Jeffrey Wade
USAA provides insurance and financial services to U.S. military members, veterans, and their families. Its insurance products are available to the general public, including life insurance, which is offered in the form of term, whole, and universal policies. USAA's life insurance policies are accessible to spouses and children of military members and veterans, in addition to grandchildren if their parents are also USAA members.
| Characteristics | Values |
|---|---|
| Who is eligible for USAA life insurance? | Active and veteran military members and their immediate families, including spouses and children. |
| What types of life insurance does USAA offer? | Term, whole, and universal policies. |
| What are the coverage limits? | Term policies range from $100,000 up to $10 million. The universal policy starts at $50,000 in coverage. Whole life policies can start as low as $2,000 and range up to a maximum of $10 million. |
| Are there any extra benefits for military personnel? | Yes, some policies include free perks such as a $25,000 severe injury payment, coverage during wartime, and guaranteed coverage after leaving the military. |
| Are there any restrictions or limitations? | Some policies are not available in certain states, such as New York and Montana. |
What You'll Learn
USAA life insurance for spouses of military members
USAA provides insurance and financial services to US military members (including reserves), veterans, and their families. Its term and other life insurance products are available to the general public.
USAA was founded in 1922 as a way for Army officers to insure their cars. It later expanded its services to include banking and investment services. Headquartered in San Antonio, Texas, USAA provides a wide array of coverage to military personnel and their family members, including health, homeowners, auto, small business, renters, and life insurance.
USAA life insurance policies can be a great complement to a Servicemembers Group Life Insurance (SGLI) or Veterans Group Life Insurance (VGLI) policy. The USAA website features interactive tools that explain the various types of life insurance and help determine how much life insurance you need to protect your family.
USAA offers term, whole, and universal life insurance policies. Term life insurance provides coverage for a defined period, while whole and universal life insurance policies last a lifetime and build cash value that can be borrowed against.
USAA's term life insurance policies are available for 10, 15, 20, 25, or 30 years, with coverage ranging from $100,000 to $10 million. Whole life insurance policies provide coverage up to $10 million, with flexible payment options. Universal life insurance policies offer flexible payment options and a guaranteed interest rate of 1%.
USAA also offers guaranteed issue life insurance policies, available to applicants aged 45 to 85 (50 to 75 in New York) in all states except Montana. These policies do not require a medical exam or health questionnaire and are designed to cover burial or funeral costs. Face amounts range from $2,000 to $25,000.
USAA life insurance policies include additional benefits for military personnel, such as coverage during wartime and a $25,000 payment for severe injuries sustained while on active duty. Spouses of USAA members are eligible for USAA membership and can take advantage of the life insurance policies offered.
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USAA life insurance for spouses of veterans
USAA provides insurance and financial services to US military members (including reserves), veterans, and their families. Its term and other life insurance products are available to the general public. USAA offers term, whole, and universal life insurance policies.
USAA's term life insurance policy is available for 10, 15, 20, 25, or 30 years with coverage ranging from $100,000 to $10 million. Depending on the state, you may receive additional benefits, including:
- Coverage for active duty and reserve duty military members and their spouses during wartime, which is often excluded from life insurance policies.
- A $25,000 payment if you suffer a severe injury while on active duty.
- Guaranteed coverage after leaving the military.
- An option to add $100,000 in coverage if you have a baby, get married, or buy a house between the ages of 18 and 35.
- The option to convert to a permanent policy.
- The option to replace your service members' group life insurance (SGLI) with a USAA term life policy if you leave the military.
USAA sells simplified whole life insurance, with coverage up to $10 million. You have the option to make payments for 20 years, until age 65, or for the full duration of the policy. You can also increase coverage after certain life events—up to a total of six times—with a free Life Event Option rider.
USAA’s universal life insurance policy comes with flexible payment options and a guaranteed interest rate of 1%. USAA also sells an indexed universal life insurance policy, which ties the cash value growth to a market index like the S&P 500.
USAA's final expense insurance is available for people between the ages of 45 and 85 (50 to 75 in New York). It is issued through Mutual of Omaha and does not require a medical exam or health questionnaire to qualify for coverage. Face amounts range from $2,000 to $25,000.
USAA offers a child term rider, which allows you to add all of your children to your policy. Your children may have the option to convert it to their own policies when they’re older, regardless of their health.
USAA also offers a waiver of premium benefit, which waives your premium should you become disabled. Additionally, there is a Military Severe Injury Benefit Rider that pays $25,000 if the service member gets injured while performing eligible military duties.
USAA's life insurance policies are available to everyone, but most are only available to members and membership is restricted to those in the military, veterans, and their immediate family members.
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USAA life insurance for spouses of pre-commissioned officers
USAA offers insurance for military members and their families, including spouses, children, stepchildren, and widows. This includes pre-commissioned officers, such as cadets and midshipmen at U.S. service academies, in advanced ROTC or on ROTC scholarship, and officer candidates within 24 months of commissioning.
USAA offers term, whole, and universal life insurance policies. The Level Term V insurance policy is available until the age of 70, with coverage ranging from $100,000 to $10 million. It also includes additional benefits for military members, such as coverage during wartime, a $25,000 payment for severe injuries, and guaranteed coverage after leaving the military.
The Essential Term insurance policy is available for those aged 21 to 35, with coverage capped at $100,000. This policy does not require a medical exam but is not available in Arizona or New York.
USAA's whole life insurance policies include the Simplified Whole Life and Guaranteed Whole Life policies. The former is available up to the age of 85, with coverage ranging from $25,000 to $10 million. The latter is available for individuals aged 45 to 85 (50 to 75 in New York), with coverage ranging from $2,000 to $25,000. The Guaranteed Whole Life policy is not sold in Montana.
USAA's universal life insurance policy, the Universal Life Accumulator, is available up to the age of 85 and is not available in New York State.
USAA's life insurance policies are available to the general public, not just military personnel and their families.
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USAA life insurance for un-remarried former spouses
USAA life insurance is available to un-remarried former spouses of USAA members who had USAA auto or property insurance while married. USAA offers term, whole, and universal life insurance policies, with coverage ranging from $2,000 to $10 million.
The specific type of life insurance policy you choose will determine the coverage limits and age restrictions. For example, term life insurance policies are available until the age of 70 and offer coverage ranging from $100,000 to $10 million. On the other hand, whole life insurance policies can be purchased with coverage starting as low as $2,000 and ranging up to a maximum of $10 million.
USAA also offers a universal life insurance policy, which is a form of permanent coverage that accumulates tax-deferred cash value that you can borrow against. This policy is available up to the age of 85 and has a minimum coverage of $50,000.
It is important to note that some of USAA's life insurance policies are not available in all states. For example, the universal life policy is not offered in New York, and the guaranteed whole life policy is not sold in Montana.
USAA's life insurance products are available to everyone, even those without a connection to the military. However, most of their other insurance products are only available to members, including active-duty military personnel, veterans, and their immediate family members.
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USAA life insurance for spouses of cadets/midshipmen
USAA offers insurance for military members and their families, including spouses, children, step-children, and widows. This includes active, retired, and separated veterans if honorably discharged.
Pre-commissioned officers, such as contracted cadets or midshipmen enrolled in a service academy, are also eligible for USAA insurance. However, it is not clear whether spouses of cadets/midshipmen are eligible for USAA life insurance.
While USAA offers life insurance policies with flexible coverage and age restrictions, it is not clear whether spouses of cadets/midshipmen are included in this offering.
To confirm eligibility, individuals can visit the USAA website or contact the USAA New Member Team at 800-531-8722.
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Frequently asked questions
USAA life insurance is available to everyone, regardless of whether they formally served in the armed forces. Immediate families of military members and veterans are also eligible to join.
USAA offers living benefits in two ways. Its whole life and final expense policies may accumulate interest in a cash value account. Policyholders may take out a loan against the cash value or make a withdrawal with the option to pay the funds back. USAA also offers living benefits with some of its riders, such as the waiver of premium rider, accelerated death benefit rider, and disability income rider.
It depends on the type of policy you have. You cannot cash out a term life policy as it doesn’t build cash value. You can cash out a whole life insurance policy, but you would only be entitled to the amount of the cash value minus any loans or withdrawals.
There are multiple ways to figure out how much life insurance you need. Some advisors suggest getting the equivalent of 10 times your income by 10. Another method is the DIME method, which considers your debts, income, mortgage balance, and education expenses.
