USAA Life Insurance Company Introduces Guaranteed Issue Whole Life Insurance from Mutual of Omaha

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Apr 13, 2021, 08:00 ET

SAN ANTONIO and OMAHA, Neb., April 13, 2021 /PRNewswire/ -- USAA Life Insurance Company today announced it will begin offering its members a Guaranteed Issue Whole Life insurance solution through a strategic relationship with Mutual of Omaha Insurance Company, a leading provider of life insurance solutions.

The new product, offered through USAA Life General Agency, Inc. 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.(1) 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," said Rob Schaffer, vice president and general manager of life insurance at USAA Life Insurance Company. "This product provides another option for our members to plan for final expenses and protect their families' financial security."

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," said Yuri Veomett, senior vice president at Mutual of Omaha. "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."

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

For additional information, USAA members can call 888-531-9546 or visit usaa.com/guaranteedwholelife.

(1): Death benefits for natural causes are reduced during the first two years of the policy contract to 120% of all premiums paid. Accidental death by automobile pays double the death benefit amount (not available in AR, GA, NY) while all other accidental deaths pay the full benefit amount. All benefits paid will be reduced by any outstanding loans.

About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to nearly 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Texas, USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.

About Mutual of Omaha
Founded in 1909, Mutual of Omaha is a highly rated, Fortune 500 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit www.mutualofomaha.com.

Guaranteed Issue Whole Life Insurance is underwritten by United of Omaha Life Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE 68175, which is licensed nationwide except for NY and does not solicit business in New York. In New York, Companion Life Insurance Company, Melville, NY 11747 underwrites life insurance and annuities. Each underwriting company is responsible for its own financial and contractual obligations along with any and all administrative and claims paying decisions.

This policy includes a graded death benefit. During the first two years, if you die from natural causes (any cause other than accidental), your beneficiaries will receive all premiums paid, plus 20%. The policy pays a specific death benefit amount to your beneficiary, the beneficiary may or may not use it to help pay final expenses.

Product not available in Montana. Benefits may vary by state. These policies contain benefits, reductions, limitations and excusions.

Policy Form ICC11L059P (7780L-0505 in FL; 878Y-0505 in NY) or state equivalent. Motor Vehicle Accidental Death Rider Form C783LNA09R (C787LFL09R in FL; C791LLA09R in LA; C794LNC09R in NC; C799LOK09R in OK; C800LOR09R in OR; C818LPA09R in PA; C801LTX09R in TX) or state equivalent.

USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency) acts as an agent for select insurance companies to provide additional products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives commissions from those companies which can include compensation based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states.

For More Information Contact:
USAA: USAA Media Relations, 210-498-0940, [email protected]
Mutual of Omaha: Andy Halperin, 402-351-2903, [email protected]

SOURCE USAA