Unfortunately, veterans of the United States military haven’t always been honored as they should have been but a group of veterans got together and figured out a way to honor their brothers in arms. They came up with USAA insurance. The rates are comparable if not better than the leading major insurers. They also provide a full range of highly competitive financial products and services to the military community and their families.
What is USAA insurance?
United States Services Automobile Association (USAA) is a diversified services group of companies. It’s also a great insurance company with low and competitive car insurance rates to consider for members of the military forces and their families. Even better, it has some of the best quotes for this community and wins great reviews from other companies and its policyholders alike. USAA is perhaps the most exclusive of all insurance companies. Since the company was started in 1922, they have limited their policies to members of the U.S. Military.
USAA is listed in the Forbes 500 at 78 for total assets and 189 th for revenue. The company has more than a hundred billion dollars in assets and has written insurance policies totaling more than nine billion dollars in 2006. USAA is dedicated to serving veterans and service members who have admirably served our country. USAA has the strength and history you can count on to insure your cars, your home and more.
Unlike most banks, USAA doesn’t have a network of branches all over the country. USAA has just a few branches in major military installations across eleven states. However, it has a chain of over sixty thousand ATMs that members may use, as well as excellent technology for remote banking.
Membership and Eligibility
Since the 20s USAA still retains an unwavering focus on its original niche: to diligently serve military personnel and their families. Sadly, this means that most citizens in the United States don’t qualify for membership.
The following groups are eligible to join USAA:
- Midshipmen and cadets. This includes midshipmen and cadets at service academies.
- Retired, honorably separated, and active duty personnel. If you are a former or recurrent service member without a discreditable discharge, you’re qualified for membership.
- Former and Current spouses of military service members.
- Children of service members. Spouses and children of military personnel can be members of the USAA.
Civilians are not eligible for membership, but they can purchase life insurance and some investment accounts with USAA.
Why Consider Joining USAA?
So what makes USAA special? Well, quite a bit, actually, but first and foremost is their mission: they exist to serve the military community and their members. They do this by providing best in class financial services and products. Not the best part yet, they’re member-owned. So if you’re a member, you’re also a part owner. This is important because as a part owner, you are entitled to receive a share at the end of each financial year if the insurance premiums USAA amasses exceed claims.
Here are more reasons why you should consider joining USAA:
- World class customer service and superior products
USAA has the best customer service compared to other financial institutions or banks. Customers have raved about the claims experience at USAA. Particularly, the appraisal process and the fairness of the claim settlements have ranked among industry leaders. This high-quality customer service has won over many USAA customers. Since USAA is a private company, their main focus is keeping their policyholders happy through courteous customer service and timely claims. USAA provides a full range of highly competitive financial services and products to the military community and their families.
- Excellent rates for every member
USAA offers home equity loans, VA loans, auto loans, mortgages and more. Although the best deals are retained for active duty military personnel, USAA offers extremely low rates for loans for all of its members. USAA will give you good coverage for less, but not the personalized service that you would get if you went with a larger or more popular insurance provider. During these tough times, it’s exactly what most people need!
- Full-service banking
USAA has been an innovative bank for many years. They offer many premium services as standard for all accounts. These include free savings and checking accounts with no minimum balance fees, free rewards debit card, free checks, free web bill pay, free overdraft protection, and much more. Additionally, you get to enjoy these great services:
- The Internet, tablet, smartphone, telephone, and mail banking.
- Online tools
- No ATM fees on up to 6 transactions a month
- Investment products, services, and advice
- Deposit checks from home or your phone
- The potential for annual profit distribution to members
On top of discounts and rebates on home insurance, automobiles, and other acquisitions, USAA returns capital to its members in other ways. When you purchase an insurance policy from USAA, you receive a subscriber’s account that has a share of USAA’s capital. If the company meets annual financial performance goals set by the board of directors, you are entitled to receive an annual payout of this amount.
- Attractive trading discounts
USAA offers attractive trading discounts for account holders who trade frequently and in high amounts, but they’re not prohibitive for people who don’t make multiple trades per day.
- Huge range of services and products under one roof
Compared to other financial institutions that do the bulk of their business online, USAA offers an array of services and products: several types of loans, brokerage, savings and checking accounts, retirement and brokerage accounts, and most types of insurance.
If you’re in the military, a child of a service member, or a military spouse, I’d highly recommend you check out USAA for your banking and insurance needs. Even if you do not reside over a more military installation, USAA can tend to all your banking needs if you’re willing to take on their digital banking. Otherwise, it can be a great place to get comprehensive insurance for less or a low-cost loan.
With all of these great advantages, it’s no surprise USAA has won so many industry awards. Once you join USAA, you’re a member for life, and you can pass on membership to your children and spouse.