA's life insurance agents are available Monday through Saturday to field your calls. There's also an email option and social media accounts with Facebook and twitter, where you can contact a member of its staff. USAA takes pride in delivering exceptional service, best reflected in its A+ rating with the Better Business Bureau.
Customer reviews and company reputation are two great ways to determine whether or not you might need a USAA Life Insurance plan. Trustpilot, a website that ranks companies purely from customer reviews, rates USAA an 8.1/10. Keep in mind that the experiences of one customer are not representative of the company as a whole, but it is important to spot potential issues you may have with the company early nonetheless.
USAA Life Insurance Review Recap
USAA offers a diverse array of life insurance products with excellent perks. Moreover, with an easy application process, excellent customer service and intuitive web tools, USAA makes it simple for you to find the information you need quickly. If you are in a military family, it behooves you to take advantage of USAA's excellent life insurance products.