U.S. Life Insurance: Checking On Your Usaa Application

USAA offers a range of insurance products, including life insurance, to current and former military members, as well as their families. While anyone can get USAA life insurance, other types of insurance are only available to those with a strong connection to the military. USAA's life insurance policies are underwritten and may require a medical exam, so applicants may want to check on the status of their application. USAA's Survivor Relations team can help beneficiaries manage and settle the details of a USAA life insurance policy.

Eligibility criteria for USAA life insurance

USAA offers life insurance to military members, veterans, and their families, including spouses, children, stepchildren, and widows. The company was founded to serve the military community, and its products and services are designed to meet their unique needs.

To be eligible for USAA life insurance, you must meet the following criteria:

• Active-Duty Military: This includes Army, Navy, Air Force, Marine Corps, Coast Guard, and Space Force members currently serving.
• Guard or Reserve: Members of the National Guard or Reserves who are actively serving or have previously served.
• Veterans: Those who have been honourably discharged from any branch of the U.S. military.
• Pre-Commissioned Officers or Cadets: This includes ROTC participants, academy students, warrant officers, or midshipmen.
• Spouses: Current spouses of military members or veterans are eligible.
• Unremarried Former Spouses: If you divorced but didn't remarry, you may still qualify if your former spouse was a member.
• Children and Stepchildren: You're eligible if your parent or step-parent is a USAA member.
• Grandchildren: You qualify if both your parents and grandparents are USAA members.

USAA also offers health insurance, car insurance, home and property insurance, and business insurance to eligible members.

To confirm your eligibility for USAA life insurance, you can visit their website, create an account, and answer questions about your military connection or family member's USAA membership. Alternatively, you can speak to their customer service team, who will guide you through the process and let you know what's needed to qualify.

How to apply for USAA life insurance

USAA offers a range of life insurance options, including term life insurance, whole life insurance, and universal life insurance. To apply for USAA life insurance, you can follow these steps:

Step 1: Determine Your Eligibility

Firstly, determine your eligibility for USAA life insurance. While USAA life insurance is available to anyone, other types of USAA insurance are only available to those with a strong connection to the military. Eligible individuals include active military members, former military members with an honorable discharge, eligible family members of someone in the military, and cadets or midshipmen.

Step 2: Collect Your Personal Information

If you meet the eligibility criteria, the next step is to collect your personal information. USAA will ask for your date of birth, contact information (email and phone number), physical address, and Social Security number. If you are not a U.S. citizen, you will also need your passport or permanent resident card.

Step 3: Create an Online Account

Create an online account on the USAA website by choosing a secure user ID and password. Ensure that your password is strong and contains a combination of uppercase and lowercase letters, as well as numbers.

Step 4: Explore Insurance Options

Once you have an account, explore the different types of life insurance offered by USAA. Consider factors such as the length of coverage, the amount of coverage, and whether you want term or permanent life insurance. USAA offers term life insurance for periods of 1 to 30 years, as well as whole life insurance and universal life insurance.

Step 5: Get a Quote

After deciding on the type of life insurance you are interested in, get a free quote on the USAA website. Answer the questions related to the type of insurance and your desired coverage.

Step 6: Apply for Coverage

Complete the application process by answering all the questions accurately and providing any additional information required, such as undergoing a medical exam if necessary.

Step 7: Purchase the Policy

Once your application is approved, you can purchase the policy by making your first payment. This will ensure that your loved ones are protected, and you can also enjoy the additional benefits that come with USAA life insurance.

What to do if your USAA life insurance application is denied

Being denied life insurance can be frustrating, especially when you're trying to protect your family and future. However, it's important to remember that you still have options and that rejection doesn't mean you're completely ineligible for coverage. Here are some steps you can take if your USAA life insurance application is denied:

Review the Reasons for Denial

Understanding why your application was denied is essential. Life insurance companies consider various factors, including your age, health, family history, hobbies, and driving record. Common reasons for denial include health issues, lifestyle choices, tobacco use, driving record, and inaccuracies or omissions on your application. Review the specific reasons provided by USAA to identify the areas you need to address.

Consult an Insurance Professional

Consider reaching out to a licensed life insurance professional who can guide you through the process. They often work with multiple insurance companies and can help you find a carrier that better suits your needs. Some specialists even assist high-risk individuals in obtaining insurance. Their expertise can be invaluable in navigating the complex world of insurance.

Try a Different Insurer

Life insurance companies have distinct criteria for evaluating applications. Just because USAA denied your application doesn't mean another insurer will. Each company calculates risk differently and has unique underwriting standards. You may find that another insurer is more aligned with your circumstances and can offer you coverage.

Explore Alternative Coverage Options

Look into alternative life insurance coverage options, such as no-exam life insurance, instant life insurance, guaranteed issue life insurance, group term life insurance, whole life insurance, or final expense insurance. These options may provide you with the coverage you need, even if you have certain risk factors.

Improve Your Chances

If possible, consider waiting and applying later. During this time, focus on improving your health, quitting smoking, and making positive lifestyle choices. Get any health conditions under control and work on maintaining a clean driving record. These changes may increase your chances of obtaining life insurance in the future.

Remember, rejection from one insurer doesn't mean you're ineligible for life insurance altogether. By following these steps, you can enhance your understanding of your options and take the necessary actions to secure the coverage you need to protect your loved ones.

What happens to a USAA life insurance policy when the owner dies

USAA offers a range of insurance, banking, and retirement solutions, with a focus on serving military families. Their life insurance policies are also available to the public.

When the owner of a USAA life insurance policy dies, the beneficiary or beneficiaries of the policy can file a claim to receive the death benefit. The death benefit is generally paid income tax-free to the beneficiary, although there may be some exceptions. For example, interest earned on the proceeds is taxable, and the beneficiary would be responsible for paying this.

USAA provides a Survivor Relations team to help beneficiaries manage and settle the details of the policy and annuities. They can also provide information on survivor benefits and help beneficiaries make decisions about their options.

To file a life insurance claim, the death of the policyholder should be reported to USAA. This can be done online or by calling 800-292-8294, Monday to Friday, 7:30 a.m. to 6 p.m. CT. Once the beneficiary is validated, they will receive a claims packet with the necessary forms to complete, sign, and return. This process can take up to 10 business days. After the claim is approved, USAA will process the settlement, which can take up to 5 business days to receive. A confirmation letter will be sent, including details of the settlement and any taxable amounts.

How to file a USAA life insurance claim

To file a life insurance claim with USAA, you must first report the death on their website if you're a USAA member. If you are not a member, you can call the Survivor Relations Team at 800-292-8294. USAA will then send a claims packet to complete and send back either online or by mail.

After you're validated as a beneficiary, you'll get a digital or paper packet in up to 10 business days. The packet will include a Contract Information Sheet, which gives you the contract details, including taxable amounts and payout options. This information will help you complete the forms in the packet.

The first section of the Claimant Statement will gather important information about you and the claim. Be sure to complete and sign the form. The claim requires your signature.

The next section of the Claimant Statement holds the Substitute W-9 form. The IRS requires that you sign and date this for USAA to pay the claim. If the beneficiary is a trust, you must fill out the Certification of Trust section, too.

The rest of the pages in the form contain fraud warnings, which you can check for your state.

The Life Insurance Settlement Request form tells USAA how to pay the claim. They can pay by paper check or bank wire. If you choose a paper check, you don't need to give them your bank information. If you choose a bank wire, there may be a $20 wire fee.

You can get your claim done faster if you send your forms online at usaa.com or the USAA Mobile App.

Once USAA receives your paperwork, they will confirm that the forms are complete and that the information matches what they have. This is called a good order review. If they need more information, they will contact you. Otherwise, please allow up to 10 business days for them to work on your claim.

If you have any questions or concerns, you can call USAA at 800-531-8455.

Frequently asked questions