General policy questions
It depends on the kind of life insurance you have. A term life insurance policy doesn't accrue cash value. In other words, it doesn't gain interest or dividends. So you can't withdraw or borrow against it.
On the other hand, permanent life insurance can accrue cash value over time. When the policy has enough cash value, you can take a withdrawal or loan.
It's important to know that doing this can negatively affect your policy and reduce the death benefit that's paid to your beneficiary.
It depends. You may be able to lower your coverage if you don't already have the minimum coverage amount available for your policy term.
When it comes to increasing your coverage amount, it depends on the type of policy you have. You may be able to increase your coverage with medical underwriting on a universal policy. But a new policy is required to increase coverage on your term or whole life insurance.
To review your options, contact us.
Most of our term life insurance policies let you continue your coverage beyond the initial term period. Depending on your policy, you'll see a premium increase, a decrease in coverage amount or both. To find out what happens after your term life insurance ends, review your policy in My Documents.
Yes. You can pay your bill at Pay Bills.
You can pay off your life insurance loan balance at Pay Bills.
Yes. Credit card payments are accepted as a one-time payment but not as a regular payment option. To discuss your payment options, contact us.
You'll find your life policy in the insurance folder in My Documents.
It depends. If your term policy allows a conversion option and isn't past what's called the conversion option period, yes, you can change it. Your conversion option period is found on your policy in My Documents.
Learn more about the conversion option on our Term policy conversion page.
Downloadable forms
Yes. To change the owner of your life insurance policy, contact us. You can also download, complete and return this Owner Transfer form.
Yes, you can. This is known as collateral assignment. If you want to add a collateral assignment, then download, complete and return this Collateral Assignment form. If you can't repay the loan, the lender, who's considered the primary beneficiary, can cash in your insurance policy.
Yes, log on to usaa.com, go to your Account Summary, select Manage Your Automatic Payment Plan.
Or you can download, complete and return this Automatic Payment Plan form.
You can update your beneficiary online. Or download, complete and return this Beneficiary Change form.
Need more help?
If you're having difficulty finding your policy information or need to make changes to it, contact us.
Have more questions about life insurance?
For more information about a new life insurance policy and the application process, read our life insurance FAQ.