If you are wondering if USAA burial insurance is any good then keep reading. This is our USAA life insurance review for their whole life insurance final expense coverage.
We are going to give our in-depth analysis of USAA permanent life insurance to help you make an informed decision when it comes to purchasing the right whole life insurance to protect your family from the burden of burial expenses.
Table of contents
- Does USAA Offer Burial Insurance?
- USAA Permanent Life Insurance Guaranteed Issue Details
- USAA Life Insurance for Veterans Not Exclusive
- USAA Whole Life Insurance Rates
- USAA Life Insurance Rates Compared to Underwritten Plans
- USAA Whole Life Insurance Reviews Conclusion
- Alternative Options
Does USAA Offer Burial Insurance?
Yes USAA does offer burial insurance that is underwritten by Mutual of Omaha life insurance company. This means Mutual of Omaha is the real provider of the coverage. It is a guaranteed issue permanent life insurance policy.
You can read the detailed article on their partnership for this Mutual of Omaha guaranteed issue policy.
USAA Permanent Life Insurance Guaranteed Issue Details
Now this USAA life insurance is a guaranteed acceptance life insurance policy. This means there are no health questions or medical exam required to be approved for the policy. Here are the drawbacks of any guaranteed coverage policy. They always have a 2-year waiting period before your benefits will be paid to your beneficiary. If you die within those 2 years your beneficiary will receive the premiums paid into the policy plus 10%.
In addition to this as with any final expense life insurance policy, the death benefit from the policy is tax-free to your beneficiary which means Uncle Sam will not be knocking on their door at the end of the year asking for money.
Here’s the truth if you do not have any serious health conditions or you have moderate conditions like COPD or even CHF you do not have to settle for a policy with a waiting period like USAA life insurance. This is why health questions are always a good thing when doing an application for burial insurance companies. A lot of life insurance companies dealing with simplified whole life policies may not even ask about certain health conditions because the company deems them insurable.
That is why guaranteed life insurance policies should be an absolute last resort when you are searching for burial insurance companies. Simplified whole life insurance policies are designed to be liberal in their underwriting because they do not require a medical exam and have minimal health questions.
In this USAA life insurance review we will say that their guaranteed life insurance coverage is a fantastic and competitive product for those that need it. If you are a healthy individual we would recommend you look into different life insurance companies for better life insurance products.
Lets jump into some of the USAA whole life guaranteed acceptance details as these are very important when it comes to researching life insurance policies and comparing them between life insurance companies.
USAA offers between $2,000 – $25,000 in coverage for individuals which means the maximum amount of whole life coverage you can get from USAA is $25,000. Now an alternative company like Great Western final expense insurance can offer a maximum of $40,000 in coverage which is significantly more than USAA. This is why you should always compare life insurance policies between life insurance companies so you can make informed decisions about the appropriate burial insurance for you.
USAA offers burial insurance to ages 45 – 85 which means if you are inside this age bracket you will be able to get coverage. However, if you need life insurance at age 86 or 87 you are better off looking into other life insurance companies that cover those age ranges. A Notable company that covers those above age 85 is Aetna burial insurance and Guarantee Trust Life burial insurance.
Get the picture? There is no “one size fits all” approach to burial life insurance policies.
USAA offers whole life as their product for burial insurance which is what all burial life insurance policies should be. If you are ever pitched term life insurance as burial insurance do not buy it. Term life insurance terminates and is not the proper coverage for burial insurance. You need whole life insurance with no medical exam that is what final expense insurance is supposed to be.
The duration of policy lasts your entire life time because it is whole life coverage.
Premiums for this coverage stay level which means they never increase for the life of the policy. Again there is no medical exam or health questions for this policy which is why there is a 2 year waiting period for the death benefit.
This guaranteed insurance coverage is available in all states except Montana.
All life insurance policies have their pros and cons when it comes to the fine details this includes USAA. However USAA guaranteed life insurance products are one of the best insurance products for consumers that need burial insurance with no health questions. It is a lot better than Colonial Penn burial insurance, State Farm burial insurance and Lincoln Heritage.
That being said the pros are acceptance is guaranteed and the coverage will last your entire life you cannot out live it. The premiums will never increase you rate is locked in for life and if you are looking for just a cremation you can get amounts of coverage between $2,000 – $5,000.
There is no medical exam or health questions on the application. Mutual of Omaha is a high value carrier so you know it is a company your family can trust to pay the claim when the time comes.
Extremely affordable compared to other no-health-question burial life insurance policies on the market. This guarantees substantial savings, in addition to this the policy does build cash value over time which is a small savings in addition to your policy’s face amount you can borrow against if you should ever need to.
Now here are the cons for this non medical exam final expense insurance.
There is a 2-year waiting period before you are fully covered by your policy that you have to live through. If you are healthy you do not need this coverage and should apply for burial insurance with no waiting period.
If you are in Montana you cannot purchase this coverage. In addition to this the maximum amount of coverage you can get is only $25,000.
USAA Life Insurance for Veterans Not Exclusive
This burial insurance is not exclusive to veterans anyone can purchase this coverage without being military members.
USAA Whole Life Insurance Rates
Below we are going to provide some sample rates for general pricing. You can view specific rates for your self by filling out our form to the right.
USAA Life Insurance Rates Compared to Underwritten Plans
Typically the comparison between underwritten plans vs compared to GI plans is 30% more. This means if you purchase a GI product instead of opting for health questions you will pay 30% more on your premiums.
That is why a GI product should always be a last resort when it comes to shopping to non medical exam life insurance.
USAA Whole Life Insurance Reviews Conclusion
When it comes to USAA life insurance policies for their GI product it is excellent for consumers that need guaranteed approval coverage. It is competitively priced compared to other GI products and is backed by Mutual of Omaha of all companies.
Mutual of Omaha
One of the most competitively priced carriers on the market significant amount of savings.
Prosperity life burial insurance will insure people with Congestive Heart Failure if diagnosed over 2 years ago with minimal complications
Aetna Accendo burial insurance will cover applicants with COPD with no waiting periods. Also covers seniors above age 85.
Guarantee Trust Life
Guarantee Trust Life burial insurance will offer life insurance to seniors at age 86