You’re in the military and need to get some life insurance, of course, you have heard of USAA but are wondering if you are making the right choice. We can help you with this by providing the most unbiased and honest information of USAA for you to form your own opinion. After our USAA Life Insurance review we hope that you can form your own opinion and decide whether or not USAA is the best life insurance company for you or not. If we could tell you that it is or isn’t the best life insurance company we would be lying because everyone is different and have different needs, health, and lifestyles. In this article we will be talking about USAA’s history, we will provide our honest review, and we will cover some highlights of the products offered. The following are some key points from this article;
USAA Life Insurance Company 2017 Review
USAA stands for The United Services Automobile Association and is actually a collection of companies that offer insurance, banking and investment opportunities for military personnel. Since their inception over 90 years ago, the company has managed to grow considerably over the years and is well-respected Fortune 500 company. The company has served its policyholders since 1922 and now boasts over 10.3 million members. USAA also has an incredible rating by A.M. Best which is A++, the top rating a company can get based on their financial strength.
Why A.M Best Rating matter
You would be surprised with how many people overlook simple information like a company’s rating. A.M Best is one of the biggest rating agencies in the country and their ratings matter tremendously for consumers who are trying to get the most information about a company. Reading a company’s rating before deciding to purchase a product from them is important for you as a consumer to consider. A company is given a rating from rating agencies. These rating agencies have your very best in their mind because they want to make sure you as the consumer are getting all the information necessary and that’s why they inform you with a company’s rating. A company’s rating is another way of assessing their financial stability. Having strong financial stability is very important if you are looking for a company that will be around for more than 5 years. If the company you are looking at has a bad rating it means the company is not financially stable and they will not be around for long because they are also vulnerable to any environmental change. So if there is a market crash the company with a bad rating won’t know what to do while the company with a good rating stands tall and strong. Long story short, if you have a couple minutes go to a review (a good one will provide you with the company’s rating) you can also visit the company’s website to see for yourself, or a rating agency’s website and search for the company on their search bar.
USAA Term Life Insurance
Term life is a form of temporary life insurance which provides coverage for only a short and specified period of time. Since a term policy consists of being covered for a specified period of time you have the choice of a 10, 20, or 30-year policy. These policies offer a guaranteed level premium which means that your premium will never change throughout the life of your policy. Term life insurance is the most affordable life insurance in the market. This life insurance type basically gives you a specified death benefit as long as you pay monthly premiums. There is no cash value growth. If you are between 18 and 35 you can get $100,000 of term life insurance when you marry, buy a house, or have a baby. When you leave the military, you lose your SGLI and with this policy, you can get up to $400,000 in additional insurance. You also have the option to upgrade your policy and change all or part of your policy.
USAA Whole Life Insurance
Whole life is a form of permanent life insurance that provides coverage for, you guessed it, your WHOLE life. This product is available for those between the ages of 0-75. Whole life insurance provides cash value growth within time. You can borrow against your cash value and the amount you borrow is not taxed unless the amount you borrow is more than what you’ve paid in. This is the simplest permanent life insurance that USAA offers. Your payments never increase and your protection doesn’t expire or go down in value. Your policy builds tax-deferred cash value that you can use while you’re still living. You can choose to make payments for 20 years, until you turn 65, or for the life of your policy.
Savings
Although the company has pretty competitive pricing, there are some other carriers out there that have lower rates. The reason we know this is because being an independent agency we work with over 60 top A rated companies on a daily basis. If savings are important to you then you may want to use our quote engine to compare rates before moving forward with USAA.
Fair Health
What many people with preexisting conditions find out is that the rates they applied for come back higher due to their condition. When applying for life insurance, companies will look into your health and background to determine eligibility. Not all companies have favorable guidelines and USAA is a bit more strict with certain conditions. If this is your case, it’s highly recommended that you apply for coverage with a company that is more lenient with your condition. This will save you money and improve your chances of getting approved for life insurance. Once again the best way to do that is by working with an independent agency.
On the USAA’s website, it states that it may take 4-6 weeks to obtain a policy due to underwriting. This can be too long for some people even though 90% percent of companies have similar turnaround time. However, there are 6 or so companies that are setting some record approval times. So if you need a policy fast for one reason or another you may want to go with a carrier that can get you approved within 72 hours.
Work with us!
For most military personnel USAA is a no-brainer, but if you fall into any of the three categories above you now know that you have alternatives. The company is definitely not one you should lose sleep over worrying whether or not they will be going out of business. Like most big companies they do offer a broad range of insurance products. As far as their life insurance products are concerned, they do have a solid variety of options from a term life insurance to permanent life insurance like whole or universal life. At this point, you might be wondering why you have not applied yet and I don’t blame you, but there are a few reasons why you may consider a few other options prior to jumping in. If you would like to get a quote you can do so on our site or simply reach out to us via phone, chat or email. Hope you found this article useful and please don’t forget to show some love with your likes and shares.
