Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Serving in the military is a patriotic and honorable occupation. But it’s definitely not always the safest job someone could choose. Especially if you have a family who depends on you financially.

What happens to your family if something horrible happens to you? That frightening reality is why every service member should have life insurance.

However, finding the right life insurance company isn’t always as easy as it might seem. You want to find a company that understands what it means to serve your country and doesn’t increase premiums for doing so. This is why many active and non-active military personnel tend to choose USAA for their life insurance.

But does that mean that USAA life insurance is always the right choice for every military personnel and their families? It helps to know the facts before you choose which policy and which company to work with.

Our 2020 USAA life insurance review can help you choose the right company for all your life insurance needs.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Facts About USAA Life Insurance

USAA was formed in 1922 in San Antonio, Texas by a group of 25 US Army Officers. Unable to obtain car insurance because they were determined to be “too high risk” they decided to take matters into their own hands and would insure each other’s automobiles.

Their first member was Major Walter Moore who purchased his policy for $114.74. Thus the United States Automobile Association (USAA) was born.

From those humble beginnings, USAA has grown to become one of the largest and most respected insurance companies in the nation. Here are just a few facts about USAA.

  • Military Personnel, their spouses, and their dependents are all eligible for membership
  • 4th largest automobile insurer
  • 4th largest home insurance company
  • Fortune 500 company

USAA doesn’t just provide a wide variety of insurance needs to its members. They also offer financial services such as:

  • Checking accounts
  • Savings accounts
  • Credit cards
  • Loans

With so many services and products to offer, it’s no wonder why USAA seems like the go-to choice when looking for life insurance. But that’s not always the case. Here’s why.

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What Are the Benefits of USAA Life Insurance?

USAA offers a lot of benefits when it comes to life insurance. Primarily, because they offer a lot more than just life insurance. Here are some other insurance products offered.

  • Home Insurance
  • Renters Insurance
  • Automobile Insurance
  • Property Insurance
  • Business Insurance
  • Long Term Care Insurance

That’s not all. USAA life insurance also offers the following benefits.

  • Good Customer Service
  • Accelerated Review if Being Deployed Soon
  • Severe Injury Benefit
  • No war clause
  • No medical exam for those returning to civilian life
  • Military Future Insurability Benefit

Why USAA Life Insurance May Not Be the Best Choice

USAA life insurance offers a lot of benefits, but that doesn’t mean they are the perfect choice for everyone. Here are a few reasons why USAA may not be the best choice for you and your family’s needs.

Fewer Choices

If you choose to have USAA life insurance you could be limiting what choices you have with your policy coverage. Here’s why.

Difficult to Compare Pricing

Most insurance is sold through brokers. The brokers have access to multiple policies and rates offer by different insurance companies. Meaning you can more easily compare rates.

With USAA life insurance, you can only speak to their sales agents who only know their own products. If you want to compare rates, you have to do the research yourself.

Not the Only Military Insurer in Town

Back in 1922, USAA was started because insurance companies didn’t understand the life of military personnel and their families. This simply isn’t the case today.

More insurance companies are beginning to offer products and services specifically tailored to accommodate the needs of those who serve our country.

Strict Health Guidelines

Applicants with pre-existing health conditions or who are in poor health may find it difficult to get a policy with USAA. They have extremely strict guidelines and because of their large size, it may be difficult for them to offer any flexibility.

Those with poor health may not be able to receive top-tiered services or have to pay extremely high premiums.

Slow Turnaround

While most insurance companies state that it will take 4-6 weeks to process a claim, often the turnaround is much quicker. Unfortunately, with USAA life insurance, they tend to be on the slower side than most other insurance companies.

Some companies can issue payment in just days so if you can’t afford to wait, USAA won’t be a good choice.

Not the Cheapest Insurance Choice

If you’re in excellent health, then USAA can offer competitive rates. But they are rarely the least expensive. Especially if you have pre-existing health conditions.

What You Need to Know When Buying Life Insurance

Luckily, USAA isn’t your only choice when it comes to ensuring your family is taken care of. But that doesn’t mean you should pick an insurance company based solely on their rates.

Here are a few other factors that will help you choose the right life insurance for your needs. Here’s what a good life insurance policy should include:

  • They cover military personnel
  • They’re licensed in your state
  • They cover any health issues you may have
  • Their premiums are affordable
  • The insurance company is reputable
  • The right policy

There are two types of life insurance: term and whole. Term life insurance is less expensive but only covers you for a specific period of time. It also doesn’t accumulate any cash.

Whole life insurance is more expensive but pays out whenever the person passes away. The cash also accumulates meaning it can be borrowed against or even withdrawn by the policyholder. There are also three types of whole life insurance:

  • Universal life
  • Whole life
  • Variable life

When you serve in the military, you have a responsibility to give your best to your country and your family. So it’s vital to choose the best life insurance for their future needs. Having a company that can walk you through the process helps. Contact us to help you find the right life insurance today.

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