USAA launches life insurance product for younger customers

USAA Life Insurance Company has launched a digital life insurance product that requires no medical exam to 47 states in the US.

The company expanded the availability of the product in response to increasing demand for a more simplified application process and lower prices.

According to USAA’s “Life Can’t Wait” survey, monthly cost and no medical exam requirements are important factors to customers when deciding on a life insurance company. Approximately 58% of respondents said that cost was the single most important factor. Not requiring a medical exam was cited by 24% of respondents.

Addressing those specific needs, USAA Life’s Essential Term Life Insurance (ETLI) is available to consumers ages 21-35 starting at $15 per month, with small cost increases each year and only requires the completion of nine simple health questions. If eligible, the $100,000 policy is approved instantly and coverage lasts until the policy anniversary following the insured’s 39th birthday.

Rob Schaffer, vice president and general manager for life insurance at USAA Life, said, “We know that one of the biggest pain points in getting life insurance is a medical exam…With this new product, we’re making it easier for younger consumers to get the life protection they need.”

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