We evaluated 91 insurance companies, and this one was the best life insurance provider for military personnel. The insurance is supported by USAA's A++ rating for financial stability, and the firm has had relatively few complaints overall. These benefits are in addition to those that are special to the military. If you pay enough in premiums, your universal life insurance policy will provide you with universal yet permanent coverage and a cash value that may be maintained for your whole life.

Pros

Rating for financial steadiness of A++:

The A++ rating that AM Best has given to USAA is its highest grade, and it indicates that the firm has an excellent capacity to satisfy its continuing insurance responsibilities (in other words, it is likely to be able to pay insurance claims). We evaluated 91 different insurance providers, and only nine of them received this score. AM Best has given USAA this rating. We looked at 91 insurance providers, and AM Best gave less than 10 the highest rating.

Few Complaints:

This index shows the company's number of complaints about a business's market share. The National Association of Insurance Commissioners (NAIC) complaint index for USAA was 0.177, which indicates that the company got a much lower number of complaints than was anticipated.

Compensation for injuries:

Active military personnel may get essential advantages like coverage during warfare and serious injury benefits that offer the policyholder $25,000 if they experience specific injuries while serving their country in the line of duty. These benefits are provided at no extra cost to the policyholder.

Cons

No-medical-exam:

Essential Term, one of USAA's term products, does not need a medical exam to get life insurance coverage. This may be useful if it weren't for the fact that the premium goes up yearly, policies lapse when the insured reaches age 39, and coverage is capped at $100,000. Other companies provide no-medical-exam term life insurance for up to 40 years with coverage limits that may exceed one million dollars.

Policy types:

USAA provides both term life insurance and full life insurance to its customers. Although it does not directly sell universal life insurance, variable universal life, or indexed universal life plans, it does make a universal life insurance policy accessible via John Hancock.

Complaint Index

The National Association of Insurance Commissioners (NAIC) keeps a record of the complaints submitted to insurance firms and compiles this data to create an index of complaints. The number of complaints that a firm has been given in comparison to the number of complaints that it is anticipated to be given based on its size is what the NAIC refers to as the complaint index. The fact that USAA has a complaint index for 2021 of just 0.22 indicates that the company has received far fewer complaints than was anticipated.

Third-Party Ratings

When it comes to being dependable from a financial standpoint, USAA excels. It earned an A++ in the AM Best scoring system. The insurance is supported by USAA's A++ rating for financial stability, and the firm has had relatively few complaints overall. We evaluated 91 different insurance providers, and only nine of them received this score. USAA is the exclusive group of insurance providers, including New York Life, MassMutual, and State Farm.

Competition

To better understand how USAA ranks up against competitors of comparable size, we compared it with two other competitors based on six policy elements that are often searched online.

Total Life Insurance Coverage

Whole life insurance

In contrast to term life insurance, whole life insurance remains in effect for the policyholder's whole lifetime, provided that the required premiums are paid on time. The amount of your death benefit is guaranteed during the policy's duration, and the policy's cash value grows in a manner that is exempt from taxes. You can pay off the insurance over the course of 20 years or when you reach 65 if you get it from USAA. This is an alternative to paying premiums for the rest of your life. USAA does not directly underwrite the Guaranteed Whole Life insurance offered to its members by Mutual of Omaha; nevertheless, USAA does make this coverage accessible to its members.

Universal Life Insurance

Although USAA does not provide universal life insurance, it makes the universal life insurance plans offered by John Hancock accessible to its members. If you pay enough in premiums, your universal life insurance policy will provide you with universal yet permanent coverage and a cash value that may be maintained for your whole life. In contrast to whole life insurance, term life insurance allows you more flexibility in modifying or skipping premium payments without instantly causing the policy to become invalid.