Whole Life Insurance

How much you'll pay for whole life coverage depends on a variety of factors, including:

• Your age.
• Your health and lifestyle.
• Your occupation.
• The coverage amount.

Whole life premiums are typically higher than term life, but your payments are fixed. Over time, whole life may cost less, especially if your health changes. Whole life also offers more financial options. You can use the tax-deferred cash value to pay premiums, help pay for your retirement or offset health care costs. If you have a life-changing event, like marriage or growing your family, you can add more coverage without a medical exam.

Whole life is permanent life insurance. It helps protect long-term needs like burial expenses or providing money for your kids. It also builds cash value that you can use while you're still living.

Term life insurance is temporary. It helps protect short-term needs like paying a mortgage or putting kids through college. Term life insurance doesn't build cash value.

If you've had a Level Term policy for one year, you can convert it to a USAA permanent policy. The conversion won't require you to take a medical exam. Remember that if you get a new term policy or convert an existing one, your premium will change.

It's required for our simplified whole life policy unless you're converting a term policy or you're a military member who's deploying within 60 days. If you want a permanent policy without health questions or a medical exam, consider guaranteed whole life.

While we're focused on serving the military community, all life insurance, health insurance and retirement products offered by USAA Life Insurance Company, USAA Life Insurance Company of New York and USAA Life General Agency are available to the public.