7. USAA Life Insurance - Best for Military Members and Veterans
What We Like Most:
- Financial reputation
- Comprehensive insurance options
- Affordable policies
- Great online resources for seniors
Types of Life Insurance Offered: Term Life, Permanent Life (Universal Life Accumulator, Simplified Whole Life, Guaranteed Whole Life)
Issue Ages: 45-85 (50-75 in New York)
Monthly Premium for a Healthy 65-Year-Old Man: $131.40 per month for up to $150,000 in coverage
USAA provides auto, renters, life, flood, and home insurance for members of the military and their families. In addition to life insurance, USAA offers several other perks such as discounts for USAA members towards GoodRx and up to 15 percent off at SimpliSafe.
The USAA website is also very helpful. For example, they have a variety of standout features and resources that help USAA members pay off debt, use a free Savings Booster tool, and obtain important tax forms and free retirement income tips. USAA is great for older adults who are looking into retirement or estate planning. Individuals can contact a USAA Retirement Specialist to create a plan and look into other retirement income strategies. One of the other standout features of USAA is that they have a close-knit community and network of other USAA members from the military who can share and connect online and discuss topics pertaining to finances, military life, events, and more.
In terms of life insurance, USAA offers term life and permanent life policies with coverage flexibility and other benefits for members of the military and their families. For instance, if you’re a USAA member, you can opt for affordable term life insurance with payments starting at less than $12 a month. Alternatively, if you’re looking for a more permanent plan that provides lifelong protection, USAA also offers permanent life insurance policies that come with a death benefit that’s paid directly to a beneficiary and builds cash value over time while you’re alive.
For a quote, you can visit USAA online or speak to an agent over the phone for more information. You will need to fill out some personal information that requires you to disclose the state you reside in, your gender, military status, and more.
- Financial reputation: USAA is in good financial standing and has been a trusted insurance provider for the military since 1922. They provide competitive benefits for members of the military and their families.
- Comprehensive insurance options: In addition to life insurance, USAA offers auto, renters, flood, rental property, health, and various other types of insurance and investing and retirement services to military members.
- Affordable policies: USAA offers both term and permanent life Insurance. Many individuals can get affordable term insurance starting at $12 a month with fixed premiums.
- Great online resources for seniors: USAA provides several free and paid resources online. Examples include free retirement income strategy e-books and worksheets, along with resources to pay off debt and track savings.
- Insurance not available to all: USAA only offers benefits and insurance products for U.S. military members, their spouses, and children.
- Medical review: Policies may require a medical review for some applicants.