United Services Automobile Association, more commonly referred to as USAA Federal Savings Bank, began as an insurer for military members and their families.
USAA’s life insurance policies continue after the insured person leaves the military. USAA life insurance is an especially great choice for military servicemembers.
USAA offers term, military term, whole, and universal life insurance. USAA’s military term policy includes a $25,000 severe injury benefit.
USAA also has strong financial ratings, which indicates its financial strength and means it is reliable when it comes to paying claims.
It was founded in 1920 by a handful of servicemen who found it difficult to get life insurance coverage from insurance companies due to the "high risk" ratings that their professions gave them.
Over the years, USAA has gained a reputation of providing quality financial and banking services to military service members. The company currently has over eight million members and is worth more than $19 billion, making it one of the largest insurers in the United States.
In addition to life insurance, USAA has financial services, banking, credit card offers, car insurance, homeowner's insurance, renter's insurance, and more of its members. Members even can find health insurance through USAA. USAA emphasizes insurance coverage of all types for members of the military and their families. Many of their life insurance policies also include provisions for children of the policyholders.
USAA holds a financial rating of A++ from A.M. Best, Aa1 from Moody's Investor Service, and AA+ from Standard and Poor's. Financial strength ratings indicate how likely an insurance provider is to meet its claims obligations. These high ratings indicate that USAA is financially stable and able to meet its financial obligations.
Customer reviews on Best Company also rate USAA highly. USAA has received a 4.8/5 star-rating from reviewers. This high rating further demonstrates the level of service and quality USAA offers its clients.
USAA has received mostly 4- or 5-star ratings from reviewers on Best Company. These positive experiences indicate that USAA member satisfaction is high. Positive reviewers mention an overall experience with USAA's services and insurance products. Positive reviews also reflect cost and coverage satisfaction.
USAA offers four kinds of life insurance to its members:
USAA’s term policies last as long as 30 years without changes to monthly life insurance premiums. With these plans, USAA also offers a free financial plan for beneficiaries and the ability to add life insurance coverage for children.
The Military Term life insurance policy includes an additional $25,000 severe injury benefit for policyholders.
This coverage of bodily injury provides additional value to military families because medical costs are high, especially for severe injuries.
Whether you need a term life policy while deployed or for one of your family members, USAA offers valuable coverage options.
If you're looking for a permanent policy, you can purchase USAA whole life insurance or universal life insurance.
USAA’s Whole Life Insurance and Universal Life insurance policies last a lifetime and accrue additional cash value. As with the term policies, USAA also offers a free financial plan for beneficiaries with its permanent life insurance plans.
The monthly premiums for USAA’s Whole Life Insurance plans remains consistent throughout the policy. Members with a Whole Life Insurance plan can also purchase coverage for their children under this plan.
The payments for USAA’s Universal Life Insurance plans can be flexible and change over the course of the policy.
As you evaluate your life insurance options, remember that the policy only remains active as long as you make the premium payments. Be clear with your insurance agent, and make sure that you find coverage that will meet your needs and fit your budget nicely.
With most policies, you'll have to have a medical exam as part of the underwriting process. Underwriting determines the risk associated with insuring an individual for an insurance company and determines the life insurance rates you qualify for. Unless you're applying for a guaranteed acceptance policy, you'll need to follow through with a medical exam when you apply for coverage regardless of the life insurance company.
USAA covers all military personnel, including active duty, and their families. In addition to providing a death benefit, USAA also provides insurance coverage for acts of war and includes payouts of up to $25,000 for war time injuries. A term insurance policy from USAA is an excellent option for military members. Its plans cover high risk military personnel better than almost any other on the market.
USAA's Universal and Whole Life insurance policies do have the option of a flexible insurance premium if your circumstances change. They also accrue cash value which is guaranteed to have a minimum interest rate based on the state you live in (Texas being the example cited at 1 percent).
USAA's website is easy to navigate and includes customized life insurance quotes online. The quick insurance quote information helps potential clients understand the costs and benefits of a USAA life policy.
Contact information is also listed in the top, right hand corner of each page as well as additional prompts to search for a local agent as you browse.
USAA's customer service is also excellent. Its agents are helpful in answering questions and processing claims for USAA members and potential customers.
Its online and automated payment options make it easy to stay current on payments as well.
Age, medical condition, and occupation affect life insurance rates. Because USAA insures people in a high risk population, it affects the cost of its insurance premium. On average, USAA life insurance rates are 15-20 percent higher than other companies. Keep in mind that premiums for permanent life insurance policies also tend to be significantly higher than those for term policies.
While people may pay more for a USAA life insurance policy, it's important to note that it's difficult to find private life insurance for military members. When you consider the value USAA adds to its policies, like including a severe injury benefit, the quality of its products and services is high.
USAA has a specific customer base. To qualify for USAA membership, become a life insurance policyholder, and purchase any of its other products, you must active-duty military, retired or honorably discharged military, or be related to a military service member. If you are not in the military or have no direct family connection with the military, USAA life insurance may not be an option for you.
I have been a USAA customer for over 30 years and my father before me. They have the most amazing customer support of any company I've ever worked with.
USAA has always been a great support to military families. My parents were members for 60 years, and I have been for well over 20, and I'm still amazed at the various services USAA offers.
So far so good they provide a great service and always will inform you of any new information available.
Jack and Thelma Unangst
We would say USAA is the very Best of the Best. We have had loans, mortgages, and all of the other banking needs taken care of with them for over 40 years. They have never left us down. When we call we are treated with the utmost respect and if they do not have the answer they will find someone who does. We don't even consider anyone else for car insurance cause the other companies always say, "We can not do better than USAA>" They were kind enough to even take on our children when they were grown and have serviced them well over the years. Great company!
Best offer on life insurance hands down. The process was very easy, but extremely thorough.
USAA has been able to give us the best price on term life insurance! And we were even able to get a rider on the kids. And their customer service is amazing!
Been a member for many years. Always perfect customer service. Feel like it is a relationship truly. Valuable company.
I love my USAA products. It is priced extremely well and it’s easy to sign up for. It’s nice knowing if anything happens to me, my wife is covered.
Just like every other insurance policy we have with USAA this was very simple to apply for, and simple to manage. I trust USAA and live working with them
Simply the best! Others can’t compete with their level of customer care. Great options for everyone!
I am extremely pleased to be a member of USAA, they take great care of their members and have a vast amount of products to serve their customers. I would highly recommend them.
I have auto, home, and banking with USAA and am completely pleased with all of their services and employees.
My family is USAA everything and when it came to doing our life insurance we shopped around and got the best coverage for me and my wife so are kids will never have to worry. Thanks USAA
I trust them with my life!! Literally. The best and at such a reasonable price! I love them
We started with USAA in Texas. They have the best customer service for our family’s needs. Thanks
I have a small life insurance for my son. It’s a just in case I’m hoping never to have to use it and it could be used later by him to extend the service for himself or even borrow against it.
Our family loves USAA! Everyone has it, including extended family. The costs are unheard of compared to other companies and provides us with great coverage for a great price!
When we needed to adjust policies they spent a lot of time on the phone helping us find the right policy for our situation.
I have USAA for my insurance on everything! They are so great to work with and very affordable !
I wish as a child of a veteran that I could use this insurance, but since my father never signed up. I'm denied enrollment
SPENCER C HARVEY
Life insurance is easy to rate mathematically by bang for buck. So it's really good and better than anything else we could find
Cori Jacobsen Ollerton
I wish I could give USAA 10 stars! They are amazing. Customer service is great. Easy to communicate with and helpful in answering questions. I have been a customer for over 20 years. Banking staff is educated and very helpful.
they are a really good company. They have excellent customer service. They are a solid company!!
Never had any problems with it. Very reliable and fast service. When I call for help people are very helpful.
One of the few insurance companies that will insure soldiers. Rates are probably a little higher as a result. Great company and awsome service.
With a family, life insurance is something that is very important to me. I like the coverage and amount that USAA provides and the price is very fair. I would recommend them to friends.
My wife has a life insurance policy through USAA! They offer great products. I hope I never have to worry about getting this paid out!
Setting up a life insurance policy with USAA was super easy. I put it off for so long expecting they would give me the run around. I really wish I would have gotten it taken care of a lot sooner!
I love this company. I can always count on them to have the best rates and customer service. I would highly recommend them.
Great company, great insurance, and the best rates!
Excellent company, reliable, fair, and professional
Cost is better than others also we do all our banking there to.
Dependable - recent rate increases have me wondering about value
All around excellent. Friendly staff and prompt service.
Have been with USAA for 15 years never had a problem issue that wasn't resolved fairly.
Easy to communicate with. Great customer service.
From banking to insurance USAA allways provides exceptional service in every respect!
Great Company - I have two policies but found recently that one was a Universal Life policy which I did not know...bad on me I guess
Rates, service, and all issues have been handled very well in all my need with them.
Excellent customer service, very respectful, very easy to work with.