USAA Life introduces digital life insurance product
USAA Life Insurance Company is introducing a new digital-only life insurance product that doesn’t require a medical exam.
The product, Essential Term Life Insurance, is available to consumers ages 21-35 starting at $15 per month, with “small cost increases” each year. After the completion of nine health questions, an applicant can get approved (within 24 hours in most cases) for $100,000 and the coverage will last until the policy anniversary following the insured’s 39th birthday. The product will initially be available only in Texas, with an expansion to nearly all states planned in early 2022.
“We know that one of the biggest pain points in getting life insurance is a medical exam. With this new product, we’re making it easier for younger consumers to get the life protection they need.” – Rob Schaffer, VP and general manager for life insurance at USAA Life.