USAA, the San Antonio-based financial services company, announced the launch of its latest insurance product: Guaranteed Issue Whole Life Insurance. The new product is underwritten by United of Omaha Life Insurance Company and Companion Life Insurance Company, which are affiliates of Mutual of Omaha – an organization offering insurance and financial services.
Whole life insurance policies remain in force for the entirety of the insured individuals’ lives. Designed to help cover burial and funeral expenses, these policies can also be a vital tool for protecting the families of the deceased from financial difficulties if their primary breadwinner departs.
USAA’s whole life insurance solution is available to candidates between 45 and 85 years of age. The only exception is the state of New York, where the age range is between 50 and 75 years. The coverage amount ranges from $2,000 ($5,000 in Washington) to $25,000, and the premium remains fixed throughout the policy. For example, male policy-holders aged between 50 and 54 can get $25,000 in coverage for $95.58 per month.
A unique aspect of USAA’s whole life insurance policy is that the company doesn’t require applicants to answer any health questions or take any medical exams, which is usually common practice among life insurance providers. Approval is guaranteed so long as the consumers are of the appropriate age, and it’s advertised as the go-to option for people that have been turned down for other policies.
The policy includes death benefits for natural causes as well. This means that if the policy-holder dies of natural causes during the first two years of the policy contract, their beneficiaries will receive all premiums paid, plus 20%. After two years, full benefits will be paid out after death by any cause.
Both USAA and Mutual of Omaha are Fortune 500 companies that have been in the insurance business for decades now. Their joint product – whole life insurance – has been available for purchase since March 29, 2021.