USAA otherwise known as the “United Services Automobile Association” offers three types of life insurance. The first one is that of Term Life Insurance where you are offered a low rate policy for a certain period of annual coverage. The second one is that of the Permanent Life Insurance which offers you a lifetime coverage. The third is the one that bridges the gap between the Term Insurance and Permanent Insurance. So which one is the best for you? The mentioned policies will be discussed in brief in the succeeding paragraphs. Each policy has its own set of pros and cons and you can choose the one that best suits you and your family.
TERM LIFE INSURANCE – USAA’s Term Life Insurance offers protection for a certain period of time. Because of the fact that it has an agreed upon duration, it is considerably cheaper. The options are also open for members who choose to take the Term Life Insurance because it can be converted to the Permanent Life Insurance Policy without the tie ups of further medical exams. This Insurance Policy is marketed for the person who demands the highest level of service for the least amount of money. This insurance policy is very flexible because you will be the choosing how long you need the insurance protection for, and in the event of your death within the agreed period, your beneficiaries will receive the amount that you have signed with USAA. Coverage for Term Life Insurance can go as high as 30 years.
PERMANENT LIFE INSURANCE – This is the traditional form of life insurance at it offers full lifetime coverage and support for your family at the event of your death. With USAA’s permanent life insurance you can stay protected for the rest of your life. With permanent life insurance you can be covered until you are 100 years old. That is, given you are continually paying the premium. This is much more expensive than that of the Term Life Insurance, but you are insured for longer and there is no longer any need to change policies along the way. With the Permanent Life Insurance from USAA you are able to build cash value over time; you can easily get some money as dividend payout when you need to.
COMBINATION LIFE INSURANCE – As its name implies. USAA’s Combination Life Insurance allows you to combine Temporary and Permanent policies. Combining the two policies provides fortified protection and you can have your peace of mind. This is a good policy to get when you are younger because you will have more time to build up your money. How is this achieved? You can choose a permanent plan for protection of US $100K, then you can pick a temporary plan that will last 30 years for $250K, in any event, you will end up with the comfort of having US $350K in your name.
No matter which insurance policy you choose, the most important thing is that you can rest assured that you belong to one of the best insurance companies in the United States and that you are well covered in any event. GP
