Website - https://www.usaa.com
Located – San Antonio, TX
Phone - 1-800-531-8722
Employees - 22,000
Revenue (bil.) – $14.418
Description - USAA has a decidedly military bearing. The mutual insurance company serves more than 6 million member customers, primarily military personnel, military retirees, and their families. Its products and services include property/casualty (sold only to military personnel) and life insurance, banking, discount brokerage, and investment management. USAA relies largely on technology and direct marketing to sell its products, reaching clients via the telephone and Internet. The company’s USAA Alliance Services unit provides discount shopping (floral, jewelry, and home and auto safety items), and travel and delivery services to its members.

Source: http://www.hoovers.com

Reviews & Ratings

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knotheadusc’s Full Review of USSA Group Life Insurance

Since we just got married, my husband and I thought it would be prudent for us to increase our life insurance coverage. He still needs to get more so that I will be okay if he dies (currently everything will go to his minor kids, thanks to his divorce settlement). I’m not worth a lot of money right now. I owe a lot of money and I’m bringing in pretty much zilch. I also have newly diagnosed mild asthma and depression that I’ve been treating for about five years. We decided to apply for life insurance anyway, and since we already do business with USAA and have liked the service we’ve gotten thus far, we tried them first. They also sent me a letter right before my 31st birthday, reminding me of the importance of life insurance… mmm hmm… Good salesmanship there, USAA.

Anyway, my husband called USAA and they very quickly set up an appointment for me to have a health exam. A visiting nurse came over to my apartment, took my blood pressure three times, weighed me, measured my height, took blood and urine samples, and asked me a WHOLE BUNCH of questions. The exam took about an hour. I had to fast beforehand. Since I have health issues, USAA had to get my health records from my allergist and psychiatrist. I also had to answer more embarrassing questions about my “mental” condition over the phone with a USAA rep– questions, I might add, that I had already answered during the initial medical exam. I haven’t had any real trouble with depression in several years, but USAA wanted to make darn sure since I still take medication. They weren’t nearly as concerned about my asthma, which, truth be told, probably has a better chance of killing me than depression does (although statistically speaking, depression is co-morbid with a bunch of other problems like heart disease… but I don’t have those problems yet!). I asked my psychiatrist if they had contacted him and he said they had… then he said soberly, “They won’t give you life insurance. Insurance companies don’t like to insure people with psychiatric diagnoses.” then he added cheerfully, “But you can always appeal!” My psychiatrist is competent, but he’s a jerk. I thank God I only have to talk to him for ten minutes at a time every three months.

The next hurdle was to send in a financial statement. For me, this was also embarrassing. It basically consisted of questions about my income (none), my savings (minimal), my assets (minimal), and my debts (substantial). There were also questions about my husband’s debts and assets. I got the feeling that this was to have proof that if I suddenly died right after the policy was issued, my husband wouldn’t stand to gain too much from my death (ie; he didn’t have too many debts to pay off and/or I didn’t have too many assets to leave to him so that USAA would suspect murder or suicide). I have nothing and owe a lot, so my assets are pretty much in the negative range. My husband also has pretty much nothing other than a decent income. I sent the form in, but USAA called a couple of weeks later and said they didn’t have it. I also got a letter from them, reminding me to send in the form because the quotes they had given me were time sensitive. I guess the form got lost in the shuffle somehow, because I got a call a couple of weeks ago letting me know that they had approved my application, AND they were even giving me the preferred rate.

They were quick to bill us for the premiums for June and July (they backdated it so I would be charged for my first year as though I were still 30). USAA sent me my medical exam results, which were surprising… my cholesterol was a lot lower than I expected it to be!

My husband can’t take out more coverage with USAA because he’s already maxed out with them. Since he’s an active duty soldier, there’s a limit to how much coverage he can get through USAA. So we’ll have to go to another company to get him more coverage.

I like USAA. I think it’s a good company. I’ve always gotten excellent service from USAA customer service agents and you can’t beat the rates on their insurance products or credit cards. But the process of getting life insurance was a real pain in the butt! I am proud of USAA, though, for covering me despite my psych diagnosis. Isn’t that sad? Insurance carriers really do need to come into the 21st century and realize that a psychiatric diagnosis does not automatically mean suicide risk. It’s sad that I should be pleasantly surprised at getting life insurance, despite my depression and cough variant asthma. I’m glad that the people at USAA realize that I’m only 31 years old and basically very healthy– I don’t plan to die anytime soon and consequently, they’ll probably make plenty of money off of me. I also took great pleasure in telling my shrink that not all insurance carriers refuse people with psych diagnoses!

*Note*– I’m basing my experience with claims on other experiences with USAA. I haven’t died yet, so I have no idea how fast they’ll respond to claims on life insurance.

mtrenck’s Full Review of USSA Group Life Insurance

If you are fortunate enough to be eligible to work with USAA, I highly recommend you take full advantage of all they have to offer. Since my father served in the United States Army, I have been lucky enough to have help auto, renters, and homeowners insurance policies with USAA. When I found out my wife was pregnant 22 weeks ago I started shopping around for life insurance. After reviewing all types of options I selected USAA and I couldn’t be happier with my choice.

Price
Since this is one of the most important factors I’ll start with it first. USAA by far offered me the most competitive rates. I pay approximately $17 each month for a 30 year term life insurance policy worth $350,000. Most other companies I looked into listed similar policies in the upper $20’s and low $30’s.

Application Process
The application consisted of three parts… an online application (which could have also been completed over the phone). A phone interview, and a blood draw and urinalysis.

- Online Application: Took about fifteen minutes to fill out. It helped that I was already a USAA customer and all my personal and demographic information was quickly filled in for me. An online price for all terms and levels of coverage was quickly and readily available during the application process and I knew exactly what I was going to pay while going through the application process. Once I submitted the online application I was immediately approved for “interim life insurance” which would have paid out to my wife in the event that I died before actually completing the application process. Very nice feature with USAA.

- Phone Interview: This was done at my convenience with a 1-800 number. It took approximately 15 minutes to complete. This was a relatively painless process, but it helped that I didn’t have any major medical problems. I completed this interview while at work and was comfortable answering the questions at my place of work. If you do have some medical problems, I would suggest you complete this phone interview in the privacy of your house. In any case, the telephone operator conducting the interview was very professional and non-judgmental throughout the entire process.

- Blood Draw/Urinalysis: This was also completed at my convenience at my own home. I was contacted by their “mobile field technician” (or whatever his official title was) and I setup a date and time to take care of this. He drew my blood and collected his samples in the privacy of my own home. Again, very professional and a relatively nice experience for a usually not so pleasant task.

Communication
This has always been excellent with USAA. Every step of the application process I was kept informed via email as to what to expect and what the next step in the process was.

Policy
Fortunately for me I haven’t had the opportunity to take “full advantage” of my USAA Life Insurance Policy. In the event that the policy does have to be paid out over the next few weeks I’m sure my wife will update this epinion!

Source: http://www.epinions.com

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