USAA partners with Mutual of Omaha
USAA Life Insurance Company has announced it will begin offering its members a Guaranteed Issue Whole Life insurance solution through a relationship with Mutual of Omaha Insurance Company, a provider of life insurance solutions.
The new product, offered through USAA Life General Agency, and underwritten by Mutual of Omaha subsidiaries United of Omaha Life Insurance Company and Companion Life Insurance Company, will provide USAA members in nearly all states with access to a guaranteed issue whole life insurance solution designed to help cover final expenses, such as burial or funeral expenses. Available in face amounts ranging from $2,000 to $25,000, the product requires no medical exam of health questionnaire and carries a fixed premium and face value.
“Offering highly competitive solutions is key to delivering our mission to military families. This product provides another option for our members to plan for final expenses and protect their families’ financial security.” – Rob Schaffer, vice president and general manager of life insurance at USAA Life Insurance Company.
The Guaranteed Issue Whole Life product was available for USAA members to purchase beginning March 29, 2021.
“We are excited to work with a respected company like USAA to offer our Guaranteed Issue Whole Life solution to their valued members. Through this collaboration, USAA members will have access to a life insurance product that makes it easy to help cover final expenses. Not only will it provide USAA members added peace of mind, it will allow their families to grieve rather than worry about the expense of a funeral.” – Yuri Veomett, senior vice president at Mutual of Omaha.
Highlights of Guaranteed Issue Whole Life from Mutual of Omaha include:
- Available to consumers between 45 and 85 years old (50-75 in New York)
- Face amounts ranging from $2,000 up to $25,000
- No medical exam or questionnaire required
- Policyowner’s cost never increases and the benefit never decreases because of health or age