USAA Life Insurance Review [2021]

USAA life insurance is a member-owned military insurance company. If you or your spouse is an active or retired military member, you can purchase USAA term life insurance with starting rates as low as $12 per month. USAA offers both term and permanent life insurance policies, including whole and universal coverage options, although universal life insurance is not available in New York. Scroll down to learn if USAA life insurance is right for you and your family.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 21, 2021

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Quick Facts

  • USAA is a member-owned military insurance company. Only active or retired military personnel and their families are eligible to purchase life insurance through this company.
  • USAA life insurance is available in all 50 states and term life insurance rates start as low as $12 per month.
  • USAA offers term and permanent life insurance policies, including whole and universal coverage options. Universal coverage is not available in New York.

United Services Automobile Association, also known as USAA, is an insurance provider that serves active or retired military personnel and their family members. You can purchase USAA life insurance, auto insurance, and homeowners insurance.

Read through our comprehensive USAA life insurance review to learn about the different types of term life insurance and whole life insurance available through this provider. We’ll explore USAA average rates, consumer reviews, financial ratings, and more.

Ready to compare life insurance quotes from reputable providers near you? Simply enter your ZIP code into our FREE quote tool above and find out if USAA life insurance is the best option for you.

What are the average USAA life insurance rates?

USAA is an insurance, banking, and retirement provider with over 13 million members. Services through this company are available in all 50 states. However, to qualify for USAA life insurance, you must also be a member.

On the company website, membership eligibility is open to any active, retired, or separated veterans with an ‘Honorable’ discharge. Membership also extends to immediate family, including children and spouses but excluding parents and siblings.

Because of its unique member-owned structure, you can easily secure affordable USAA life insurance policies. According to the company website, rates start as low as $12 per month.

According to the Insurance Information Institute, only 60% of Americans are covered by life insurance. Millennials, in particular, overestimate the cost of life insurance by five times the actual amount.

In the table below, view the average USAA life insurance rates for different term-length policies with a death benefit of $100,000 by age and gender at the preferred level.

USAA Term Life Insurance Preferred Rates by Age, Gender, and Term Length
AgeFemale Preferred Average Monthly Rates $100,000 Death Benefit,
10-Year Term
Male Preferred Average Monthly Rates $100,000 Death Benefit,
10-Year Term
Female Preferred Average Monthly Rates $100,000 Death Benefit,
20-Year Term
Male Preferred Average Monthly Rates $100,000 Death Benefit,
20-Year Term
Female Preferred Average Monthly Rates $100,000 Death Benefit,
30-Year Term
Male Preferred Average Monthly Rates $100,000 Death Benefit,
30-Year Term
25-year-old$8.74$9.49$10.24$11.32$12.07$14.74
30-years-old$8.74$9.49$10.24$11.32$13.24$15.24
35-years-old$9.49$10.15$11.07$12.32$14.47$17.74
40-years-old$10.32$11.32$12.90$14.32$17.24$20.99
45-years-old$12.65$14.24$15.82$19.15$21.15$26.65
50-years old$15.32$18.57$20.40$25.90NANA
55-years-old$20.07$25.15$27.32$35.24NANA
60-years-old$25.99$31.07$39.40$54.49NANA
65-years-oldNANANANANANA
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Overall, these USAA life insurance quotes are lower than average. However, all life insurance options through USAA require a medical examination and health questionnaire.

Your personal life insurance rates could vary depending on a variety of different factors.

USAA follows the traditional life insurance underwriting guidelines. Therefore, your age, medical history, and current health will be considered when determining your rates.

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What life insurance policies does USAA offer?

You’re ready to buy USAA life insurance, but need help picking the right type of policy for you and your family. Fortunately, USAA offers three different life insurance policies for you to choose from.

Members can purchase either term or permanent policies. However, USAA currently does not offer any no medical exam life insurance options.

Term life insurance policies range from 10-30 years while permanent life insurance policies have no end date.

USAA also offers two different permanent life insurance options, whole and universal. The cash value for both permanent policies grows over time.

Whole policies are great for people who need permanent, predictable protection. Universal life insurance, on the other hand, can change with you as your life changes. Read on for more details about the specific USAA life insurance offerings.

What is USAA term life insurance?

Term life insurance is a temporary policy that provides a guaranteed death benefit to a named beneficiary if the policyholder passes away within the specified timeline. Usually, these types of policies are the most affordable.

USAA sells term life insurance policies ranging from 10-30 years in length. Your rates generally remain the same for the duration of your policy term.

However, if the coverage needs to be extended, your rates might increase. The death benefit does not change even if your rates go up.

If you’re an active military member, you receive additional USAA term life insurance benefits. If you’re wounded in the line of duty, you may be covered for up to $25,000 in medical expenses.

If you’re between the ages of 18 and 35, you can add an additional $100,000 to your death benefit, without a medical exam, when you get married, buy a house, or have a baby.

You will also still be covered during wartime. This means if your death is caused by war or an act of terrorism, you will not lose coverage.

Finally, if you lost some of your service members’ group life insurance benefits, or SGLI, as a result of retirement or military separation, USAA gives you the option to replace some or all of it, even if you’re disabled.

What is USAA whole life insurance?

USAA’s simplified whole life insurance offers lifetime coverage with premiums that will never change. This policy builds a cash value that is tax-deferred which can be used while you’re still living.

You can make the payments for a full 20 years, until you turn 65, or for the duration of your lifetime. Whole life insurance is ideal for people who want predictable rates and a reliable death benefit.

What is USAA universal life insurance?

Unlike whole life insurance, which is fixed, USAA universal life insurance provides you with flexible coverage for your lifetime. However, while USAA products are offered in all 50 states, universal life insurance is not available in New York.

The cash value is also tax-deferred and grows over time. However, you have the power to increase or decrease your coverage levels and payments.

If you have an emergency, you may be able to access your funds. Unless you borrow more than what you’ve paid, the amount you borrow will not be taxed.

After your death, the amount paid out to your beneficiary is an income-tax-free lump sum. While universal policies tend to be a little more expensive, they provide you with more flexibility and control than other kinds of life insurance.

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How do I get a life insurance quote from USAA?

Getting a life insurance quote from USAA is as easy as going to the company website. Navigate to the life insurance section on the USAA website and you will see a brightly colored ‘Get a Quote’ button.

You will be prompted to provide USAA with some general information, including your military status. If you are eligible, you’ll receive a quote shortly after completing the online forms.

If you prefer to talk to a customer service representative, the website also provides you with a phone number with limited hours. You can call 800-245-4398 with any questions, comments, or concerns.

The phone number is in operation on Monday through Friday from 7:30 a.m. to 10:00 p.m. central time, and from 8:00 a.m. to 5:00 p.m. central time on Saturdays. It is unavailable on Sundays.

How do I make a USAA life insurance claim?

USAA offers more than just life insurance. The company also sells auto and homeowners insurance. Looking at these claims processes can give you insight into the USAA customer experience.

You can file a claim with USAA through the company website, the mobile app, or by calling 210-531-8722 or 800-531-8722.

On the USAA website, the claims center is easy to find. You can report an auto claim, glass damage, or property damage claim through that page. You can also check the status of previously filed claims here as well. There is even a section to request roadside assistance.

The mobile app is also available and is very user-friendly.

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How do I cancel my USAA life insurance policy?

Understanding the USAA life insurance company cancellation process can help you determine if the provider is compatible with you and your needs or not.

Canceling your USAA life insurance can be done online, over the phone, or through your mobile app. You can also mail a cancellation request to:

USAA
9800 Fredericksburg Rd
San Antonio, TX 78288

Include your name, address, date of birth, policy information, and the date you want your policy to end in your written letter.

You can cancel your policy at any time. Your policy status will be updated online so you can verify that cancellation.

What are the USAA life insurance reviews?

It’s important to look at the USAA life insurance customer reviews and financial ratings before signing your name on any dotted lines.

Affordable policies are great, but if the company has poor customer service ratings or isn’t economically stable, then how can you trust it to pay out your agreed-upon death benefit in 20 years or more? Keep reading for a closer look at USAA ratings and reviews.

What are the USAA customer reviews?

You want to trust that the company you purchase life insurance from treats you well. Customer reviews let you look into the customer experience before you make any long-term commitments.

According to the National Association of Insurance Commissioners (NAIC), the national complaint index for USAA life insurance is lower than average at 0.11, which is good news. This means USAA receives fewer complaints than other companies that hold a similar amount of the market share.

USAA holds 0.16% of the life insurance market share.

The customer reviews through the Better Business Bureau average only 1.28 stars out of 5. However, it is common for insurance providers to have mostly negative reviews online, so take this with a grain of salt.

The NAIC complaint index is a good indicator of the average USAA member experience. The company prides itself on creating a feeling of community among military families. If this is appealing to you, USAA might be a great fit.

What are the USAA financial ratings?

You want to trust that your life insurance provider will be able to pay out your death benefit after you pass, even in the event of an economic downturn.

The best way to check on the financial stability of USAA is to analyze its scores from different professional rating agencies.

Even though USAA is not accredited by the Better Business Bureau, the rating agency gives USAA an A- letter grade.

A.M. Best, a company that analyzes the economic stability of businesses, gives USAA an A++ letter grade, the highest score out of 16 possible ratings.

Standard & Poor’s gave USAA an AA+, the second-highest score out of 21 potential letter grades. The life insurance company also received the second-highest rating from Moody’s as well, with an Aa1.

Overall, these scores prove that USAA is incredibly financially reliable. The company will be able to pay out your life insurance benefits for years to come.

You are now an expert on USAA life insurance. If you are a military family in need of a simple term, whole, or universal policy, USAA is worth looking into.

Still, take the time to research the right policy for you and your family. Compare life insurance rates from multiple different companies so you know with certainty that the provider you choose is the best one for you.

When you’re ready, enter your ZIP code into our FREE online quote tool below to receive rates from reputable providers near you, and discover once and for all if USAA life insurance is right for you.

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