Life Insurance

USAA Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 6 minute read

USAA Life Insurance offers affordable, flexible life insurance tailored to the unique needs of service personnel and their families. On the other hand, if you are not a member of the military, you may find yourself with fewer work opportunities. Read our USAA Life Insurance Review to learn more about what they have to offer.

Pros and Cons USAA

USAA Life Insurance Review - USAA Insurance Company Logo

Pros

  • A favorable consumer reputation is advantageous.
  • Additionally, compensation is available in the event of a catastrophic injury.
  • You should consider obtaining additional insurance following a significant life event.

Cons

  • In New York City, a diverse array of insurance options is unavailable.
  • Non-military personnel have fewer alternatives and may be forced to pay a higher price as a result.

USAA Life Insurance Rates

USAA’s online pricing tool created a sample rate for 2021 for a $500,000-20-year term insurance policy with a death payout of $500,000. USAA charges cheaper life insurance rates than the national average for plans of this size and duration.

  • Age 20. Male $19.57, Female $17.90
  • Age 25. Male $19.57, Female $17.90
  • Age 30. Male $21.24, Female $18.32
  • Age 35. Male $22.90, Female $19.99
  • Age 40. Male $32.49, Female $27.49
  • Age 45. Male $52.07, Female $39.57
  • Age 50. Male $82.90, Female $62.90
  • Age 55. Male $129.88, Female $98.73
  • Age 60. Male $222.90, Female $153.73

What affects my rate with USAA

Estimating life insurance premiums may be difficult due to the enormous number of variables that must be evaluated throughout the underwriting process. It’s as simple as leading the healthiest possible lifestyle to save money on life insurance.

To obtain the greatest insurance rates, consider the following general health and lifestyle recommendations:

  • Smoking was avoided or strictly limited over the preceding two to three years.
  • There have been no family members who have died of cancer or cardiovascular disease.
  • I have abstained from drug use and alcohol use for the last five years.
  • While a healthy HDL-to-total cholesterol ratio of 6.0 is good, a total cholesterol level of 240 is optimum.
  • A mercury value of 140/90 millimeters is critical.
  • Five years of clean driving records that are devoid of DWIs, DUIs, suspensions, and other traffic violations are essential.

How to get a quote from USAA life insurance

Consult a Life Insurance Specialist by clicking this link to the USAA life insurance website.

  1. Following that, you will be asked for information such as your birth date, gender, residence, and if you are presently serving in the military.
  2. Once you’ve answered a few health-related questions and submitted your responses online, click the Send button.
  3. Following that, you will receive a no-obligation pricing quotation tailored to your specifications. You may personalize your quotation by adjusting the amount of coverage and the duration of the policy.
  4. Click the Continue button once you’ve completed reading and approved the quotation.
  5. Another alternative is to bookmark the webpage that had the quotation and return to it later.
  6. If you are already a USAA member, you may log in and proceed with the application process. To advance, you must first register with the organization, unless you are already a member.

What types of life insurance coverage does USAA offer?

The US Army Mutual Life Insurance Company (USAA) differentiates itself from other insurers in the market by focusing only on military-specific life insurance for service members, their spouses, and dependent children.

You can choose from a variety of plans that provide coverage for the duration of your military service or for the duration of your retirement.

  • Term life insurance. USAA’s term life insurance policy, one of the most affordable alternatives available, provides a fixed amount of coverage for a specified period of time, often 10, 15, 20, 25, or 30 years, depending on the term selected.

A 20-year best-class insurance coverage starts at $14.51 per month for the period. Extra perks include the possibility to acquire additional coverage while serving in the military and the option to obtain guaranteed SGLI replacement insurance once your military service is done.

  • Term Life. Without incurring additional costs, the insurance can be switched to a long-term coverage in the event of a disagreement or a significant life event.
  • Military members can purchase term life insurance. Every benefit is assured, including the replacement of SGLI, increased protection for life events, and catastrophic injury benefits.
  • Whole life insurance. USAA’s comprehensive life insurance policy protects your family financially in the event that you are unable to care for them. As long as you continue to make your monthly payment of $84.57, you can obtain a 20-year best-class insurance plan with guaranteed coverage and prices. Premiums for the remainder of your life or for the following twenty years, up to the age of 65, are completely up to you. Because the cash value of the policy rises over time, your beneficiaries may get more money if you choose this option over term life insurance.
  • Life insurance that is universal. Universal life insurance is the most adaptable option when it comes to putting together a comprehensive financial strategy due to the different configuration possibilities available. Monthly premiums are $73.89 for a 20-year best-class policy, which is comparable to the cost of whole life insurance. True, premiums and payment schedules may be customized to fit your unique circumstances. Your policy’s cash value increases over time, just as it does with whole life insurance. On the other hand, premium allocation has an effect on the company’s future growth. If you want more finances, you may borrow against your insurance policy’s cash value.

Does USAA offer burial insurance?

Regardless of the outcome, your loved ones will be allowed to use any remaining insurance funds to pay for your funeral, burial, and any other last expenditures. Your family members may experience financial relief as a result of USAA’s guarantee to pay out permanent coverage claims within 48 hours on average.

What riders can I add to my policy?

Military personnel can choose from a variety of comprehensive life insurance plans, each of which is tailored to the individual’s specific needs and goes above and beyond what is given by other insurers.

Given that no insurance policy will fully satisfy all of your needs, you may opt to modify your coverage by adding any of the riders mentioned below, which are available solely to USAA members.

  • Rider for expedited payment of death benefits. If you are diagnosed with a terminal illness, you may be entitled for an early payout from your insurance company under the terms of your policy.
  • The rider who met his end due to circumstances beyond his control. This coverage offers additional financial compensation in the event of an accident-related death.
  • Dependents include parents and children. It is preferable to have your dependents covered under your existing policy in order to avoid paying for extra insurance.
  • A rider that safeguards your financial well-being in the event of a catastrophe. Following a significant life event, like marriage, childbirth, or the purchase of a home, you may be eligible to raise your coverage by $100,000 without undergoing further underwriting.
  • Military members who have sustained a major injury on the battlefield are eligible for Survivor payments. You will get a total of $25,000 in damages if you are injured on the job and have a life-threatening injury.
  • Riders for term insurance are available. Additionally, for a limited time period, supplementary insurance can be purchased in addition to your permanent coverage.
  • Riders agree to pay a fee that is less than that quoted to them. Premiums are not required if a handicap prohibits you from working.

A USAA life insurance salesperson may be able to offer you with further information about alternative types of insurance.

USAA life insurance reviews and complaints

USAA has a BBB rating of 3.8 out of 5 based on user ratings and the company’s own grading system, which considers factors such as the company’s longevity and operating operations. The Better Business Bureau has given less than favorable ratings to more than 270 of the company’s 300 consumers. Apart from life insurance, USAA product assessments include the entire range of the company’s products.

Customer service and price are consistently rated as excellent or excellent plus in client surveys. Despite a high volume of negative complaints on its website, the Better Business Bureau rates USAA an A+ overall.

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